411 Postponed Retirement

Question 1

When should payment of benefits begin?

Answer 1

Withing 60 days after the plan year end after which ptp attains age 65 (or NRA), 10th year of ptp service, and terminates from the plan.

Question 2

If the benefit formula is service based, plan does not allow for payments before separation in service and the ptp exceeds normal retirment date then what is the minimum benefit?

Answer 2

Greater of benefit with service through termination and actuarially adjusted benefit.

Question 3

If a ptp is subject to the 415 limit, can they receive benefits after normal retirement age?

Answer 3

Yes if they are given a suspension of benefits notice. This is because they can’t receive actuarially increases in benefit due to 415 limit.

Question 4

T/F a ptp retiring after 70.5 must have benefit actuarially increased even if a suspension of benefits notice is given.

Answer 4

TRUE