NUA
My client worked for and retired in 1992 from Smurfit-Stone Container. Within her 401K plan she bought the stock of Exxon Mobil Corp. which owned Smurfit. She has left her entire account sitting with the old employer. Is she eligible for NUA ?
My client worked for and retired in 1992 from Smurfit-Stone Container. Within her 401K plan she bought the stock of Exxon Mobil Corp. which owned Smurfit. She has left her entire account sitting with the old employer. Is she eligible for NUA ?
Permalink Submitted by Alan Spross on Fri, 2008-05-09 20:41
It appears that there were several related mergers in the 80s, one of which was the purchase of a 50% interest in a packaging firm from Mobil. It is not real clear which issues would be considered employer shares during the time Mobil shares were acquired, but IF what are now XOM shares were considered employer shares when purchased, they would qualify for NUA with a proper LSD. She needs to check with the plan administrator and/or get a cost basis quote and number of shares qualifying for NUA.