Jump to content

Death benefit and 5-year rule; failure to distribute

Recommended Posts

In a plan that we have recently took over, we have discovered a participant (born in 1937) died in 2005 and was not paid out by the 5th year (2010) and still has an account balance. In addition there is no beneficiary on file.

Any suggestions on how to correct this? Can someone point me in the right direction?

Thank you!

Link to comment
Share on other sites

Have you tried to locate the beneficiaries? I suspect the Plan has default provisions in the event that no beneficiary form exists.

Does the Plan have provisions to forfeit the benefits and restore them in the event that beneficiaries are later found?

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Create New...