I'm wondering any one has any insight into calculating the implicit bifurcation (annuity payment bifurcation) for SSLIOs when valued for a joint life such as a 50% J&S SSLIO. Particularly, my team is debating whether or not it is appropriate to use the plan basis for the J&S conversion or the 417(e) basis. When leveling both the participant and beneficiary benefit I can see a defense for either. I can't seem to find any guidance on this so any input would be appreciated. As a corollary, what are your thoughts when leveling just the participant benefit for something like a 50% J&S SSLIO? We're thinking it makes the most sense to use the plan basis for such a case.
Thanks for the help!
