Jakyasar Posted February 22, 2021 Posted February 22, 2021 Terminating an overfunded db plan. Not relevant but 2 participants, owner/spouse. Each took a loan out from the db plan and first payment is due late March. Loan is for 50k/each Each will rollover their lump sum into their respective IRA's and loan will be rolled over into the qualified replacement plan (QRP) before first payment due. Do they need to redo the loan agreement in the name of the new QRP without changing the original provisions? Thank you
david rigby Posted February 26, 2021 Posted February 26, 2021 I'll bite. Yes. Reasoning? Nothing, other than good documentation. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Jakyasar Posted February 26, 2021 Author Posted February 26, 2021 Bad reasoning😄 However, i agree with you, wanted to check out there. Thank you
david rigby Posted February 26, 2021 Posted February 26, 2021 Good documentation is never bad reasoning. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
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