DB Term - 1 Man Timing

[Lou S.]

I have a 1 man plan where owner just reached NRA this month and is under 415 limit on payout but getting close. The question I have is can I terminate the Plan effective 12/31/2020 to have full plan year, but have have him elect a lump sum now and rollover to IRA so possible gains don't push him over 415 payout? He is not married so spousal consent not an issue.

I don't think there is an issue but wanted to make sure I wasn't missing anything.

[CuseFan]

If the plan document allows for commencement at NRA while still employed - so you may need to amend.