late distributions

[Guest justbetmd]

I was suppose to begin distributions from my deferred compensation arrangement at age 60 (I elected age 60 on my distribution form). I am 62 now and I have never received a distribution. Am I penalized for my company's error? How is this corrected

[Randy Watson]

Is the plan subject to 409A?

[Guest mjb]

If this is a nonqualified plan the benefits are taxed in the year they became available for payment (when you turned 60), regardless of whether they were actually paid. If this a qualified plan, 401k, IRA or 403b annuity the benefits will be taxed in the year received if they are not rolled over. You need to consult with a tax advisor to determine when the benefits will be taxed. Do you know what kind of plan this is, 401k, retirement, etc?