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Plan terminating, but wife has gone awol


kwalified
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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.

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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!

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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

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