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June 12, 2024

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

justanotheradmin created a topic in 401(k) Plans

Notice for SIMPLE to 401(k) Mid-Year Replacement

"Does anyone have a sample notice for the replacement of a SIMPLE IRA plan mid-year with a 401(k) plan? Is there one from the IRS? Anyone have one they have worked up? [1] SIMPLE is being terminated [2] Safe Harbor Notice [3] Pro-rated deferral limits based on the effective date of the termination/replacement? [4] Anything else?"

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thepensionmaven created a topic in 401(k) Plans

Eligibility, Late Entry and Deferral Amounts

"Participant hired 7/26/2022, plan has 12 month/1000 hours, did not work 1,000 hours in 2022. Quarterly entry dates, wouldn't he enter 10/1/23? Client completing application now, under the impression he'd be eligible 7/1/24. Can't the participant initially sign up for 'x%' to in effect make up for 2023, then back down the %? Plan calls for changes at any time. And of course, he's be due the 3% safe harbor for 23."

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thepensionmaven created a topic in Retirement Plans in General

Missing 1099-R for Prior Year Distribution

"I'm handling an IRS audit (2021) for a client. [1] How many clients keep a copy of the collective bargaining agreement? I don't know where to tell the client to look. [2] The non-union are all family,(four brothers and a sister); the plan excludes union employees subject to collective bargaining agreement. One of the family members quits and receives a distribution, which he rolled over to an IRA. Apparently no 1099R was issued [3] Despite many attempts to get a copy of the rollover check, the account value as of 12/31/202 was shown on Form 5500-SF for 2021 in order not to be a late filing. Obviously Form 5500 will need amendment. Question: Obviously no 1099-R was prepared or filed; is it even possible to file a 1099R currently for a distribution that occurred in a prior year? Can a 1099-R be filed currently for a previous years' distribution? The IRS website lists the fines for a late 1099-R -- apparently this one would only be $280, but I'm sure they will add penalties and interest?"

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R. Butler created a topic in Retirement Plans in General

When Does Profit Sharing Contribution Accrue?

"Plan sponsor declared a profit-sharing contribution for 2022 and communicated to participants the exact amount that they would receive. The plan sponsor changed their mind and decided not to remit. Is that permissible once communicated or did the benefit accrue?"

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30Rock created a topic in Governmental Plans

MERP and Opting Out for 401(a) Contributions

"We have a governmental employer sponsoring a 401(a) plan that also has a MERP (tax advantaged plan under Code Section 105; it may also be a VEBA). There are veterans (VA) employed who do not need health insurance from this employer. They would like to opt out of employer contributions to this MERP and have the employer contribute instead to their qualified 401(a) account as an 'employer' contribution. What are the mechanics to do this, if possible? We can set up the 401(a) plan with separate employee allocations (and there is no IRS non-discrimination testing issues) but how do we go from MERP contribution to 401(a)?"

2 replies so far   |    Click Here to Add a Reply

Pammie57 created a topic in 401(k) Plans

Plan's NRA Is 55 and Participant Is Leaving on Medical Disability at Age 56

"The plan document has NRA as age 55. A participant is age 56 and is quitting/retiring in 2024. He has 1.4 million in his account -- a good portion of which will go to pay heavy medical bills. Am I correct in what I interpret code 72T to allow -- HE will NOT be subject to any premature withdrawal penalties even though he is not 59 1/2?"

4 replies so far   |    Click Here to Add a Reply

ejohnke created a topic in 401(k) Plans

Custodian Delays Cause Deferral Issues

"We have a new plan, effective 1/1/24, with deferrals effective 2/1/24. There were SIGNIFICANT delays with the Custodian and deferrals couldn't actually start until 3/22/24. What is the appropriate way to correct this issue?"

4 replies so far   |    Click Here to Add a Reply

Jack Stevenson created a topic in Qualified Domestic Relations Orders (QDROs)

Judgement Expiration

"Does a Judgement of Absolute Divorce in Maryland outlining Retirement through a QDRO and Alimony ever expire, or is it a Duty once it is ordered in a JAD and never expire?"

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Security Mutual Life Insurance Company of New York
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View job as Advanced/Senior Pension Analyst (Defined Benefit)

Advanced/Senior Pension Analyst (Defined Benefit)  View details

Security Mutual Life Insurance Company of New York
AL / AZ / CT / FL / GA / IA / IL / IN / MA / MN / NC / NJ / NY / OH / PA / TX

View job as Advanced/Senior Pension Analyst (Defined Benefit) for Security Mutual Life Insurance Company of New York
View job as AVP and Assistant General Counsel, Employee Benefits

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MetLife
New York NY / Whippany NJ / Cary NC / Hybrid

View job as AVP and Assistant General Counsel, Employee Benefits for MetLife
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