Jump to content


  • Content Count

  • Joined

  • Last visited

Community Reputation

0 Neutral
  1. A client lost his wife at age 45. She worked for a CA Police Dept. He has met with her HR dept, who dialed up the 457/pension plan custodian. He walked away from the meeting with the impression that he is obligated to roll the assets into a proprietary (plan custodian) IRA. He understands that if he doesn't use 'their' IRA, they are required to withhold 20% before rolling the pension lump sum and 457 assets. Has anyone encountered a plan whereby the proprietary IRA is the only immediate option? I am working on getting a copy of the plan, but until then, I thought that it was unusual for them to tell them that they need to withhold if he wants to roll into his existing IRA. I realize that we can probably roll from the proprietary IRA into his IRA at a later date... but we want to avoid all that hassle. One more thing - from reading other posts, since a 457 is a non-qual, is he even allowed to roll the full amount into an IRA w/o facing over-contribution issues? thank you
  • Create New...