Basically created a topic in Distributions and Loans, Other than QDROs
"Trying to payout this account. The participant [80] died in 2023. Has been taking RMDs. We need to take an RMD for the spouse now so we can roll the balance to her IRA. Do all pension RMDs use the uniform life table? CPA wonders if it should be a single life table."
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Mary Ann V created a topic in 457 Plans
"While working at a major medical center in NYC for 35 years, I had been contributing to a 457b plan for a number of my later years. Long story short, when I retired 5 years ago, there was no mention of the election requirement, regarding this account and, I only just recently learned about this from the account's administrator. So, I was never given the option of deferring the payout or receiving it in
increments or as an annuity. Rather, they just sent me a letter this week, saying that they are sending me the check for the lump sum in 7-10 days (again, I reiterate, this is the 1st mention of this account with me, 5 years post-separation). Since this unanticipated delayed payout will require a hefty tax payment this year, can anyone recommend any sort of recourse that I might have, as far as 'encouraging'
my former employee to provide me with the options that they should have offered to me 5 years ago?"
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Judy Stewart created a topic in Qualified Domestic Relations Orders (QDROs)
"I have a QDRO that was just signed by a Judge with a Seal on it. I am sending it to my ex-husband's 401k Plan at Lincoln Financial. Is there anyway that I can request that the company not notify my husband that funds are being transferred out of his retirement account for safety reasons."
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justanotheradmin created a topic in Retirement Plans in General
"Has anyone had issues getting their login updated for the IRS' secure messaging portal? Looks like they did an update and even when I try to follow the instructions it is not letting me in. Any tips or tricks?"
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Dot06 created a topic in Health Savings Accounts (HSAs)
"For multiple years I had an FSA that I contributed to and my husband had a HDHP with an HSA that his employer contributed to (500/yr) but he did not (he did not even realize he had it). The wording during open enrollments for both employers was not clear (really confusing). Last year realized we may have had both and couldn't but thought if he had a HDHP and was not on my insurance he could have HSA and contribute and I could
have my insurance and FSA for me (even tried to explain to one of our HR depts to make sure we were doing correctly) and now realize we were still WRONG. Open enrollment for both now so want to make sure we are correct. Am I right that we can have our individual insurances without the other on our plans and he can contribute to his HSA and I don't opt for FSA and his HSA would be available for both of us? OR: He ask his employer not to
contribute to HSA and I can have FSA that can be used for both of us? If second option: what do we do about the money still in his HSA? Also: how do we correct for the years we did this incorrectly?"
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justanotheradmin created a topic in 401(k) Plans
"For employees who fail to affirmatively elect a deferral rate, and are automatically enrolled at the plan's default percentage, how does the employer apply the default percent to tips received as cash to the employee? I understand excluding cash tips from plan compensation has its own complications, especially since most HCE do not receive tips. I am not asking about how to employees defer from tips when they affirmatively make
an election - those employees can turn in their tips each shift if their expected net pay is not large enough to cover the elected deferral amount. I am wondering specifically what guidance or advice folks have been given sponsors who have to implement an EACA or better (most of ours go with QACA), in light of the auto enroll mandate in SECURE 2.0."
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TPApril created a topic in 401(k) Plans
"I'm curious if the CPA firms that prepare the financial statements for large plans have a standard determination of when a deposit of 401(k) contributions is late, e.g., 7 business days after payroll or the 15th business day of the following month? Also, ever seen a company get away with the excuse, I mean reason, that the new recordkeeper didn't get set up so there was no way to submit the first few months of payroll until
much later?"
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