efinances

Regarding timing of distribution, the plan states "Payment of your benefits will begin as soon as practicable following your termination of employment, based on your account value on the preceding valuation date." The "preceding valuation date" is technically 12/31/19 but my accountant wont have those 2019 numbers till later on in 2020 (October). The former employee is requesting the 2018 valuation now and then the 2019 gains when the numbers are figured out. Would this be allowed? The plan does not state any restriction with regards to partial distributions.

I have a question regarding the retirement account for my company which is a Profit-Sharing Plan, 100% employer contribution. I have a former employee who is 100% vested in the plan though has not worked for me for several years. He had elected to keep his money in my profit-sharing plan, without additional employer contribution. At this time, this former employee is electing to have his distribution rolled over to an IRA account. By definition in the SPD, the plan year is 1/1 to 12/31. The valuation date is the last day of the plan year (12/31). The valuation is calculated annually, and this is usually done around October of the following year. Right now, we have the numbers for the valuation up to 12/31/2018. I know that the profit-sharing plan gained money in 2019, but do not have those exact numbers calculated yet. The employee is asking for a partial distribution based on the 12/31/18 valuation and then a total distribution for the 2019 gains once that number is calculated (around October 2020). What are the rules pertaining to this type of distribution? I do not want this former employee to miss out on the profits earned in 2019. Is it possible to do a partial rollover for the 12/31/18 amount and then give him the final 2019 profits once this is calculated? Thanks.