Message Boards Digest

November 1, 2023

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

Jakyasar created a topic in Retirement Plans in General

Can Participant Choose RMD Table?

"Having a discussion with a broker about which table to use for a DC plan RMD calculation.... Age difference between the 2 spouses is 20 years. The broker wants to use uniform versus J&S table. If uniform, the RMD is 10,000, if J&S table, RMD is 7,000 (making up numbers) Q1: Can the table be optional? Q2: Assuming not optional, should not the excess 3,000 distribution be subject to in-service and 20% withholding rules? Q3: Plan normal form is lump sum and no spousal consent is required for distributions but still, need to complete a distribution election form for the extra 3,000 distribution? Q4: none of the above as they can choose between the 2 table and either number is ok under RMD rules??? Any other questions I am not thinking of/not asking?"

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Gadgetfreak created a topic in Operating a TPA or Consulting Firm


"Just polling the folks on this forum. As a TPA business owner, If you could only pick one of the two organizations for membership, which would it be and why? Thanks in advance."

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Keith Lowery created a topic in Plan Terminations

Safe Harbor Contributions Missed Before Plan Termination; How to Get Them Into PEP

"I have a client that completed their 2022 audit and discovered employees who are due an additional Safe Harbor contribution. The advisor is asking if these can be made to the PEP. My initial response is they should be made to the original plan and then a second wire/transfer can be sent to the PEP. The prior recordkeeper is unwilling to accept the Safe Harbor contributions as they have completed the termination. I thought maybe the Safe Harbor contributions can be submitted to the PEP and then have the recordkeeper reclassify these amounts as transfer funds. I know this won't be the last time a situation like this occurs with a PEP. Any thoughts ?"

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Bird created a topic in Distributions and Loans, Other than QDROs

RMDs to Surviving Spouse

"Participant (owner) born in 1938 has been taking RMDs for many years. Spouse was born in 1954 ???? so we have been using the joint table. Participant dies in 2022. Normally calculated 2022 RMD was paid to spouse as beneficiary. Going forward, I think: The 2023 RMD is based on the 2022 joint life expectancy, minus one. The spouse can roll over (after the 2023 RMD is paid) to her own IRA, or her account within the plan. Does that sound right?"

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Peter Gulia created a topic in Retirement Plans in General

How Would the Proposed Investment-Advice Rule Affect You?

"On October 31, President Biden and Acting Secretary of Labor Julie A. Su announced that she will propose a new rule to interpret whether a person provides investment advice that makes the person an employee-benefit plan's fiduciary.... BenefitsLink's news pages link to the prepublication texts and some news releases and articles. Eight hyperlinks are posted in the October 31 newsletter.... If published soon [in the Federal Register], the 60-day comment period would end in early January. And without waiting for a request, the Labor department expects to schedule a hearing in mid-December.

"What's in the proposals? Here's a few key points: Investment advice that makes one a fiduciary includes a recommendation of any investment transaction or any investment strategy.... A recommendation need not be about securities; it would be about any kind of investment property, including an annuity contract, even a fixed annuity contract, and a life insurance contract, unless it has no investment element..... The revised best-interest exemption (PTE 2020-02) would let a Financial Institution ... and its Investment Professionals provide self-dealing advice if they don't put their interests ahead of the Retirement Investor's interests and don't put the Retirement Investor's interests below the Financial Institution's or its Investment Professional's interests.... If the Labor department adopts its proposed change in PTE 84-24, an Independent Producer who recommends an unaffiliated Insurer's annuity contract could get a fully disclosed commission or fee if the exemption's protective conditions are met.... Another proposal would change PTEs 75-1, 77-4, 80-83, 83-1, and 86-128 so each provides no relief for a self-dealing transaction, including conflicted compensation. Instead, a fiduciary must meet the conditions of the best-interest exemption.

"This is only a quick and short look at a few of the many points in the proposals. For more information, read the source texts. Or, post your query in this BenefitsLink discussion."

4 replies so far   |    Click Here to Add a Reply

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