kwalified Posted December 10, 2015 Share Posted December 10, 2015 Plan participant has $125K in his account. Resolution to terminate has been executed. This is a very small plan. The participant does not know where his wife is. He as hired a P.I. and begun divorce proceedings. How can he get his account out of the plan so it can shut down? Link to comment Share on other sites More sharing options...
david rigby Posted December 10, 2015 Share Posted December 10, 2015 By "account", it appears this is a DC (not money-purchase) plan. - Is that correct? - Does he need spouse signature to take a distribution to IRA? 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...
My 2 cents Posted December 10, 2015 Share Posted December 10, 2015 Isn't it possible to proceed without spousal consent if the participant can credibly say that the spouse's whereabouts are unknown? Assuming that the distribution from the plan in question would normally require spousal consent. Always check with your actuary first! Link to comment Share on other sites More sharing options...
kwalified Posted December 11, 2015 Author Share Posted December 11, 2015 it's a PSP. I'm thinking some providers would not accept rollovers without spousal consent Link to comment Share on other sites More sharing options...
My 2 cents Posted December 11, 2015 Share Posted December 11, 2015 it's a PSP. I'm thinking some providers would not accept rollovers without spousal consent Does that mean that to roll the money over, single participants must get married? Note - there was a BenefitsLink discussion thread in 2003 concerning what to do if the spouse is missing. One of the areas discussed was the extent to which the plan administrator must verify that the spouse is missing. Is a diligent search required? I have seen language in defined benefit volume submitter plans that specified that spousal consent shall not be required if it is established to the satisfaction of the plan administrator that the required consent cannot be obtained because there is no spouse, the spouse cannot be located, or other circumstances that may be prescribed by Regulations. Wouldn't that standard apply to any defined contribution plan that requires spousal consent? Always check with your actuary first! Link to comment Share on other sites More sharing options...
QDROphile Posted December 11, 2015 Share Posted December 11, 2015 My 2 cents are the same as My 2 Cents. It pays to have a document with provisions that are understandable and comply with the law. Link to comment Share on other sites More sharing options...
Bird Posted December 11, 2015 Share Posted December 11, 2015 If it's a PSP with no MP money, J&S provisions can be amended out. There is a notification timeframe for that; don't know it offhand. (I'm assuming there are J&S provisions...if not, you don't need spousal consent. It wouldn't be the first time someone asked for it when not needed.) And, just for the record, IRA providers don't care about spousal consent. It's a plan compliance issue. Ed Snyder Link to comment Share on other sites More sharing options...
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