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Looking into a DB plan. Owner, spouse and an employee.

Owner is a financial advisor and has CLU, ChFC credentials.

I just cannot locate where it says covered/not covered. I remember reading something about this being an issue a few years back.

If you have any thoughts/references, would appreciate if you could share.

Thank you

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Hi all

Read this, not 100% clear. I checked other resources as well. Looks like it can be however, PBGC may think otherwise so this is a situation where to apply to a determination under PBGC, agree?

A question. Let's says PBGC provides an official reply stating not a professional and the client takes 25% deduction under the DC plan. Gets audited by the IRS and IRS says, it is a professional. Who prevails here as IRS may demand deductions to be adjusted?

Thank you

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Not sure how the IRS could make that argument.  What authority would they use to support it?  

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6 hours ago, Effen said:

Not sure how the IRS could make that argument.  What authority would they use to support it?  

What he is trying to say is that you are being paranoid.

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I would request PBGC make a determination.

If PBGC says not professional services and plan is covered then the plan is PBGC covered regardless of what IRS might think.

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