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david rigby

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Everything posted by david rigby

  1. david rigby
    When you consider/take Larry's advice, please include (perhaps only one or two sentences) a reminder that family changes since the original designation (marriage, divorce, etc.) make it important to carefully review/change the elected beneficiary designation.
  2. david rigby
    Eventually, yes.
  3. david rigby
    A QDRO can establish an ex-spouse to be treated the same as a spouse for purposes of the QPSA. Of course, other factors might be relevant; for example, whether the participant was vested. IMHO, the plan/plan administrator/sponsor should not take sides.
  4. david rigby
    I'm with Kristina on this one, at least partially. Sure it may be described as PITA, but don't overlook other factors. Those factors are beyond the control of the PA, but consider the possibility they are also beyond the control of the participant. If possible, this might be a time when the PA might consider going beyond reliance on technology and deadlines, and look for someone (such as a current employee) who might be able to reach out with a human touch.
  5. david rigby
    Assuming such a fee requirement and assuming a DB plan, what would the plan administrator do if the participant and/or the AP refuse to pay the fee?
  6. david rigby
    Who is "we"?
  7. david rigby
    Implied in the original question is a policy of charging a fee for any participant, not just the AP, who applies for a benefit. If so, Effen's answer provides the correct advice.
  8. david rigby
    Data as of July 31, 2018 (Tuesday) Moody's Daily Long-term Corporate Bond Yield Averages Utilities Industrial Corporate Aaa NA 3.89 3.89 Aa 4.13 4.04 4.09 A 4.31 4.22 4.27 Baa 4.69 4.89 4.79 Avg 4.38 4.26 4.32 Moody's Daily Treasury Yield Averages Short-Term (3-5 yrs) 2.78 Medium-Term (5-10 yrs) 2.90 Long-Term (10+ yrs) 3.05
  9. david rigby
    BTW, was there a prior qualified plan? if so, were the participants given 100% vesting?
  10. 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.
  11. 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.
  12. david rigby
    Wrong? That a pretty broad summary. I suggest the current actuary discuss with the prior actuary (assuming he/she is available).
  13. david rigby
    Did he work for a governmental employer?
  14. david rigby
    OK, I missed that. Of course, the portion going to an IRA will also be taxable (eventually).
  15. david rigby
    At the risk of solving this problem simply, so what? Pay the tax.
  16. david rigby
    Still ambiguous. The title of the thread says "sole participant", so who are "others"?
  17. david rigby
    The attorneys don't decide! See comments above.
  18. 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.
  19. david rigby
    Please don't overlook this piece of advice.
  20. 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
  21. david rigby
    Could this fall into the group of grandfathered 401(k) plans?
  22. 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.
  23. 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?"
  24. david rigby
    …. and also remember the special application for 5% owners.
  25. 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'.)
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