jlf Posted October 23, 2000 Posted October 23, 2000 Under IRC 415, what is the maximum retirement benefit from a governmental DB plan starting at age 55?
Guest Joe Hoho Posted October 23, 2000 Posted October 23, 2000 Based on the GAM83 (50%male/50% female) mortality table as required by GATT and a 5% interest rate, I believe that it is $80,008 at age 55 as of 2000.
jlf Posted October 23, 2000 Author Posted October 23, 2000 Let's assume the DB is $100,000, how is the $20,000 overage treated if one retires at age 55? Thanks
Carol V. Calhoun Posted October 23, 2000 Posted October 23, 2000 You could not receive the $20,000 from the plan. Whether you could receive it at all (even outside of the plan) would depend on whether the employer also had an "excess benefit plan" as described in Code section 415(m). Employee benefits legal resource site The opinions of my postings are my own and do not necessarily represent my law firm's position, strategies, or opinions. The contents of my postings are offered for informational purposes only and should not be construed as legal advice. A visit to this board or an exchange of information through this board does not create an attorney-client relationship. You should consult directly with an attorney for individual advice regarding your particular situation. I am not your lawyer under any circumstances.
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