Message Boards Digest

November 6, 2023

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

R. Scott created a topic in Retirement Plans in General

TPA Firms: How to Communicate Rate Adjustments

"How are other TPA firms dealing with increasing their prices, and communicating this to their clients? We have not raised our rates for almost 10 years, but believe it may be necessary now. Wondering what other firms are doing in this regard. If you have had to raise your rates, how did you communicate this to your clients? What was the impact, if any? Can anyone share? Thank you!"

6 replies so far   |    Click Here to Add a Reply

BG5150 created a topic in 403(b) Plans, Accounts or Annuities

403(b) Plan Coverage Test: Employees Working <20 Hours a Week

"If a 403(b) plan excludes EEs who work <20 hours a week, are they excluded from the 410(b) coverage test by default?"

1 reply so far   |    Click Here to Add a Reply

Lou S. created a topic in Retirement Plans in General

UBTI Question

"[Accountant has] a client with a partnership inside retirement plan that is subject to UBTI. In the past, the partnership has generated Net Operating Losses (NOL) so no UBTI was owed so they did not file a 990-T. This year they are going to have a substantial gain and will owe UBTI taxes. It looks like they can offset gains by Net Operating Loss carry forwards, Which seem to have different rules pre and post 2018 but can be used to offset some or all of the gain, in perpetuity. The question is do they have to file past 990-Ts claiming NOL to use these NOLs? And if yes how far can they go back with filings?"

No replies yet   |    Click Here to Add a Reply

Peter Gulia created a topic in Defined Benefit Plans, Including Cash Balance

Did the United States Pay a $127 Million Subsidy Counting 3,479 Dead People?

"According to a report from the [PBGC's] Office of Inspector General, the US overpaid the Central States teamsters pension plan about $127 million because an application for special financial assistance reported 3,479 participants who had died. 'While the [PBGC]'s review process required Central States to provide a list of all Plan participants and proof of a search for deceased participants (death audit), the [PBGC] did not cross-check the information against the Social Security Administration's (SSA) Full Death Master File (DMF) ... (The Full DMF is more accurate than any database private pension plans have access to[,] and is used by the [PBGC] in its other insurance programs to ensure proper payments of pension benefits to plan participants).' "

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TPApril created a topic in 401(k) Plans

Plan Name Requirements?

"[S]ometimes plans come across my desk where the plan name seems to be exactly the company name, as confirmed not just on the 5500 but on the plan document. One I just saw has simply '401k' after the company name without 'plan'. I guess there's no requirement that the word 'plan' be in a plan name, but it does seem odd to me."

4 replies so far   |    Click Here to Add a Reply

Belgarath created a topic in 403(b) Plans, Accounts or Annuities

Disqualification of School system 403(b) Plan

"I have the following excerpt from an old write-up. Can't recall the name of the firm that posted it. Maybe 'Plan Sponsor' ? Any opinions as to whether this is still accurate?

'The final 403(b) regulations do not state conditions under which an entire 403(b) plan would lose its tax-qualified status and thus fail to be a 403(b) plan. However, the final regulations do list three situations where all of the contracts in a 403(b) plan would not be section 403(b) contracts, as follows: [1] If the employer fails to have a written plan which, in form, satisfies 403(b) (plan document requirement); [2] If the employer is not an employer eligible to sponsor a 403(b) plan; and [3] If a plan fails to satisfy the nondiscrimination rules (including the universal availability requirement for elective deferrals)."

"Well, if they are not section 403(b) contracts, what are they? They become nonqualified annuity contracts under Section 403(c), where the contributions (but interestingly, not the earnings), would become taxable to employees. Note that, though it is not entirely clear, it is presumed that custodial accounts would be treated the same as annuity contracts for this purpose, since 403(b)(7)(A) of the Code treats contributions to a custodial account as amounts contributed to an annuity contract."

2 replies so far   |    Click Here to Add a Reply

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