Search the Community
Showing results for tags 'unresponsive beneficiary'.
Found 1 result
-
We have a terminating plan with one deceased participant. There is a valid beneficiary designation naming the spouse. The account balance is in the 5 figure range. The spouse is not responding to requests for distribution instructions. The plan requires full distribution within 5 years of the death. I'm checking to see if the 2006 termination date in our files is the date of death, or if he actually terminated and passed at a later date. The record keeper claims that IRS regulations prohibit forcing out the account of a death beneficiary and the plan must stay open until she eventually decides to withdraw the balance. I've never heard of such a rule. Is that correct?
