Transcription of Correcting missed required minimum distributions
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Correcting missed required minimum distributions
January/february 2016(Continued on page 2)Internal Revenue Code (IRC) Sec-tion 401(a)(9) requires every qualified plan to provide required minimum distributions (RMDs) as soon as a participant reaches his or her required beginning date (RBD). Generally, the RBD is April 1 of the year after the participant reaches age 70 , though it may be later if a non-5% owner continues to work after age 70 . If an individual worked at seven jobs during his or her career and left money in seven different 401(k) plans, each plan is required to distribute RMDs to the individual. In the event of a partici-pant s death, the plan is required to follow the minimum distribution requirements for beneficiaries.
Congress has devised several types of nondiscrimination tests designed to prevent qualified retirement plans from favoring highly compensated
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JOURNAL OF SPRING 2016 VOLUME 21, NUMBER, Deferred compensation, Plans, Compensation, Deferred Compensation Plans, TAXATION OF DEFERRED COMPENSATION:, TAXATION OF DEFERRED COMPENSATION: OVERVIEW, SECTION 457 DEFERRED COMPENSATION, Section 457 deferred compensation plans, New York City Deferred Compensation Plan, Definitions of Compensation for Retirement Plans, Accounting for Equity Compensation, Wealth Preservation For The Affluent, 98960 FLY 1673 PlanComp 2pg