Lost Participant/Terming DB Plan-moving $$ to PBGC

[Tinman]

When moving funds for a lost/missing participant from a terminating DB plan to the PBGC, what 1099-R code is used for the distribution from the plan?

Even though it's not an actual "rollover", would Code G be appropriate?

Thanks!

[SoCalActuary]

The code is NFW - stands for No Frigging Way - because the participant has not incurred a taxable event. The trustee has simply transferred the liability.

[Tinman]

Then my guess is that no 1099 is issued in this case? Not normally in the business of dealing with anything other than DC plans, so not over clear on all the ins and outs of the DB world.

[Effen]

Just curious, but if he is "missing", where are you going to send his 1099 reporting the tax he doesn't owe on the income he didn't receive?

I am not saying it is or is not required, but it does seem a bit silly when you think about it.

[mbozek]

Does the PBGC issue a 1099 when the benefit is distributed to the participant?

[SoCalActuary]

Does the PBGC issue a 1099 when the benefit is distributed to the participant?

After 5000+ posts, you don't know if the PBGC complies with tax law?

[mbozek]

Does the PBGC issue a 1099 when the benefit is distributed to the participant?

After 5000+ posts, you don't know if the PBGC complies with tax law?

https://www.pbgc.gov/workers-retirees/trans.../page16319.html