cdavis25 Posted December 23, 2013 Posted December 23, 2013 The participant is lost. The client has tried to find them using a locator service and the internet. His vested balance is under 5k. The client does allow forceouts to an IRA. This is a new Plan to us in 2013. His RMD should have started in 2011. Nothing has been processed, since he is lost. Any suggestions?
BG5150 Posted December 23, 2013 Posted December 23, 2013 Since it isn't eligible for rollover, perhaps 100% withholding? But then again, how would he get a 1099? QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
masteff Posted December 23, 2013 Posted December 23, 2013 When did they most recently try to find him? Have they tried the Social Security Administration's Letter Forwarding service? http://www.socialsecurity.gov/foia/ltrfwding.html If the person is alive, he's most likely receiving SSA benefits, so SSA should have a current address. Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra
QDROphile Posted December 23, 2013 Posted December 23, 2013 The plan should have been designed to forfeit the benefit after failure to locate after appropriate efforts.
cdavis25 Posted December 24, 2013 Author Posted December 24, 2013 I know QDROphile, but the milk is already spilled. I will have them try the SS forwarding. They did the search in November of this year for him. Are there any suggestions if he is not found or does not respond? I don't like the 100% withholding, since I have heard that is not acceptable by the IRS. Plus you still have the 1099R issue.
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