Guest metzger Posted March 29, 2002 Report Share Posted March 29, 2002 Are lump sum distributions allowed to roll-over into an IRA? It is a Defined Benefit, using prototype language, and been set up for the region's Catholic church. It has never been filed to the IRS and no 5500's have ever been filed. Every book I look in refers back to 403(B) plans, is there a Church Plan answer book out there?!!:confused: Any help would be appreciated! Link to comment Share on other sites More sharing options...
mbozek Posted March 29, 2002 Report Share Posted March 29, 2002 If the benefits are provided under a 403b annuity or qualified plan sponsored by a church a distributon can be rolled over to an IRA, a qualfied plan or a 403(B) plan. mjb Link to comment Share on other sites More sharing options...
GBurns Posted March 29, 2002 Report Share Posted March 29, 2002 I think the first question should be, What do you mean by a Church Plan? George D. Burns Cost Reduction Strategies Burns and Associates, Inc www.costreductionstrategies.com(under construction) www.employeebenefitsstrategies.com(under construction) Link to comment Share on other sites More sharing options...
Guest Danny Miller Posted March 29, 2002 Report Share Posted March 29, 2002 In terms of resources on church plans, David Powell and I co-authored a chapter on church plans in Panel Publisher's 403(B) Answer Book. The chapter discusses special 403(B) church plan rules, but also discusses church plan status issues and contains a list of the special exemptions accorded 401(a) qualified church plans. On distributions from church plans, a section 401(a) qualified church plan is like a regular qualified plan with respect to rollover rules. Hope this helps. Please e-mail me if it doesn't answer your question. Link to comment Share on other sites More sharing options...
Guest Tom Geer Posted April 1, 2002 Report Share Posted April 1, 2002 And it's a qualified plan with rolloverable distributions regardless of whther it's electing or non-electing under ERISA and regardless of what sub-type of church sponsor you may have. Link to comment Share on other sites More sharing options...
k man Posted May 2, 2002 Report Share Posted May 2, 2002 i know this is an old thread but are church plans subject to the same distribution restrictions as other 403(B) plans? i am thinking particularly of the distributable event requirements. Link to comment Share on other sites More sharing options...
mbozek Posted May 2, 2002 Report Share Posted May 2, 2002 the distribution event requirements of IRC 403(B)(11) are applicable to all 403(B) plans including churches because they apply to the individual participant. mjb Link to comment Share on other sites More sharing options...
k man Posted May 2, 2002 Report Share Posted May 2, 2002 are you saying that a participant must have a separation from service, reach age 59 1/2 or have a hardship before they can get a distribution? i thought i read somewhere that 403(B)(9) plans were exempt from many of the requirements of 403(B) plans. Link to comment Share on other sites More sharing options...
Ellie Lowder Posted May 2, 2002 Report Share Posted May 2, 2002 Yes, I agree The 403(B) Answer Book is a good Q&A resource. There is also a book "The 403(B) & 457(B) Primer Plus" available through the benefits link bookstore - it is an 11-chapter book devoted to 403(B) & 457(B) plans, and chapter 11 is devoted entire to churches and church organizations. As the co-author, I believe it is pretty good - certainly widely used. Link to comment Share on other sites More sharing options...
Guest Tom Geer Posted May 6, 2002 Report Share Posted May 6, 2002 If you want in-depth analysis, the easiest resource is the BNA Tax Management Portfolio series. They have portfolios on distributions, plans of EOs and (I think) non-ERISA church plans. Link to comment Share on other sites More sharing options...
mbozek Posted May 6, 2002 Report Share Posted May 6, 2002 Many church plan sponsors like sponsors of government retirement plans do not obtain determination letters for retirement plans. There a First amendment issue similar to the exemption of churches from filing a 990 form with the IRS. Second a church plan is subject to limited requirements for qualification. You need to have counsel review the plan and its opeation to determine wither is meets te necessary requirements for qualification. mjb Link to comment Share on other sites More sharing options...
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