AdKu Posted September 7, 2016 Posted September 7, 2016 What are the disclosure requirements when terminating one person Non-PBGC DB Plan (any checklist)? Does any of PBGC Standard Termination disclosure requirements including NOIT applies?
mphs77 Posted September 7, 2016 Posted September 7, 2016 Is the one person the business owner or a non-owner?
Effen Posted September 7, 2016 Posted September 7, 2016 If it is a non-PBGC plan as you say, then, no, the PBGC rules do not apply. You may want to submit to the IRS for approval, but it is not required. Assuming the one-participant is the owner, just amend the plan to terminate it, and prepare the distribution election forms. Is the plan over or under funded? Be careful the distribution doesn't exceed any 415 limits. 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.
Lou S. Posted September 7, 2016 Posted September 7, 2016 Make sure you are up to date on any required amendments, even if the required adoption date might be in the future. I'm not aware of any current interim amendments that are required but there could be something I've missed.
AdKu Posted September 8, 2016 Author Posted September 8, 2016 It is an owner only Plan. As far as funding goes, it is where it needs to be (neither under nor over funded) Thank you all
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