This is probably easily answered.
Is there an additional restriction below a 50% lumpsum option when the lumpsum amount exceed the PBGC Guarantee amount?
For an individual age 55 is this $349,238?
If the Notice provided to participants only tells of the 50% restriction, is the Notice in sufficient?
What should we do now? Send additional Notices? Will we be fined?
I am sorry I should have said the Plan is at 75% funding.
Full Version: UNDER FUNDED PBGC Lumpsum Restriction
If the AFTAP is between 60% and 80%, then one restriction applies. Notice required.
If the AFTAP later changes and is less than 60%, then another restriction applies. Notice required.
"For an individual age 55 is this $349,238?"
Please detail where you got (or derived) this amount.
If the AFTAP later changes and is less than 60%, then another restriction applies. Notice required.
"For an individual age 55 is this $349,238?"
Please detail where you got (or derived) this amount.
QUOTE (david rigby @ Aug 24 2009, 10:55 AM) 
If the AFTAP is between 60% and 80%, then one restriction applies. Notice required.
If the AFTAP later changes and is less than 60%, then another restriction applies. Notice required.
"For an individual age 55 is this $349,238?"
Please detail where you got (or derived) this amount.
If the AFTAP later changes and is less than 60%, then another restriction applies. Notice required.
"For an individual age 55 is this $349,238?"
Please detail where you got (or derived) this amount.
I got this number from http://www.pbgc.gov/practitioners/miscella...ables/pvmg.html
Present Value of PBGC Maximum GuaranteePresent Value of the Maximum PBGC Guaranteed Benefit under IRC Section 436(d)(3)(A)(ii) and ERISA Section 206(g)(3)(C)(i)(II)
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