Puerto Rican Retirement Plan

[Guest Thornton]

I have been contacted by an attorney with a question I have never had. He has a physician client, a Puerto Rican native, who is moving permanently to the US. He has what sounds like a prototype money purchase pension plan with a Determination Letter from PR Dept. of Treasury. He wants to establish a U.S. qualified plan and transfer the substantial assets from the PR trust to the US trust.

Can this be done?

[Guest Thornton]

He is particularly interested in the following two questions?

1) Would the US distribution rules apply?

2) Would the assets be protected from creditors as with US plans.

If you don't know the answers, can give me the name of someone I can refer him to?

Thanks.

[austin3515]

Call an ERISA attorney at a good sized law firm, like Reish Luftman (sp?). I think they're supposed to be the best in employee benefits, but there are certainly others. This is WAY specialized in nature.

[Guest Lawrenceg]

Puerto Rican plan are not ERISA plan and should be treated similarly to a nonqualified plan