Lou S. Posted November 14, 2012 Posted November 14, 2012 Participant terminated many years ago and rolled distribution to IRA. The Ex-participant is now getting divorce and wants to get a balance as of date more than 10 year ago. Presumably to determine pre-marital portion. Is the plan under any obligation to dig though it's old records and find such a balance? The participant was paid more than 7 years ago. I'm pretty sure the answer is no they don't have to unless they want to be really nice for some reason.
david rigby Posted November 14, 2012 Posted November 14, 2012 Participant terminated many years ago and rolled distribution to IRA.The Ex-participant is now getting divorce and wants to get a balance as of date more than 10 year ago. Presumably to determine pre-marital portion. Is the plan under any obligation to dig though it's old records and find such a balance? The participant was paid more than 7 years ago. I'm pretty sure the answer is no they don't have to unless they want to be really nice for some reason. You can be nice and respond, but take note that this is an ex-participant. 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.
Peter Gulia Posted November 14, 2012 Posted November 14, 2012 Another circumstance to consider is whether the records were destroyed, and (if so) whether they were destroyed in compliance with or contrary to the plan administrator's and the recordkeeper's records-retention procedures. Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com
mbozek Posted November 16, 2012 Posted November 16, 2012 Participant terminated many years ago and rolled distribution to IRA.The Ex-participant is now getting divorce and wants to get a balance as of date more than 10 year ago. Presumably to determine pre-marital portion. Is the plan under any obligation to dig though it's old records and find such a balance? The participant was paid more than 7 years ago. I'm pretty sure the answer is no they don't have to unless they want to be really nice for some reason. plan has no obligation to provide information because he is not a participant. Even if he was a participant, plan could decline on the grounds of administrative difficulty in retreiving records or require that participant pay for all adm costs of searching for such records and determining the values. mjb
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