Lou S. Posted November 18, 2020 Share Posted November 18, 2020 I have a 1 man plan where owner just reached NRA this month and is under 415 limit on payout but getting close. The question I have is can I terminate the Plan effective 12/31/2020 to have full plan year, but have have him elect a lump sum now and rollover to IRA so possible gains don't push him over 415 payout? He is not married so spousal consent not an issue. I don't think there is an issue but wanted to make sure I wasn't missing anything. Link to comment Share on other sites More sharing options...
CuseFan Posted November 18, 2020 Share Posted November 18, 2020 If the plan document allows for commencement at NRA while still employed - so you may need to amend. Luke Bailey and Lou S. 1 1 Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com Link to comment Share on other sites More sharing options...
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