Archimage Posted June 7, 2002 Posted June 7, 2002 If a Plan has annuities listed as its only option of distribution, can the plan be amended to change to lump sum as its only form of distribution?
Guest pensionadmin Posted June 7, 2002 Posted June 7, 2002 It depends on what type of plan it is. If it's a pension plan you'll need to retain annuity option; if it's profit sharing (seems unlikely), you can change to lump sum only as long as a retirement plan hasn't been merged into the profit sharing plan.
Archimage Posted June 7, 2002 Author Posted June 7, 2002 Actually it is a profit sharing plan. That is what I thought but I had a colleague arguing with me and it made me doubt myself.
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now