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Here are the most recently added topics on the BenefitsLink® Message Boards
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Lucky32 created a topic in 401(k) Plans
"[An article in the June 5 BenefitsLink Newsletter] said that if a 401(k) plan offers a life annuity distribution option, a married participant must obtain spousal consent for that type of payout. Is this everyone's understanding? If this is the case, I imagine
amending the plan to remove this option would be a BRF violation."
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[Sponsored]
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Beemer created a topic in Distributions and Loans, Other than QDROs
"A terminated participant in Michigan has an outstanding loan. Michigan withholding is 4.25%. Do I also apply the withholding percentage for the state to the loan balance when calculating the state withholding?"
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JCoates created a topic in Retirement Plans in General
"The employee (past NRA) retired in early 2024 and due to various business needs the employer reached out to rehire the employee on a part-time/on call basis. The plan provides an allocation waiver for retirement for profit sharing allocations. There is only 3 months between the retirement date and rehire date. The employer wants to treat the compensation earned through the retirement date as eligible for profit sharing under the
allocation waiver and all income earned upon rehire would be subject to the 1000 hour and last day allocation conditions. The plan is not top heavy and uses new comparability with each employee in individual allocation groups and combined tested with a Cash Balance plan. Assuming no other testing concerns, would that split allocation be allowed? And considering potential testing concerns, the only issue I am seeing is if the allocation based
on compensation through retirement does not satisfy the gateway minimum based on full year compensation, the full year compensation gateway minimum would be required."
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Here are the most recently posted jobs on EmployeeBenefitsJobs.com,® a service of BenefitsLink®
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Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
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