Message Boards Digest

January 2, 2018

Here are the most recently added topics on the BenefitsLink Message Boards:

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joel created a topic in 457 Plans

In-Service Withdrawals at 59-1/2 Now Allowed under 457(b) Plans?

Participants in government 457(b) plans must sever employment before they can make withdrawals from their accounts. Does the soon-to-be new law allow for in-service withdrawals upon attainment of age 59-1/2?
Number of replies posted  1 reply      Number of times viewed  85 views      Add Reply

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OSU created a topic in 401(k) Plans

Broker Sold My 401(k) Account's Individual Stocks During Plan Conversion without My Consent

I had a 401k from a former employer that held many individual stocks. The trustee failed to send me a blackout notice but the current broker called me saying the employer was moving plans and that I could transfer my account 'in kind.' I submitted all the paperwork through proper channels by December 28. I later called the current broker as a courtesy. He said he had sold all of my positions at the request of the trustee on the previous day. The trustee made those unauthorized sales without my approval. They claim a blackout notice was sent. I got a copy via email yesterday (on Dec. 29). Assuming I had received it, it makes no mention that individual positions will be sold into cash or that the new provider will not allow individual stocks. I've asked them to reverse the trades. They say they won't. What recourse do I have?
Number of replies posted  8 replies      Number of times viewed  148 views      Add Reply
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Dougsbpc created a topic in Defined Benefit Plans, Including Cash Balance

Required Minimum Distributions from One-Participant Plan

We have a 1 participant DB plan with the unusual scenario of the business owner being over age 70 when the plan was started. The NRA is 65 and 5 years of participation. Vesting is 3 year cliff, excluding years prior to effective date. He works one week per month. Suppose the plan had a 500 hour requirement to accrue a benefit but 1,000 hours for vesting purposes. I would think he wouldn't need to take an RMD until his 5th year of participation. Agree?
Number of replies posted  4 replies      Number of times viewed  52 views      Add Reply, Inc.
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