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Message Boards Digest

May 26, 2023

Here are the most recently added topics on the BenefitsLink Message Boards:

dragondon created a topic in 401(k) Plans

Testing with Safe Harbor Plans That Contain Profit Sharing

"For a Safe Harbor Plan that contains a Pro Rata Profit sharing element does the ADP ACP and Top Heavy testing only relate to the Pro Rata profit sharing piece or does the entire plan now need to be tested for the ADP ACP and Top Heavy even though some of the contributions were made under safe harbor? I have the same question for a New Comparability Plan. Does the entire plan now need to be tested for the ADP APC Top heavy and cross tested even though some of the contributions were made under safe harbor?"

7 replies so far   |    Click Here to Add a Reply

5500sorBust created a topic in Retirement Plans in General

MTIA / Master Trust Investment Account Setup

"Is anyone familiar with guidance regarding the setup of a Master Trust Investment Account (MTIA)? One of my main questions is - should the plan sponsor's EIN be used on the DFE 5500 filing for the MTIA? And then, say the sponsor only has plans 001 & 002 (that will be investing in the MTIA), would the MTIA then assume plan number 003? It would appear so, according to the Form 5500 instructions, which seem to be the only source of instruction. If anyone is aware of specific guidance outside of the Form 5500 instructions in general, it would be much appreciated."

No replies yet   |    Click Here to Add a Reply

Peter Gulia created a topic in Correction of Plan Defects

What May We Now Do with Self-Corrections?

"BenefitsLink helpfully posted the IRS’s prepublication release of Notice 2023-43 https://www.irs.gov/pub/irs-drop/n-23-43.pdf. Here are my open questions for BenefitsLink neighbors’ observations: 1. What does this IRS guidance let us do tomorrow that we couldn’t do before December 29, 2022? 2. What were you hoping for that the IRS isn’t yet allowing? 3. If an Eligible Inadvertent Failure is one that may be self-corrected, under what circumstances might one prefer to submit a VCP application?"

1 reply so far   |    Click Here to Add a Reply

Molgilny89 created a topic in Retirement Plans in General

Tricky Distribution Issue

"A participant dies without a beneficiary so it defaults to the estate. The Account balance is relatively low (usually under $5k) and no one is willing to accept the benefit because either [1] the cost to probate the estate exceeds the value of the benefit and the state does NOT allow small estate affidavits, or [2] the estate has already been probated (generally making it ineligible for small estate affidavit) and the cost to reopen the estate exceeds the value of the benefit. How do we get these assets distributed without subjecting the plan to significant risk?"

2 replies so far   |    Click Here to Add a Reply

Coleboy1 created a topic in Form 5500

5500EZ Beginning Balance

"2 Year Old plan. First year assets were less than 250K. 2nd year they were over. Hence I'm doing the 1st year filing in the plan's 2nd year. Is my beginning balance $0 or do I use the ending balance from the previous year( that was under $250K)?"

1 reply so far   |    Click Here to Add a Reply

Dougsbpc created a topic in Form 5500

Finding Form 5500-EZ Filing

"Has anyone had trouble looking up a 5500-EZ filing? We filed electronically and received an acknowledgement number for a 2020 filing. It is easy to find 5500 and 5500-SF filings on the DOL website but we get nothing when looking for the electronically filed EZs."

1 reply so far   |    Click Here to Add a Reply

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National Employee Benefits Administrators, Inc.
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View job as Health Plan Software Analyst for National Employee Benefits Administrators, Inc.
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Definiti
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