Guest ablazer Posted December 5, 2013 Posted December 5, 2013 There is a 90 year old participant in a new plan of ours. He retired from the company 20 years ago and he cannot be located but has over $20k in his account and requires an RMD. Please let me know how you have dealt with these types of situations. Thank you.
My 2 cents Posted December 5, 2013 Posted December 5, 2013 Before being able to say "cannot be located", how much money has to have been spent searching for him? What about the last 20 years (!) of RMDs. What was done about them? Is it safe to assume that if he died 17 years ago, someone is owed $20,000? Always check with your actuary first!
QDROphile Posted December 5, 2013 Posted December 5, 2013 The plan should be designed so that the account should have been forfeited before now. The observation may not be helpful except going forward.
masteff Posted December 10, 2013 Posted December 10, 2013 refer to EPCRS section 6.02(5)(d) regarding missing participants Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra
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