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BenefitsLink® Message Boards Digest
July 22, 2024
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Here are the most recently added topics on the BenefitsLink® Message Boards
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RatherBeGolfing created a topic in 401(k) Plans
"I'm looking at a PEP with a 12/31 PYE, but the document for one participating employer has a 6/30 PYE. Looks like the plan joined the PEP in October of 2023, so the PEP will be testing and reporting using the 12/31 PYE, but this plan is really a 6/30 PYE. I think its obvious that the document needs an amendment to align with the PEPs 12/31 PYE, but how would you address the 12/31 PEP testing and reporting, as well as the 6/30
PYE in the participating plan document?"
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Carol V. Calhoun created a topic in Retirement Plans in General
"We have two companies, A and B. A is the parent, but has no employees. B is the subsidiary that actually has employees. In the interest of time, we'd like to have A adopt a 401(k) plan that would cover B's employees, rather than having B sign a separate participation agreement. Does anyone have any authority as to whether this works?"
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Dougsbpc created a topic in Retirement Plans in General
"A client has a profit sharing plan with pooled investments. Just one brokerage account and all participants share in earnings / losses of the pool on the plan anniversary date. We believe 404(a)(5) disclosures do not need to be provided to participants because they cannot direct investments. We believe it would be the same with 408(b)(2). Participants can pay administration fees from plan assets for participant loans. For example, participants who want loans need to pay us $75 for loan processing. However, we have never gotten close to collecting $1,000 annually from loan fees. However, this last year they paid our annual administration fee from the plan and it was more than $1,000. Would
this mean we now need to provide 408(b)(2) disclosures to the plan sponsor this year because of the administration fees paid from the plan?"
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AbsolutelyOkayPossibly created a topic in Retirement Plans in General
"Has anyone caught wind of when the IRS might release an updated EPCRS aside from the absolute last day they are charged with releasing it from SECURE 2.0? Asking for a friend."
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Patrick401k created a topic in 401(k) Plans
"My question relates to a participant's reallocation of principal/ interest from the loan. Will a participants biweekly payroll deduction for the loan, automatically be allocated back into the same (TDF) on an amortized level across the 5 year period of the loan? Both principal and Interest? Clarity to form 5500, plan sponsor Interest Rate withholding of loans?"
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Here are the most recently posted jobs on EmployeeBenefitsJobs.com,® a service of BenefitsLink®
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David Rhett Baker, J.D., Editor and Publisher
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