Guest justbetmd Posted May 8, 2006 Share Posted May 8, 2006 I was suppose to begin distributions from my deferred compensation arrangement at age 60 (I elected age 60 on my distribution form). I am 62 now and I have never received a distribution. Am I penalized for my company's error? How is this corrected Link to comment Share on other sites More sharing options...
Randy Watson Posted May 9, 2006 Share Posted May 9, 2006 Is the plan subject to 409A? Link to comment Share on other sites More sharing options...
Guest mjb Posted May 10, 2006 Share Posted May 10, 2006 If this is a nonqualified plan the benefits are taxed in the year they became available for payment (when you turned 60), regardless of whether they were actually paid. If this a qualified plan, 401k, IRA or 403b annuity the benefits will be taxed in the year received if they are not rolled over. You need to consult with a tax advisor to determine when the benefits will be taxed. Do you know what kind of plan this is, 401k, retirement, etc? Link to comment Share on other sites More sharing options...
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