david rigby

Earlier discussion. https://benefitslink.com/boards/index.php?/topic/66992-looking-for-1099-r-software-recommendations/

Not trying to be snarky, but let's be clear who has the problem: the advisor who show up at the last minute. The recordkeeper / TPA should not accept fault.

Is this a governmental plan?

As stated above, this is my last entry for this data. If someone else is willing to add to the list each month, I'll be glad to help you get started.

Data as of December 31, 2020 (Thursday) Tenth month-end after beginning of Coved-19 pandemic/isolation Moody's Daily Long-term Corporate Bond Yield Averages Utilities Industrial CorporateAaa NA 2.23 2.23Aa 2.54 2.29 2.42A 2.74 2.60 2.67Baa 3.00 3.21 3.11Avg 2.76 2.58 2.67 Moody's Daily Treasury Yield AveragesShort-Term (3-5 yrs) 0.25Medium-Term (5-10 yrs) 0.58Long-Term (10+ yrs) 1.45 For those wondering about year-end volatility, I also looked at the same values for December 29 and December 30. The values differed by no more than 3-4 basis points.

The answer by JM is reasonable: the amount transferred should be adjusted for earnings. However, contributions are not earnings, so any contributions (EE or ER) made after the reference date (eg, date of separation) are usually excluded from this adjustment. Check carefully.

I think you have done something that is contrary to your separation agreement. That might not be bad, but you may wish to get feedback from your attorney. (BTW, if your attorney is not very familiar with QDROs, keep looking.) You may have given away more than you got, and your statement "...signed off his rights as beneficiary on my..." might be ambiguous. If your goal is to make sure someone else is your beneficiary, then (probably) the only way to accomplish that is by you completing a new beneficiary election.

It might be semantics to this ER, but only the PLAN can ask that an erroneous payment be returned, not the ER/plan sponsor.

Assuming you remain eligible for the ER contribution, it will be allocated to your account when deposited by the ER, whether or not you have previously withdrawn other amounts. BTW, be sure to read the "Special Tax Notice" before you take a distribution.

Not sure what "TSP" means. If it refers to a government-sponsored plan, note that QDRO specs apply only to the extent that the plan itself adopts such provisions, or recognizes the process (perhaps referring to a "court order" rather than "QDRO").

The existence (and acceptance) of a QDRO does not inherently preclude the ability of the participant to make some type of election. Refer to the terms of the QDRO itself.

IMHO, it's prudent to be prepared to include interest on any retroactive payment, but not necessarily required. Nor is it obvious what interest rate(s) to use. In a nutshell, to me this is a "facts and circumstances" analysis. An important condition in this decision might be whose "fault" leads to the retroactive nature of the payment. Also, the length of time might be relevant; interest for one month? For example, suppose Joe Employee comes into work and says, "I'm retiring tomorrow". Completion of necessary paperwork (including J&S) might be lengthy enough that Joe's first payment is one or two months after his expected retirement date. One could argue that the delay is not the fault of the employer, so that no interest is payable, but there might be other conditions to evaluate also. Likely, you can think of other examples that might be useful.

Who is authorized in the Plan and/or the Trust Agreement to make changes?

Perhaps search here? https://benefitslink.com/news/index.cgi, using search term: restatement

Agree. I have seen examples where a plan was "un-terminated" by amendment, and then a later termination date was selected. Just be sure someone creates the proper plan amendment(s). You should rescind the termination before the plan year end.

While it can be beneficial for the PA to get its own legal advice, note that changing names or focus of various ministries is common. Some programs are part of a larger focus, might be spun-off, might be merged with others, etc. Look to the actions and words of particular religious denomination at the time that Ministry A was discontinued, or merged, etc.

Read IRC 411(a)(10). https://www.law.cornell.edu/uscode/text/26/411 The most common method of doing this is probably to apply the new schedule only to those who become participants after the effective date.

Most plans have a default definition of beneficiary if the participant has not made an election. That's what counts.

I'm no expert but have seen a few examples of death distributions to an estate. Our review concluded that the estate (not a natural person) cannot create an IRA. And this result may have distinct tax advantages to the estate's beneficiary (don't know, just speculating). Thus, the payment is not roll-able, and the 20% default withholding is not relevant. However, the alternative default withholding of 10% does apply, with the estate having the option to elect zero withholding. IMHO, the plan, assuming the estate is the proper beneficiary, should not make a payment to an IRA.

Edited.

Anyone have a shareable copy of SSAP No. 92? Also, SSAP No. 102? Also SSAP No. 11?

Don't you need to first determine the answers to your "not sure" statements?

Is there a discretionary nature to the ER contribution? Will the 401(a) plan exist prior to FYE?

Data as of November 30, 2020 (Monday) Ninth month-end after beginning of Coved-19 pandemic/isolation Moody's Daily Long-term Corporate Bond Yield Averages Utilities Industrial CorporateAaa NA 2.20 2.20Aa 2.51 2.20 2.36A 2.72 2.60 2.66Baa 3.01 3.25 3.13Avg 2.75 2.56 2.66 Moody's Daily Treasury Yield AveragesShort-Term (3-5 yrs) 0.27Medium-Term (5-10 yrs) 0.56Long-Term (10+ yrs) 1.37 Observation: (1) Comparing the Avg rates to 6 months prior, current rates are about 40 points lower. (2) Comparing the Avg rates to 12 months prior, current rates are about 70 points lower.

Generally, I agree with above comments. However, it's not prudent to simply ignore it. Rather, write down what you are doing, including nothing, and cite your QDRO procedures. Remember, being informed of a divorce or potential divorce might be a "red flag" (i.e., you might be expecting to receive a DRO) but is not the trigger for "put hold on account". It is not the same thing as receiving a DRO. See IRC 414(p)(7).