Lori H Posted February 9, 2006 Posted February 9, 2006 A participant in a profit sharing plan is deceased and so is the spouse. The company does not have a beneficiary designation on file. What options are available to the administrator for distributing the account balance?
Guest BobK Posted February 9, 2006 Posted February 9, 2006 I would check the plan document. Many documents contains provisions for handling a situation where no beneficiary is named.
JanetM Posted February 9, 2006 Posted February 9, 2006 What does the plan say? Some plans are drafted to include language to handle this. JanetM CPA, MBA
david rigby Posted February 10, 2006 Posted February 10, 2006 Most? Virtually all. 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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