I have a new client that is a physician in a very small practice.  The practice had a profit sharing plan that was terminated a few years ago.  My client’s portion of the plan was rolled over not to an IRA but to an account that is listed as “Major Brokerage Co. custodian John Doe Part PSP QRP”.  Since the plan terminated, he has not been contributing to it.  He turns 72 this year.  Does he need to start taking distributions from this plan even if he is still working?  Can he make contributions to the plan or, by virtue of the fact that it was a PSP and has been terminated, does this preclude him from making contributions?

Thanks in advance!

Alan Myers, CFA