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October 25, 2024

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

Clint Franklin created a topic in Health Savings Accounts (HSAs)

Bank Declining to Establish HSA Account for One Employee

"An Employer has an HSA plan and contributes to the HSA, however, an employee was declined an account by the financial institution. What options does the employer have with their money they would contribute?"

8 replies so far   |    Click Here to Add a Reply
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MrsMacias created a topic in Retirement Plans in General

PEP Participating Employer Wants to Terminate Plan - Spin-Off Required?

"We are administering a PEP plan and one of the members wants to terminate. From our understanding, since only the plan sponsor has the authority to terminate a 401(k) plan and in PEPs the sponsor is the PPP, in order to terminate, the member must spin off their plan from the PEP and then terminate that plan. However, our PPP is insisting that this is not needed and that they can terminate this individual adopting employer without a spin-off. We are having a hard time finding actual guidance on this. Who is correct?"

No replies yet   |    Click Here to Add a Reply

Dougsbpc created a topic in Defined Benefit Plans, Including Cash Balance

DB Plan: RMD Calculation and Timing

"We administer a small traditional defined benefit plan that covers the company owner and his spouse. He is now of the age that he needs to take an RMD. I know there are many different ways to make the RMD as low as possible but in this case he is not looking for that. Suppose he wants to take the RMD calculated as an annual annuity and take his first RMD on 11/15/2024 (He could wait until 4/1/2025 but does not want to). Suppose the pre and post interest rate in the document is 5%. Furthermore, his monthly accrued benefit is $15,000. [1] Is it acceptable to calculate the annual RMD as follows? $15,000 X 12.05 = $180,750? [2] Suppose he takes his first RMD on 11/15/2024. Suppose they terminate the plan 3/1/2025 and all assets are distributed 5/15/2025. Since one year from 11/15/2024 would be 11/15/2025, must he take an RMD when all assets are paid from the plan on 5/15/2025?"

1 reply so far   |    Click Here to Add a Reply

pwitt created a topic in Litigation and Claims

Can All 'Civil' Lawsuits Involving a Benefit Covered by ERISA Be Removed to Federal Court?

"In the instance of 'civil' litigation between two parties regarding an ERISA covered benefit plan, can the defendant in such a suit, that involves an allegation of material misrepresentation (fraud), have the case removed to Federal Court based upon wording contained within the ERISA Statute itself?"

1 reply so far   |    Click Here to Add a Reply

Dobber created a topic in 401(k) Plans

Deadline for Contribution to Solo 401(k)

"What is/was the deadline for a sole proprietor/Schedule C to make 2023 Roth salary deferral contributions and employer contributions (profit sharing) to a previously established (in 2022) Solo 401(k)?"

1 reply so far   |    Click Here to Add a Reply
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