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david rigby

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Everything posted by david rigby

  1. david rigby
    Yes, the J&S waiver would apply.
  2. david rigby
    Could the participant take a lump sum distribution directly to IRA, then have the IRA purchase whatever annuity is desired (possibly spending less than 100% of the IRA value)?
  3. david rigby
    I'm reading the original question as referring to a DC plan. Perhaps ErisaApple will clarify?
  4. david rigby
    Be careful when trying to attach logic to the legislative process.
  5. david rigby
    2. I wonder who is your client: one attorney? both sides? I agree that drafting a DRO contrary to the plain reading of supporting documents is not good practice. I foresee a scenario where you draft as instructed, the other party objects, and they tweak your draft, and refuse to pay you.
  6. david rigby
    Thanks, Dave! If we see a name of "ClevelandIndiansFan", we'll know who it is.
  7. david rigby
    Ask him to prove it.
  8. david rigby
    Data as of 11/30/17 (Thursday) Moody's Daily Long-term Corporate Bond Yield Averages Utilities Industrial Corporate Aaa NA 3.61 3.61 Aa 3.68 3.69 3.69 A 3.87 3.87 3.87 Baa 4.21 4.39 4.30 Avg 3.92 3.89 3.91 Moody's Daily Treasury Yield Averages Short-Term (3-5 yrs) 1.83 Medium-Term (5-10 yrs) 2.23 Long-Term (10+ yrs) 2.69
  9. david rigby
    Assuming the plan currently contains no provision allowing this rollover (as described by KevinC), the simplest way for the plan to handle this is the response "No".
  10. david rigby
    https://www.law.cornell.edu/uscode/text/26/152
  11. david rigby
    https://www.irs.gov/pub/foia/ig/spder/tege-04-1017-0033.pdf
  12. david rigby
    1. IMHO, no. 2. What Bird said.
  13. david rigby
    You need a domestic relations/divorce attorney, but make sure you get one with intimate knowledge of QDROs. Better yet, get one with experience dealing with the federal pension system(s).
  14. david rigby
    Are you sure about this? I agree they are not subject to the IRC requirement, but it was my understanding that they have adopted the QDRO procedures, although they use the term "court order" rather than "QDRO". (I might be misinformed, just asking.)
  15. david rigby
    It appears Tom has some free time.
  16. david rigby
    I'm with Mike. It appears that A is now a wholly-owned subsidiary of B. Not the same as "no longer exists".
  17. david rigby
    The SOA recently created this website. https://afc.soa.org/ (Sorry, I haven't used it yet.)
  18. david rigby
    Echoing Tom, you might approach this as an "opportunity to clear up a confusion". If the ER has been operating the plan incorrectly, your role is helping educate them.
  19. david rigby
    Carol, although your second sentence rules out a qualified plan, have you considered a DB/DC offset arrangement, thus covering most of the benefit for the rank-and-file in the DC plan? This might allow a fairly large deduction for the HCEs/doctors.
  20. david rigby
    Does this plan have other participants?
  21. david rigby
    Note that TH testing is based on the total value of the accounts, not the annual contribution. Thus, if TH in one year, the plan might be TH the next year even if the owner makes no contribution. As stated above, a TH deferral-only 401(k) plan is the "worst of all worlds". If so, this owner needs some good consulting advice.
  22. david rigby
    I've faced this precise problem. We could get no insurer to sell a deferred annuity, so the other option was to determine the accrued benefit as an immediate J&S: plan default but assuming a reduction for immediate commencement (probably about age 35). Of course, no such option was in the plan, but the plan termination was being held hostage. The monthly amount was very small (~$10). In hindsight, I wish we had told the participant in advance, as a method to spur a response. ("If you don't return the signed election form within X days, the plan will provide your benefit as an immediate ..... annuity in the approximate amount of $Y per month, and you will have no other options.")
  23. david rigby
    Because the affected people give money to politicians.
  24. david rigby
    IRS Reg. 1.401(a)-20, Q&A27.
  25. david rigby
    Data as of 10/31/2017 (Tuesday) Moody's Daily Long-term Corporate Bond Yield Averages Utilities Industrial Corporate Aaa NA 3.58 3.58 Aa 3.70 3.69 3.70 A 3.88 3.86 3.87 Baa 4.21 4.37 4.29 Avg 3.93 3.88 3.91 Moody's Daily Treasury Yield Averages Short-Term (3-5 yrs) 1.67 Medium-Term (5-10 yrs) 2.11 Long-Term (10+ yrs) 2.69
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