Andy the Actuary Posted June 13, 2009 Posted June 13, 2009 http://cgi.ebay.com/Sell-Assign-Pension-Pl...%3A1%7C294%3A50 The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
Below Ground Posted June 15, 2009 Posted June 15, 2009 You MUST be kidding. This is too much. How did you find this Andy? Having braved the blizzard, I take a moment to contemplate the meaning of life. Should I really be riding in such cold? Why are my goggles covered with a thin layer of ice? Will this effect coverage testing? QPA, QKA
Andy the Actuary Posted June 15, 2009 Author Posted June 15, 2009 You MUST be kidding. This is too much. How did you find this Andy? I was looking to sell my overfunded DB plan! Actually, a friend told me about it. He was searching for stock certificates, which is the category underwhich it was listed. This offer is tantamount to "I have 20,000,000 in Nigeria and I need your help . . ." The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
Below Ground Posted June 15, 2009 Posted June 15, 2009 Unbelievable! Having braved the blizzard, I take a moment to contemplate the meaning of life. Should I really be riding in such cold? Why are my goggles covered with a thin layer of ice? Will this effect coverage testing? QPA, QKA
K2retire Posted June 16, 2009 Posted June 16, 2009 I thought e-Bay had rules against this sort of thing.
K2retire Posted June 16, 2009 Posted June 16, 2009 I contacted the seller to point out the anti-assignment rules. His response is a bit scary: Hi, thank you for your question. I am the participant in the plan. Its a company that i no longer work for since 1998. In regards to legality of assigning my benefits, i am unaware that there is a federal prohibiting me from selling/assigning this plan to someone. I've discussed this with my lawyer, financial advisor, as well as the administrator of the plan of my interest in selling/assigning, this issue has not been brought up. i can certainly look into it
jpod Posted June 16, 2009 Posted June 16, 2009 It would not be enforceable against the plan, but it can be done indirectly and probably enforceable against the participant as a matter of contract. Nevertheless it is hilarious (if true) that his lawyer and the plan administrator told him it was "ok."
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