Hojo Posted November 8, 2013 Posted November 8, 2013 This may belong in the istribution foru, but it's for a DB plan..... We have plan that is terminating and a participant wants to take their LS, but needs the spouse waiver of the QJSA. The spouse is currently serving in Uganda for the next year and not reachable and the participant has a full power of attorney. I'm assuming that the participant can sign as the spouse and attach a copy of the power of attorney for the file...... Do you think this is enough?
Hojo Posted November 8, 2013 Author Posted November 8, 2013 I found an old topic in the Distributions section. http://benefitslink.com/boards/index.php?/topic/25367-power-of-attorney-question/?hl=waiver
Andy the Actuary Posted November 9, 2013 Posted November 9, 2013 Sounds like a question for the plan administrator's benefits attorney. 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.
mbozek Posted November 9, 2013 Posted November 9, 2013 This may belong in the istribution foru, but it's for a DB plan..... We have plan that is terminating and a participant wants to take their LS, but needs the spouse waiver of the QJSA. The spouse is currently serving in Uganda for the next year and not reachable and the participant has a full power of attorney. I'm assuming that the participant can sign as the spouse and attach a copy of the power of attorney for the file...... Do you think this is enough? Since plan cannot terminate until it distributes all assets Plan admin has the following choices: 1. accept the POA and distribute all plan assets to participant after receiving a hold harmless agreement. 2. wait until spouse returns next year and signs waiver. In the meantime plan must file 5500 and perform admin functions for 2014. Q1: is POA permitted under plan document or plan admin procedures? Q2: what is amount of lump sum distribution? assume spouse's share would be 50% which would be max exposure. mjb
Hojo Posted November 11, 2013 Author Posted November 11, 2013 I think they can get an email from the spouse saying that he has read the languange and consents to waive the QJSA so they are going to go ahead with that. They aren't overly concerned with problems specifically since the participant is actually the daughter of the owner of the company. They expect to have a copy of the POA, the email, and a hold harmless agreement as documentation to pay out the benefit and then have him sign a waiver as documentation when he returns.
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