t936
Feb 28 2005, 11:12 AM
The accrued benefit of a participant is $6,000. The participant names two beneficiaries and dies. Can the amount payable to each beneficiary, $3,000, be automatically cashed out?
JanetM
Feb 28 2005, 12:35 PM
Accrued benefit is greater than $5,000. You must have consent.
Katherine
Mar 1 2005, 11:10 AM
The consent requirements do not apply after death of the participant. It's another exception to 411(a)(11) in the regulations.