Get the Message Boards Digest by Email
BenefitsLink.com logo   

BenefitsLink® Message Boards Digest

March 22, 2024

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

justanotheradmin created a topic in Retirement Plans in General

Exclusion of NHCE as a Class

"This week in reviewing an existing 401(k) plan document there was a written in class exclusion for Non-Highly Compensated Employees. In the Other line option in the adoption agreement.... It is a small plan, likely owner only, but still. A few weeks earlier I saw a similar exclusion in a defined benefit plan for a small employer. Though that class exclusion did not use the term Non-Highly Compensated Employee. It was something like 'everyone except two of the owners, Jack Smith and Jill Smith are excluded' that employer definitely had plenty of employees that are NHCE that have plenty of service and cause the testing to fail. And no, there did not seem to be any other plan with this one combined for testing and benefits.... Maybe these exclusions are written in more than I realize and I've just been fortunate enough to not see them up until now?"

3 replies so far   |    Click Here to Add a Reply

IM4ERISA created a topic in 457 Plans

457(f) Substantial Risk of Forfeiture

"I have been presented with a 457(f) plan that relies on a noncompete provision to satisfy the SROF requirement. I understand that unlike the 409A rules, the 457(f) rules do permit the use of a non-compete as a SROF. This particular plan's SROF restricts the participant from working for a competing business while employed with the sponsor of the 457(f) plan. But the participant vests upon a separation from service for any reason. The participant is not subject to a post-employment non-compete obligation. As such, the participant is only subject to a forfeiture if they work for a competing business prior to separating from service from the sponsor of the 457(f) plan. I am also troubled by the fact that the payment is to be made 'within 3 months after separation from service and the appropriate distribution paperwork is submitted to the employer.' This would not appear to be exempt from Section 409A as a short term deferral and it lacks the required specified time for distribution."

5 replies so far   |    Click Here to Add a Reply

metsfan026 created a topic in 401(k) Plans

Simple 401(k) to Standard 401(k)

"I have a new client coming on that has been doing a simple 401(k) but are now transitioning to a full 401(k) Plan. My question is for startup purposes, when I'm filing a Form 5500 would the start date be now (when it's transitioning to a traditional 401(k)) or would it be the date the Simple 401(k) started?"

No replies yet   |    Click Here to Add a Reply

Here are the most recently posted jobs on EmployeeBenefitsJobs.com,® a service of BenefitsLink®

View job as Senior Client Service Manager (Non-Qualified)

Senior Client Service Manager (Non-Qualified)  View details

Newport, an Ascensus Company
Remote

View job as Senior Client Service Manager (Non-Qualified) for Newport, an Ascensus Company
View job as 401k & Defined Contribution Plan Consultant

401k & Defined Contribution Plan Consultant  View details

Planned Retirement Consultant & Administrators, LLC
Remote / Ridgewood NJ

View job as 401k & Defined Contribution Plan Consultant for Planned Retirement Consultant & Administrators, LLC
View job as Defined Benefit Plan Consultant

Defined Benefit Plan Consultant  View details

Planned Retirement Consultants & Administrators, LLC
Remote / Ridgewood NJ

View job as Defined Benefit Plan Consultant for Planned Retirement Consultants & Administrators, LLC
►View More Jobs

►Post a Job

►Get Instant Job Alerts

BenefitsLink.com, Inc.
56 Creeksong Road
Whittier NC 28789
(407) 644-4146

Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher

Copyright 2024 BenefitsLink.com, Inc. All materials contained in this mailing are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers. We were not involved in the production of such links and are not responsible for their content.

Unsubscribe | Privacy Policy