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Showing results for tags 'nonvested'.
Found 3 results
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I am the AP on a Separate Interest QDRO. The( ex-spouse)participant is 54years young, employed at Chrysler. According to the plan, I can start receiving my portion of the funds on the participant’s earliest retirement age. I was told, by the representatives at Benefits Express, I would receive a kit in the mail, with instructions so that I can commence payment. The next day I received a call saying I can not start receiving the funds until 01/15/2027, when the participant is 62 years young, Chrysler’s normal retirement age. The QDRO has the following: I am confused as to why I can’t start receiving my portion. Please help me understand what is going on.
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A brand new DB plan is started 2-1-2018, plan year ends 1/31. It excludes years of service prior to 2-1-2018 for vesting purposes. Vesting is a 3-year elapsed-time cliff. One participant is also a 20% owner and they are 71 years old now. The owner becomes fully vested on 1/31/2021. The first RMD is the accrual on 12/31/2018, but it is not vested, so it gets added to the next year's RMD. The second RMD is the accrual on 12/31/2019 plus the prior unpaid (nonvested) RMD, but it is still not vested, so it gets added to the next years' RMD. The third RMD is the accrual on 12/31/2020 plus the prior amounts, but it is still not vested, so it gets added to the next year's RMD. By 12/31/2021, the participant must take the distribution of their RMDs. They terminate in 2021 and elect a lump sum payment. The RMD for a full lump payment can be calculated using the "Account Balance" method (like a DC plan). Can all of these RMD's be determined using the account balance method, or must the 3 prior year's RMDs be based on the DB annuity calculation method?
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Hi, I terminated service in 2/2012 and I received notice that my previous 401(k) plan was merging with another company's 401(k) plan (Company B). When I left my pervious employer I was 75% vested. After the transfer occurred, I received a distribution statement. I was informed that 25% of my account balance was forfeited upon the transfer. Can the company take away my non-vested account balance prior to 5 years? What happens if I join Company B tomorrow, wouldn't they have to count my service with my prior company since it hasn't been 5 years break in service? Thanks
