Guest SBlack Posted June 22, 2001 Posted June 22, 2001 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 Posted June 22, 2001 Posted June 22, 2001 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 Life and Death Planning for Retirement Benefits by Natalie B. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com
Appleby Posted June 22, 2001 Posted June 22, 2001 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... Life and Death Planning for Retirement Benefits by Natalie B. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com
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