abanky Posted July 27, 2010 Posted July 27, 2010 I have a plan sponsor who is changing banks. Is there any special notices that need to be sent to current retirees receiving payments? other than new ach forms and w-4ps
david rigby Posted July 27, 2010 Posted July 27, 2010 Why does a retiree need a new W-4P? 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.
abanky Posted July 27, 2010 Author Posted July 27, 2010 in case they want to withhold taxes and we don't have their current deduction.
david rigby Posted July 27, 2010 Posted July 27, 2010 A sponsor and/or trustee could probably send retirees a W-4P (and state form if applicable) once a year (or once a decade, etc.) if desired, but it should not be required just because the paying organization is changing. Remember: retirees don't like change, so keep it (very) simple. 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.
AndyH Posted July 27, 2010 Posted July 27, 2010 Andrew, is this really a bank, or is it a Trust department? If the latter, and they are experienced with pension accounts, they may have notification letters and procedures ready to go.
abanky Posted July 27, 2010 Author Posted July 27, 2010 It is a trust department. Didn't even think about checking to see if they do the dirty work. Thanks Andy, I'll send them an email right now. You done with exams?
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