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david rigby

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Everything posted by david rigby

  1. david rigby
    BTW, was there a prior qualified plan? if so, were the participants given 100% vesting?
  2. david rigby
    I think so. However, the sponsor may be able to accomplish its goal by including payment at NRD (ie, while still employed) as an available option. BTW, this may also be a useful method of encouraging "phased retirement". Consult your pension actuary for more information.
  3. david rigby
    It's unclear the role played by the original poster. Don't forget to review the plan provisions. Other examples of this issue can be found by using the search box above, with "murder" or "slayer". Nevertheless, advice from QDROphile and FGC is useful. The Plan Administrator should make sure to discuss with ERISA counsel. Just my opinion, using ERISA counsel will be preferable to other counsel, because the ERISA attorney is more familiar with pre-emption issues and may have already researched the slayer statue issues.
  4. david rigby
    Wrong? That a pretty broad summary. I suggest the current actuary discuss with the prior actuary (assuming he/she is available).
  5. david rigby
    Did he work for a governmental employer?
  6. david rigby
    OK, I missed that. Of course, the portion going to an IRA will also be taxable (eventually).
  7. david rigby
    At the risk of solving this problem simply, so what? Pay the tax.
  8. david rigby
    Still ambiguous. The title of the thread says "sole participant", so who are "others"?
  9. david rigby
    The attorneys don't decide! See comments above.
  10. david rigby
    Consider also that many non-ERISA plans contain language required under ERISA. It's possible this plan already contains some "anti-cutback" provision.
  11. david rigby
    Please don't overlook this piece of advice.
  12. david rigby
    Data as of 06/29/2018 (Friday) Moody's Daily Long-term Corporate Bond Yield Averages Utilities Industrial Corporate Aaa NA 3.93 3.93 Aa 4.12 4.09 4.11 A 4.27 4.28 4.28 Baa 4.69 4.98 4.84 Avg 4.36 4.32 4.34 Moody's Daily Treasury Yield Averages Short-Term (3-5 yrs) 2.66 Medium-Term (5-10 yrs) 2.79 Long-Term (10+ yrs) 2.94
  13. david rigby
    Could this fall into the group of grandfathered 401(k) plans?
  14. david rigby
    What type of plan is this? Defined benefit? Defined Contribution? Multiple plans? Also, let's be careful about terminology: when you say "approved QDRO" do you mean approved by the court? This is important because the court issues a DRO, but it is reviewed and approved by the plan administrator, at which time it becomes a QDRO.
  15. david rigby
    Well, what you "use" might not be what the plan says. As often, the first answer to your question is "what does the plan say?"
  16. david rigby
    …. and also remember the special application for 5% owners.
  17. david rigby
    Not clear from the OP: Is this employer part of a controlled group? (Based on a few previous answers to that question, it is possible the questioner should find more than one way to address that question to the employer. I'm just sayin'.)
  18. david rigby
    Possibly, a May 10 effective date could be relevant, assuming use of the 1000-hour rule for accruals. Sure, most people won't have 1000+ hours on May 10, but it's more likely than if measured at March 31 (assuming a CY plan year).
  19. david rigby
    The quoted section in the OP is from Regulation 1.415(j-)-1.
  20. david rigby
    As a reminder, but not necessarily relevant to your Q, the title of "president" does not automatically make someone a Key EE.
  21. david rigby
    If you are asking if the 2 of you can agree on an amount for the plan to pay the other party, without the hassle of a QDRO, the answer is NO, the plan cannot pay anything to a non-participant without a valid QDRO. Your Q implies there is no current QDRO (perhaps only a draft DRO); you might be required to complete it, based on the terms of settlement agreement. If no QDRO in place, and none required (read document(s) carefully), the 2 of you can agree to a "settlement" outside of the Plan, but take note: (1) no rollover available, (2) the payment will (probably) not be taxable to the recipient. What is meant by "go to Master"?
  22. david rigby
    Perhaps others can speak to this more directly: in my observation, "can't locate" might be a valid reason leading to forfeiture, but "de minimus" is not.
  23. david rigby
    IRS publication on distributions from IRA's: https://www.irs.gov/pub/irs-pdf/p590b.pdf IRS publication on pension/annuity income: https://www.irs.gov/pub/irs-pdf/p575.pdf. See sections about "taxation".
  24. david rigby
    Data as of 05/31/2018 (Thursday) Moody's Daily Long-term Corporate Bond Yield Averages Utilities Industrial Corporate Aaa NA 3.85 3.85 Aa 3.99 3.99 3.99 A 4.17 4.20 4.19 Baa 4.60 4.84 4.72 Avg 4.25 4.22 4.24 Moody's Daily Treasury Yield Averages Short-Term (3-5 yrs) 2.59 Medium-Term (5-10 yrs) 2.76 Long-Term (10+ yrs) 2.93
  25. david rigby
    I've occasionally received draft DRO's via email, often sent by one of the attorneys. While not perfect, it helps to see the the opposing counsel is CC on the email.
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