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Showing content with the highest reputation on 04/05/2022 in all forums
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Variable Annuities Not Meeting 415 Requirements
John Feldt ERPA CPC QPA and 2 others reacted to Effen for a topic
Really? Who would ever think that is a good idea...other than the salesperson? Why would a plan sponsor want to burden themselves with this? Why not just pay a lump sum and if the person really wants a variable annuity, they can buy one outside the plan.3 points -
Lifetime Income Disclosures - Tables for Calculations
austin3515 reacted to Bri for a topic
Relius can do it. (ya know, because it's just one interest rate and not segments....) But I *am* surprised not to see any sort of printed-off list at this point with the factors based on interest/mortality required for a 12/31/21 statement. One column for the SLA and one for the QJSA presuming an identically-aged spouse.1 point -
Incorrect Corrective Distribution Amount
Luke Bailey reacted to CuseFan for a topic
I think it's an overpayment under the terms of the plan and should be repaid. I do not see a reason the plan cannot and should not accept a check for $1,000 + earnings as repayment. Just be sure to document everything and make sure whoever is responsible for 1099 reporting has all facts as well.1 point -
My understanding is the same as yours that the audit requirement is based upon the BOY count. I think that the 5500 instructions seem pretty clear about that. I don't see any mention affecting the BOY count rule in the event of plan termination. I vote with you Pammie57!1 point
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