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david rigby

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Everything posted by david rigby

  1. david rigby
    "The HR person was not told he was the Plan Administrator - the RFP from the investment professional name him as such..." Why would anyone think the RFP is an official plan document? Why would anyone think the investment professional has any authority in this matter? Most likely, the RFP format had a blank line and the investment professional completed it as simply as possible.
  2. david rigby
    Agree with prior comments. I'm not sure the plan document and/or adoption agreement could legitimately specify the valuation date (as most actuaries use that term). The ValDate is part of the plan's funding method (not to be confused with a "funding policy"). It's not a plan provision.
  3. david rigby
    Don't forget the (admittedly unlikely) circumstance where the plan credits partial (or whole) accrual with less than 1000 hours. I think that could permit a last day rule.
  4. david rigby
    The hold on the account is triggered by some notification, but it's not permanent. This is where the procedures come in.
  5. david rigby
    ... and the plan's QDRO procedures say what?
  6. david rigby
    Yep, My 2 Cents is correct. Thanks for correcting my date. (I can do actuarial math, but apparently can't count to 3.)
  7. david rigby
    Yes, it's expensive. Not sure about the exact fee amount, but there might be two different fees: small plan vs. large plan. Not long ago, I found a small plan fee of $4,000. Yes, it's too late. The filing deadline for a waiver request is 2-1/2 months after the end of the PY. For example, no later than 02/15/14 for the 2013 plan year. IRC 412©(5).
  8. david rigby
    Paying late usually leads to interest and/or penalties.
  9. david rigby
    There will be a question about what EIN to use on the 1099-R: - EIN for the trust? (which no longer exists). - EIN for the ER? (simplest answer, but may not be technically correct for a plan distribution that is roll-able.) There have been a few related discussion threads on that topic. (no opinion offered here.) Perhaps the Search feature will help you find relevant comments.
  10. david rigby
    Good advice from Peter. Make sure your counsel is the one who has the conversations with the "company". Your counsel will likely suggest you engage another actuarial firm as well.
  11. david rigby
    That might depend on the application of "eviction". The aunt told him to get out; is that eviction?
  12. david rigby
    Regardless of what you do about the first payment, you (someone) still has to review the DRO (perhaps that is a 2nd draft?). BTW, this situation screams about the flaws in the plan's/administrator's QDRO procedures; don't overlook the process of updating and/or enforcing them.
  13. david rigby
    From the facts presented, the participant became disabled after severance of employment. If the participant's ability to take a distribution was the same before and after the incidence of disability, then it seems unlikely the participant could claim the distribution is "due to" disability.
  14. david rigby
    Could be a problem with the High-25 test? If so, you can't pay the lump sum anyway.
  15. david rigby
    Ditto to comments by Effen. this is pretty basic. BTW, what is meant in the original post by "receiving vendor doesn't support annuities"? Is the vendor the trustee? Is the plan sponsor letting the vendor determine what plan provisions are permitted?
  16. david rigby
    Perhaps you could abandon this effort to focus on "transfer"? The instructions for Line 5b concern "...assets and/or liabilities transferred from this plan to another plan(s)..." The PBGC is not a "plan".
  17. david rigby
    Can the plan issue a loan to someone unable to repay?
  18. david rigby
    ... but remember, the plan does not have a current auditor. Be sure to ask about the expertise of whatever auditor you may propose to engage.
  19. david rigby
    The first response is the most common: What does the plan document say?
  20. david rigby
    I agree with Effen's response.
  21. david rigby
    Data as of 30-JUN-14 (Monday) Moody's Daily Long-term Corporate Bond Yield Averages Utilities Industrial Corporate Aaa NA 4.15 4.15 Aa 4.16 4.23 4.20 A 4.21 4.34 4.28 Baa 4.63 4.78 4.71 Avg 4.33 4.38 4.36 Moody's Daily Treasury Yield Averages Short-Term (3-5 yrs) 1.18 Medium-Term (5-10 yrs) 1.95 Long-Term (10+ yrs) 3.04
  22. david rigby
    IMHO, no QDRO should be qualified unless it includes clear definition of what happens upon death of participant and/or AP.
  23. david rigby
    Another source of information is the TH regs, 1.416-1. In particular, see Q&A T22, and Q&A M7.
  24. david rigby
    Although it may not be exactly on point for your question, I think there was a (very) recent court case that addresses the distinction between a church and a church-owned organization. Try a search on the BenefitsLink home page.
  25. david rigby
    Sorry to be morbid, but it might be prudent for this EE to review all beneficiary designations (not just this plan). Never assume that a Will is adequate to convey such information.
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