Guest SPOT Posted July 7, 2004 Posted July 7, 2004 Can a terminated participant "contribute" his life insurance premiums into a qualified plan? In the past, the premiums were paid from his existing account in the trust, be this year, he deposited his premiums into the trust.
Kirk Maldonado Posted July 8, 2004 Posted July 8, 2004 Does the plan expressly authorize those actions? Kirk Maldonado
Bird Posted July 8, 2004 Posted July 8, 2004 I'm not sure what you mean by "he deposited his premiums into the trust" but I assume he paid his premiums with a personal check. Essentially, this would be an after-tax voluntary contribution. Possibly permitted in the plan document but not likely. Ed Snyder
TBob Posted July 8, 2004 Posted July 8, 2004 Even if the plan allowed for post tax contributions, would it allow them for a terminated employee/participant...I doubt it.
Bird Posted July 9, 2004 Posted July 9, 2004 TBob - good point. Somehow I missed that he was term'd. Ugh; not much hope. Ed Snyder
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