Leaderboard

I was curious about ChatGPT and threw it a few EB questions, below. With further prompts it would probably have gotten me closer to what I was looking for, which was a discussion of fundedness and the DOL trust non-enforcement policy. I haven't sorted out how I feel about this device. I do know that my mom won't use ATMs, and I think that the uptake of legal information from AI will be rapider with each generation. Whether it will ever fully replace legal advice and strategy remains to be seen.

If there is simply a merger, yes. The “original plan” is subsumed into the merged plan. As Bri suggests, the transaction can be designed differently with different outcomes.

I'd say yes, presuming the merger documents address their and all the old plan's participants' assets. (Transferred, not rolled over, semantically speaking.)

Fred Reish to the rescue: The SECURE Act 2.0: The Most Impactful Provisions (#4–Optional Treatment of Employer Contributions as Roth Contributions) - Fred Reish

jpod, thank you for your further observations. For the reason you suggest and some others, I tell plan administrators to read the death certificate, which often has some information about illnesses and causes of death, and sometimes about who called in the death. Likewise, we read obituaries, which often name a spouse, children, other relatives, friends, and others, and mention personal details about the decedent. We’ve often quickly discerned a claimant’s false statement from what was described in an obituary retrieved from a first page of Google results. Some steps you suggest, while they might be useful with a small-business employer’s plan, might be inefficient, impractical, or inapposite for a plan with tens of thousands of participants, especially if claims-handling is mostly outsourced. For the plan that’s the subject of this discussion, the default beneficiary is the participant’s estate. If that provision applies, the plan pays the estate’s personal representative (and need not know anything about who takes from the estate).

It's totally unnecessary and making things way.too.complicated. Retiring in 6 months and cannot wait to get out of this field. Thanks to our "president" we can only look forward to more of this mayhem.