rblum50 Posted December 14, 2022 Share Posted December 14, 2022 I have a 401(k) plan with an plan participant who retired from the plan and needs to take an RMD for Plan Year 2022. She has not taken any of her account balance out of the plan to date. My question is who is responsible (liable) to make sure she received her distribuition in a timely manner: 1. The Plan Sponsor or 2. the Plan Participant In other words, if she does not get paid out, who was responsible for getting her paid out? Rick Link to comment Share on other sites More sharing options...
Popular Post Lou S. Posted December 14, 2022 Popular Post Share Posted December 14, 2022 The ERISA Plan Administrator (who is probably the Plan Sponsor in a small plan) is responsible for making the RMDs. While the potential excise tax is on the Plan Participant, failure to comply with §401(a)(9) is a Plan Qualification issue so get the checks issued and sent. Last time I checked the R sands for Required and participant consent is not required. If she just retired or turned 72 and this is her first RMD you have until 4/1/2023 to get it done. If it's an on going thing you have until 12/31/2022. Bill Presson, Bri, Luke Bailey and 3 others 6 Link to comment Share on other sites More sharing options...
msmith Posted December 15, 2022 Share Posted December 15, 2022 In my experience, most Recordkept platforms will process the RMD, with Plan Sponsor consent only, if the participant is unresponsive. Luke Bailey 1 Link to comment Share on other sites More sharing options...
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