Financial Services Industry
Industry: Email Alert RSS FeedUnexpected trouble on direct non-spouse rollovers.(IRA Alert)
Investment News, March, 2007
Byline: Ed Slott
Transfers to non-spouse company retirement plan beneficiaries under the Pension Protection Act of 2006 are effective for 2007 (InvestmentNews, Jan. 29), but it turns out there may be problems and challenges in obtaining the intended benefits.
Internal Revenue Service Notice 2007-7, issued Jan. 10, contains guidance for many provisions of the Pension Protection Act of 2006 and provides new and unexpected interpretations of the rules for non-spouse direct rollovers from employer plans to inherited IRAs. On Feb. 13, the IRS released a clarification of Notice 2007-7 regarding the rules for non-spouse company plan beneficiaries.
Prior to the act, a non-spouse beneficiary, including a trust, was not able to move funds out...
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