Distribution under QDRO before participant is eligible to receive distributions renders s. 457 plan ineligible

Article Abstract:

The Internal Revenue Service has ruled that a Section 457 benefits plan becomes ineligible if distributions are made in accordance with a QDRO before the participant is eligible for distributions. Distributions for employees of tax-exempt and governmental employers normally begin when the participants reach 70 1/2 years of age, separate from the employer's service or are involved in an unexpected emergency. The IRS' decision was the result of a case in which a state court issued a QDRO during the divorce proceedings of the plan's participant.

Cases, Pension funds, Distribution, Equitable distribution of marital property, Divorce property distribution

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DOL advisory opinion permits ERISA plan to transfer life insurance policy to an individual participant

Article Abstract:

U.S. Labor Dept. advisory opinion 98-07A concerning transferability of life insurance policies to individual participants in ERISA employee benefit plans is discussed. Conditions which must be met to fall under the Prohibited Transaction Exemption are included in the discussion.

United States, Life Insurance, Direct Life Insurance Carriers, Employee Benefits & Services, Usage, Human resource management, Employee benefits

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