Message Boards Digest

October 19, 2023

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

Help_5500EZ_150K created a topic in 401(k) Plans

Help - 5500EZ (Solo 401K) - $150K penalty notice CP 220

"I just received a $150K bill for 5500-EZ. Its notice CP 220 for my Form 5500-EZ (Solo401K & I am the only employee in my company) for year ending 2020. I called the number on the notice, I was told this $150K amount due is for the penalty for late filing. But I had mailed my 2020 5500-EZ on time in 2021, but I dont have the proof of mailing. For all required years, I have always mailed on time. Also, earlier this year, I had received 'Compliance Check Information Request letter' stating they dont have 2020 & 2021 forms. So I had faxed them the form I had originally mailed. Per the agent on the phone today, for 2020, they uploaded my faxed 5500-EZ but with the filled date as the date they received my fax (May of this year). So they are treating it as filled late and $150K is penalty for the late fee. What are my options? The agent suggested I write a letter and explain this and hope they remove the penalty. I am worried what if my letter of explanation is rejected and penalty is not waived? Do I have any other option to pursue? My company hardly makes any money, (I now work at a different company). My company does not have the funds to pay this. Would I have to pay it from personal funds ? Since the notice is CP 220, and Not CP238, should I just file the '5500EZ Delinquent Filing Penalty Relief' and pay $500? or I am no longer qualified for this due to the notice I just received? Where can I find right professional to represent me sorting this out?"

4 replies so far   |    Click Here to Add a Reply

LHannah created a topic in Form 5500

Welfare Plan Schedule A for Short Plan Year

"We will be filing a 5500 for a Welfare benefit plan with plan year of 4/1/22-3/31/23. The plan has more than 100 participants at the beginning of the plan year. The plan year is changing to 6/1/23-7/31/24 so a 5500 will need to be filed for the short plan year 4/1/23-5/31/23. We currently report 2 Schedule As. One is for the plan year and one is for the policy year 1/1/XX-12/31/XX. We will request a Schedule A from the insurance provider that uses the plan year. How do we phrase a request for Schedule A information from the insurance provider that uses a policy year of 1/1-12/31 since the short plan year is in the middle of the policy year? Or do we just use the same Schedule A that was reported on the 4/1/22-5/31/23 5500?"

1 reply so far   |    Click Here to Add a Reply

pixiebear created a topic in Plan Terminations

Deceased Missing Participants

"We are terminating a defined benefit plan with many former employees. We used a locator service to find addresses for all of the former employees and have learned that several of the former employees are now deceased. What do we have to do to determine if they were married and to find the spouse since the plan has a QJSA payable to the spouse?"

2 replies so far   |    Click Here to Add a Reply

Santo Gold created a topic in Retirement Plans in General

Church Plan Exception to SECURE 2.0 Auto-Enroll Requirement

"Church or government agencies are exempt from being required to have auto-enroll starting in 2025. Maybe I'm just reading too much into this, but is the exemption applicable to a plain old non-denominational church that wants a 401k plan? They do outreach programs and such, but it all centers on their church. They would prefer not to have auto-enroll and I think this would fit the exception to the rule."

3 replies so far   |    Click Here to Add a Reply

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