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Lecture Employee benefits and retirement planning - Chapter 8: Qualified plans: Distributions and loans

This chapter covers distributions and loans from qualified plans. It begins with a discussion about planning retirement distributions, which includes a good section on questions to consider. The chapter continues by covering required spousal benefits, including pre-retirement survivor annuities and joint and survivor annuities. | Planning Retirement Distributions for Qualified Plans complex rules distinct federal income tax treatment use careful planning to avoid adverse tax consequences Copyright 2009, The National Underwriter Company Helpful to consider questions: What distributions does plan allow? Can and should distribution be rolled over? 3. If choose periodic payment, which form is best? spousal consent needed? early distribution penalty? minimum distribution requirements? how are payments taxed? Copyright 2009, The National Underwriter Company Helpful to consider questions (cont’d): If lump sum payment is chosen eligible for 10 yr. averaging? if so, is election beneficial? how much tax payable? What are the estate planning consequences of payment choice? Copyright 2009, The National Underwriter Company Plan Provisions: Required Spousal Benefits Federal law protects the economic interest of the spouse ensures that benefit changes affecting the spouse are made with the spouse’s full knowledge and consent Copyright 2009, The National Underwriter Company Plan Provisions: Required Spousal Benefits Two forms: Qualified Pre-retirement Survivor Annuity [QPSA] Qualified Joint and Survivor Annuity [QJSA] Copyright 2009, The National Underwriter Company Plan Provisions: Required Spousal Benefits Stock bonus plans Profit sharing plans ESOPs Generally do NOT need to provide survivorship benefits for spouse IF participant’s nonforfeitable balance is payable as a death benefit to that spouse Copyright 2009, The National Underwriter Company Qualified Pre-Retirement Survivor Annuity surviving spouse can have actual property rights in deceased participant’s vested benefits QPSA is an automatic provision, any change in payout or beneficiary REQUIRES consent of nonparticipant spouse in writing acknowledging effect of waiver witnessed by plan representative or notary public Copyright 2009, The National Underwriter Company Survivor Annuity in Defined Benefit Plans: Amount . | Planning Retirement Distributions for Qualified Plans complex rules distinct federal income tax treatment use careful planning to avoid adverse tax consequences Copyright 2009, The National Underwriter Company Helpful to consider questions: What distributions does plan allow? Can and should distribution be rolled over? 3. If choose periodic payment, which form is best? spousal consent needed? early distribution penalty? minimum distribution requirements? how are payments taxed? Copyright 2009, The National Underwriter Company Helpful to consider questions (cont’d): If lump sum payment is chosen eligible for 10 yr. averaging? if so, is election beneficial? how much tax payable? What are the estate planning consequences of payment choice? Copyright 2009, The National Underwriter Company Plan Provisions: Required Spousal Benefits Federal law protects the economic interest of the spouse ensures that benefit changes affecting the spouse are made with the spouse’s full .