Distribution to Beneficiary of Missing participant

[Guest SBlack]

Participant is terminated from Company and subsequently becomes lost. Participant's beneficiary (wife) is requesting distribution of account balance - $500. Participant has been missing for approx. six months and even the State Department can't find him. He was last known to be in India. Wife has Power of Attorney for husband. Can the Plan distribute?

[Appleby]

I would think so- providing the terms of the POA permits it. Not to mention, the balance is under $5,000- which means the participant's consent is not required anyway

[Appleby]

Just want to add- unless the participant is declared dead (legally) the assets must be distributed to him, not to the spouse. She can always deposit the check in a joint account...