BenefitsLink Message Boards > Participant mistakenly got distribution during merger of MP into PS; how to correct?

Full Version: Participant mistakenly got distribution during merger of MP into PS; how to correct?

BenefitsLink Message Boards > Retirement Plans > Retirement Plans in General

dmb

Sep 22 2003, 09:31 AM

MPP merged to PSP in 2002. Owner, wife and 1 other participant. Self directed broker accounts.

"other participant" did not merge her account but took a distribution from the MPP. No signed paperwork and amount taken exceeds 50% of the combined MPP/PSP balances so loan does not work. Also no 1099R.

Any suggestions to correct would be appreciated.

ljr

Sep 22 2003, 04:28 PM

How did this person manage to "take" their money when the owner of record is/should be the Trust? Maybe someone made an error in processing the distribution?

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