Guest CHIEFS Posted November 20, 2002 Posted November 20, 2002 Is their a way to track deceased participants? I recently learned of a large DB plan where the participant died and the son failed to notify the plan of the death. The son continued to receive payments on behalf of the father totalling $25,000. In the same plan, a daughter received $12,000 after her father died and she failed to report the death to the plan. Both were caught by chance. The plan administrator stated that he relies on the honesty of the descendants in reporting their death. This doesn't seem like a prudent practice. Any comments?
david rigby Posted November 20, 2002 Posted November 20, 2002 Several prior discussions on this topic. Try the search feature. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
JanetM Posted November 21, 2002 Posted November 21, 2002 We have the trustee who issues the checks compare our database of pensioners to the SS death index listing. We get list every quarter of those in our database who are deceased. JanetM CPA, MBA
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