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Showing content with the highest reputation on 09/03/2021 in all forums

  1. JenniferOhio
    Many thanks to you both for steering me in the right direction - you were very helpful!! After reviewing the noted reg and ERISApedia chapter, the clouds of confusion cleared, and I can now move forward with the distribution process for the four scenarios. What a great way to end a week!
    1 point
  2. C. B. Zeller
    Point them to the section of the plan document that says distributions will commence by the participant's required beginning date, even without the participant's consent.
    1 point
  3. BG5150
    If there was no withholding, I'd want something in writing, just to chronicle it. Good thing is if it's a W-4P, then I believe the election is good until revoked. With W-4P "equivalents" I'm not sure if that election carries forward. And, if the RMD is distributed without the participant's consent, then, IMHO, the 10% MUST be withheld.
    1 point
  4. C. B. Zeller
    An RMD can be distributed without the participant's consent. However the participant must be given the opportunity to waive the 10% federal income tax withholding. As a matter of prudence, the plan administrator might want to get the participant to complete a form, if only to ensure that the payment information is correct. If the participant in question is the plan administrator, then this step might be redundant.
    1 point
  5. BG5150
    Was 10% withheld for federal taxes?
    1 point
  6. CuseFan

    RMD needs election form?

    SSRRS reacted to CuseFan for a topic

    This is not an election, not eligible for rollover, and is required to be paid by the plan for continued qualification, so no forms should be needed.
    1 point
  7. John Feldt ERPA CPC QPA
    Well, it was nice while it lasted anyway! Since it was terminated, not merged, the safe harbor match remains as a receivable contribution for that old plan. They don’t get out of that obligation by terminating. Perhaps they have ERISA counsel telling them otherwise, that they can contribute the old plan’s obligation into the new employer’s plan even though the plans did not merge. Optimistic thinking again, I suppose.
    1 point
  8. Mike Preston
    While I agree that termination as of 12/31/2021 solves all problems, the plan termination does not establish a short year for non-discrimination purposes.
    1 point
  9. CuseFan

    Three year average

    SSRRS reacted to CuseFan for a topic

    Also, plan document should specifically state how to determine FAE if a person has fewer than the number of years for the averaging period - and it's always use the compensation averaged over the service they actually have.
    1 point
  10. Mike Preston

    Three year average

    SSRRS reacted to Mike Preston for a topic

    If end of yr valuation, sure. If it's beginning of yr valuation then you should check with your actuary.
    1 point
  11. RatherBeGolfing

    CRD on 5500

    R Griffith reacted to RatherBeGolfing for a topic

    Distribution out, Rollover in
    1 point
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