Guest agordon Posted October 19, 2004 Posted October 19, 2004 It is my understanding that if a DC plan has QJSA as a distribution option, then the participant's spouse must consent to the distribution. The only exceptions to this that I've been told is if the participant's vested account balance is less than $5000, or if the spouse cannot be located. What if we had a situation where the spouse was incarcerated, and the participant states that they cannot obtain consent for the distribution? The participant knows where the spouse is located - would consent still be required? Thanks for your help!
Harwood Posted October 19, 2004 Posted October 19, 2004 We require it. I'm told there are notaries who service prisons.
Guest agordon Posted October 19, 2004 Posted October 19, 2004 Thanks for your quick responses. The additional resources that I've consulted have indicated that consent would still be required as well. Thanks again.
david rigby Posted October 19, 2004 Posted October 19, 2004 Whether other TPA's require spousal consent in this situation is (generally) irrelevant. Pay attention to the plan provisions and the provisions in the IRS regs. 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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