dpav

The plan document was based on the census data submitted for the proposal, and the plan document was based on the proposal run. When they submitted the final census data, the owners' salaries were much lower than those used in the proposal; however they would like a deduction as large as the one in the proposal. Thank you, Bri.

A brand new DB plan effective 1/1/22 was adopted in August, 2023. May the plan's formula be amended before 10/15/23 to increase benefits effective 1/1/22? The plan sponsors 2022 tax return has an extension to 10/16/2023. Thank you.

One of the 25 highest paid restricted HCE in a DB plan wants payment of his benefits as a lump sum. He does not want to deposit funds into an escrow. Can anybody recommend an insurer that would sell a bond to cover his restricted benefit? Greatly appreciated.

Thank you C.B. and StephenD for your valuable advice.

DB plan is being terminated under a PBGC standard termination. Plan provides the lump sum option to all participants. One retired participant receiving monthly benefits (value of his benefits >$5,000) refuses to elect the lump sum option, and no insurance company is willing to offer an annuity contract for this participant’s benefit. Is there any way this plan can be terminated? Can this participant hold up the plan’s termination? Thank you.

Thank you Peter. The two seem to be identical.

Thank you very much Lois. That was very helpful.

Can anybody provide a hyperlink to download the text of Rev. Rul. 74-307? Much appreciated.

Thank you, Brian. Will call.

Thank you, MarkD. We'll be in touch.

Thank you, David.

One of our DB plans is considering termination by buying annuity contracts from an insurance co. This plan has about 40 participants, half of whom are nonresident aliens. The plan does not allow for lump sums (other than for small benefits). The plan's assets is about $18 mil. We have contacted several insurance companies and none would provide a quote, either because the plan is too small or because it covers nonresident aliens. Can anybody recommend an insurance company that would be willing to sell annuities for this type of plan? any help would be appreciated.