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Avoid RMD Complexity with Force-Out Distributions at Normal Retirement Age
PenChecks 
May 15, 2024 "To ensure participants are using their retirement benefits -- or at least being taxed on them -- the RMD process has been around since the passage of ERISA. A simple concept has increasingly become an operational nightmare.... Everyone knows about force-out provisions for terminated participants with a balance of less than $7,000. That same process can also apply to terminated participants who reach normal retirement age.... [P]articipant consent is only required for any distribution before the participant attains the plan's normal retirement age (or age 62, if later)." |
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