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Found 4 results

  1. There's a cash balance plan with the annual benefit going to the owners (HCE's) in the plan that is above their 415 limits. If their benefit is limited, the thought is to have the plan buy each of them an annuity with a X% surrender charge. This would make the taxable distribution effectively identical to the 415 limit. The annuity would be transferred to them for conversion to an IRA after IRS approval was received. We would offer this identical distribution to the other participants. Any thoughts on this?
  2. If a plan allows life annuity distributions, but requires the payment of a single lump sum to an insurance company to purchase a single premium annuity, do the QJSA rules apply?
  3. HI I am working on closing a 401(K) plan as two companies merge and move to a single plan. In the plan that is closing there are two life insurance policies owned by the plan on one of the employees. The employee, who is retired, wants to take the cash surrender value of the insurance and receive it and then invest with his financial advisor. Who pays the taxes on the insurance policies as they are distributed - the insured (Retired Employee) or the plan who owns the policy but is liquidating it and sending to the employee.
  4. We have a PS plan with insurance that pre-dates our involvement. One of the participants dealt directly with the insurance company to take out a loan on the policy in his name and claims that the insurance company says he doesn't need to repay it. I don't understand how he managed to get the loan without the trustees consent, but that is a question for another day. I contend that since it is a plan asset, the loan needs to follow the same rules as any other loan i.e. have a loan agreement with the plan and be repaid in installments over 5 years. The loan is almost 3 years old now and I have been telling the client the whole time that there need to be repayments. I contend that the loan is in default and should be taxable to the participant. Is there any exception to the qualified plan loan rules for insurance????? This is our only PSP with insurance, so maybe there is something I'm missing.
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