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1099R for benefits sent to the PBGC

Guest flogger

By Guest flogger
in Defined Benefit Plans, Including Cash Balance

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Guest flogger

Guest flogger

Posted
Posted

Does anyone know how to handle the 1099R's for those benefits sent to the PBGC on behalf of lost-unlocatable participants?

Effen

Effen

Posted
Posted

I have always ignore them.... but I doubt that is technically correct.

If you prepared the 1099, what would you do with it, since by definition, these are people you can't find?

The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.

Mike Preston

Mike Preston

Posted
Posted

I think it is correct to ignore them. Hardly seems fair to provide somebody with a 1099 when they haven't received the money.

david rigby

david rigby

Posted
Posted

I agree with Mike.

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.

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