Numerous Missed RMDS
DB participant > 70.5 missed 7+ years of RMDs.
He separated from service 30+ years ago – wasn’t aware of the plan
The DB plan is now being terminated -that’s how the missed RMDs were detected – he is now being given the option to rollover to an IRA -wants to fix the missed RMDs first.
Question(s)
What’s the process to take missed RMDs from a DB plan? Do you follow the same process as a DC plan (i.e. 401(k))? take each years (missed) RMD and file form 5329?
Thank you
Permalink Submitted by Alan - IRA critic on Wed, 2016-02-24 01:04
The same process should apply, but he will need assistance from the plan administrator to determine each year’s RMD since the year end balances may not be available to him. This is pretty rare for older plans where annuity payouts would start by the RBD and often much earlier.