LIBERTYKID Posted June 18, 2009 Posted June 18, 2009 The IRS guidance says the notice regarding the election of prior year's funding status is to go to various parties, including "participants." The IRS does not define participant. If the election is to retain the prior year's "good" status (not endangered or critical) do all participants, active term vested and in pay status, receive the notice?
AndyH Posted June 18, 2009 Posted June 18, 2009 Anybody with a benefit is of course a participant, at a minimum.
Effen Posted June 19, 2009 Posted June 19, 2009 I assume you are talking about a multiemployer plan. I agree with AndyH. Generally anyone who has a benefit (vested or non-vested) would be a participant. This would include beneficiaries and alternate payees. 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.
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