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david rigby

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Everything posted by david rigby

  1. david rigby
    Maybe follow this link https://benefitslink.com/about.html, and ask for creation of such a Message Board?
  2. david rigby
    As implied by QDROphile, the origin of "retirement" is similar to other items (such as "working", or "terminated") in that early statutes/regs/common language assumed a "binary" relationship. For example, in most cases, when you severed employment at or beyond retirement age, it was also assumed your retirement benefits commenced at that time, and "working while receiving" was very uncommon. IMHO, if possible, avoid terms that might be confusing; instead use terms such as "severance of employment", "benefit commencement date", etc. While the original post might be stuck with its existing terms, maybe the response can focus on more accurate words. You might point out that "eligibility for retirement benefits" is not identical to "electing a benefit commencement date".
  3. david rigby
    R U stating that the PA will refuse to review draft DRO if the participant doesn't pay? What if it's not draft, will the PA refuse to implement it?
  4. david rigby
    Yeah, my point is to wonder if these RMDs are 70-1/2 based, but the plan might state the benefit begins (to a VT) at some earlier date (such as NRD).
  5. david rigby
    Hold on here. What's the purpose of the Form SSA? So the SSA can remind someone to look for a benefit in a qualified plan, and it's done when the person applies for Social Security benefits. Of course someone receiving RMD has "begun receiving benefits". But more to the point, what does the plan say about when a terminated participant's benefit should begin? Many plans say NRD, or some reference to NRD such as the end of the calendar year of attaining NRD. IOW, should this terminated participant ever get to his RMD date? Hey, I'm just wondering. Have I missed something?
  6. david rigby
    This sentence means (in most cases) that a draft DRO is submitted to the plan to determine if it meets plan requirements and does not request something of the plan that it otherwise would not do. Only after such review does a DRO become a QDRO. QDROphile has provided good advice.
  7. david rigby
    This topic might apply to other plans, so it was posted in two separate forums. Please put replies here: https://benefitslink.com/boards/index.php?/topic/64458-plan-amendment-effective-but-late-adopted/
  8. david rigby
    Somewhat related is this discussion about the relationship between rollover and estate. https://benefitslink.com/boards/index.php?/topic/64252-qdro-deceased-alternate-payee/
  9. david rigby
    At the risk of stating the obvious, please review the plan's Summary Plan Description for discussion about catch-up availability.
  10. david rigby
    If the court will reopen the divorce, this looks like a new DRO, not an amended one. IMHO.
  11. david rigby
    Data as of 06/28/2019 (Friday) Moody's Daily Long-term Corporate Bond Yield Averages Utilities Industrial Corporate Aaa NA 3.25 3.25 Aa 3.52 3.37 3.45 A 3.72 3.68 3.70 Baa 4.19 4.42 4.31 Avg 3.81 3.68 3.75 Moody's Daily Treasury Yield Averages Short-Term (3-5 yrs) 1.72 Medium-Term (5-10 yrs) 1.89 Long-Term (10+ yrs) 2.41 Observation: (1) All rates are lower than prior month. (2) Comparing the Avg rates to 12 months prior, current rates are about 50 points lower. Comparing the Avg rates to 6 months prior, current rates are about 50 points lower.
  12. david rigby
    As I recall, the IRS reg. for 411 was written when the age reference was 22 (originally in ERISA), later changed to age 18 (TRA86?) but the reg. was never revised. In that reg., the year of attaining age 22 should be included in vesting service. My recall may be incorrect, but likely the questioner is able to locate and read that reg. for him/her self.
  13. david rigby
    I am surprised that an ERISA attorney would push back. IMHO, you need to talk to (at least one) other ERISA attorney. I can recommend several such individuals. BTW, as stated, although a NQ plan (where the ER is putting up the money) is subject to creditors or other risk of loss, this is substantially more valuable than the current zero in those "accounts".
  14. david rigby
    I can see where a participant might balk at having only one form (although the reason for doing so might not be a character endorsement). ;)
  15. david rigby
    Concern over whether the HOA lien is subordinate to a lender sounds irrelevant. Not all such units have a mortgage.
  16. david rigby
    Um, who is "we"?
  17. david rigby
    Prior discussion might help. https://benefitslink.com/boards/index.php?/topic/26068-alternate-payee-is-also-a-plan-participant-can-they-take-the-distribution/
  18. david rigby
    Call me a cynic, but I'll bet many other TPAs would love to use this as ammunition to acquire your clients.
  19. david rigby
    One way to consider the value is a hypothetical plan termination. This forces the overfunding out, where it becomes taxable and (potentially) subject to the reversion tax (50% or 20%, depending on what is done with the excess). Thus, the net after-tax excess becomes its "value".
  20. david rigby
    BTW, it is acceptable to post a question in more than one forum, if it's appropriate. However, because other users might find the Q&A via search, it's useful to have all the answers in one place. To that end, putting in a cross-reference helps.
  21. david rigby
    IRC 414(p)(1)(A)(i) allows a QDRO to assign "... all or a portion of the benefits payable with respect to a participant under a plan...", so I’m gonna suggest "No". I know this is unusual: have you given any thought to using up some excess by making her a participant in the plan?
  22. david rigby
    Surprise! something I've never seen in 4 decades. Not having seen the plan document, it would be unexpected for either of these requests to be permitted under an ordinary reading of the provisions. IOW, "what does the plan say?"
  23. david rigby
    Here's another question to add to Peter's excellent list: Does the entity (whether TPA or plan sponsor/PA, etc) want to get the correct and/or best solution to its problem?
  24. david rigby
    Yeah, what Mike said. Ya know, the judge might be able to resolve that impasse.
  25. david rigby
    Apparently, I need to wear my glasses when I read.
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