Regional Vice President of Sales The Retirement Plan Company
|
Bates & Company, Inc.
|
AimPoint Pension
|
Loan & Distribution Specialist AimPoint Pension
|
Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
|
Compass
|
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
Terminated Plans Can Roll Over Benefits of Lost Participants
Nelson Mullins [Guidance Overview] Aug. 18, 2014
"[T]he plan fiduciary should make reasonable efforts to locate the participants and beneficiaries using all of the following: Certified mail; Check records of related plans and employer(s); Contact designated beneficiaries to ask about participants; Use free electronic (Internet) search tools.... If the participant or beneficiary is not located, then the fiduciary should consider distributing the plan account directly to an IRA because the account will continue the deferral of income, and avoid both the 20% mandatory withholding and the 10% early distribution tax."
|
Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |