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Message Boards Digest

August 10, 2023

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

Rai123 created a topic in Form 5500

Reporting Receivable Loan Payments on Schedule H

"Example: 12/31/2022 payroll is deposited to the plan on 1/3/2023. The deposit includes deferrals, employer contribution, and loan repayments. We enter the deferrals and employer contributions under 1(b) Receivables lines 1 & 2 on the schedule H and we usually enter the loan payments under (c) 'other' receivable. We then lower the overall loan balance under C General Investment [8] Participant Loans by the receivable loan payment. However, I'm not sure if this is correct. Just curious on how everyone else handles receivable loan payments on the schedule H?"

2 replies so far   |    Click Here to Add a Reply

Belgarath created a topic in 401(k) Plans

LTPT Requirements: 401(k) Deferrals Only

"I just want to make sure I haven't missed any updated guidance on the following specific items only.

  1. Only contribution REQUIREMENT is to allow the eligible LTPT to defer.
  2. IF the employer chooses to contribute match, PS, SH, (mix and match), to those who are SOLELY eligible due to LTPT rules, these people may still be excluded from coverage, ADP/ACP, and 401(a)(4) nondiscrimination testing.
  3. For top heavy purposes, their account balances will be included in the determination if the plan is top heavy or not, but they are not required to receive a top heavy contribution.
  4. No gateway required, even if employer chooses to give them profit sharing."
6 replies so far   |    Click Here to Add a Reply

R. Scott created a topic in Operating a TPA or Consulting Firm

How Are Other TPA's Preparing for SECURE 2.0 Changes Coming in 2024?

"With the various new optional and required changes taking effect January 1, 2024, how are other TPA firms preparing for this? More specifically, are you reaching out to every client and telling them about the changes coming and discussing with them each individually about amending their plans to accommodate the changes (Roth catch up contribs, LTPT employees, etc)? Trying to develop a plan for our firm and would GREATLY appreciate others sharing what their firm's strategy is on this."

No replies yet   |    Click Here to Add a Reply

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