Guest SBosworth Posted November 21, 2008 Share Posted November 21, 2008 We have a client that is terminating its SERP this year. The company has been using search firms to locate missing participants, but we are preparing for the possibility that a few may not be located by year end. One approach is to report the distribution amount as a taxable distribution to the IRS and pay the benefit, less tax withholding, to a bank account for the participant's benefit. Does anyone have any comments or suggestions? Link to comment Share on other sites More sharing options...
david rigby Posted November 21, 2008 Share Posted November 21, 2008 IRS letter forwarding program: http://www.irs.gov/retirement/article/0,,id=110139,00.html Free if less than 50 in a 12-month period. Much more if the number exceeds 50. BTW, the SSA also has a program, that costs $25 per. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice. Link to comment Share on other sites More sharing options...
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