A participant over age 70 1/2, in pay status at the time of his death and has multiple beneficiaries.

In order to calculate the minimum distribution based on each beneficiary's share of the participant's account, do you have to set up a separate asset account for each beneficiary or a separate account just within the plan's report on paper in order to calculate the minimum based on each beneficiary's age?

If separate accounts are set up by 12/31 of the year following death, then the separate life expectancies of the beneficiaries may be used to determine their required distributions. If the accounts are not separated, the oldest beneficiary's life expectancy is used to determine the payouts. This rule does not apply to the underlying beneficiaries of a trust designated as the plan beneficiary. Rhe oldest underlying beneficiary's life expectancy is used in this case.

There is no requirement to separate the beneficiaries' shares but it might make life easier in some respects.

I understand that part of it, what I am questioning is if a separate asset account has to be established for each beneficiary.

Example - Assets are in a pooled account under the plan, gains/losses are allocated each year pro-rata. Now do I have to go and set up a separate individual asset account for each beneficiary or can I simply now add these beneficiaries as separate participants within my valuation report - A. Smith beneficiary of B. Smith, C. Smith beneficiary of B Smith and still have the plan assets in one pooled asset account?

Thank you for your help!