2010-320E - Laserfiche WebLink

Home Browse Search

Florida Municipal Pension Trust Fund 457( b) Deferred Compensation Plan If at the time a Distribution begins the Participant or Beneficiary is an incompetent or incapacitated ( as described above) and the Plan Sponsor begins payments to another person under this Provision, the Plan Sponsor may continue all payments under the Distribution to the other person notwithstanding that the Participant or Beneficiary may have become competent or may have been adjudicated as competent, unless the Participant or Beneficiary files a written claim according to all of the requirements of the Plan , including furnishing a satisfactory court order that he or she is competent to manage his or her Deferred Compensation, 15 . 12 Inability to locate payee If, at a time when a Distribution is required to be paid, any Distribution cannot be paid because the payee cannot be located upon reasonable efforts [including services available from the IRS under Rev . Proc . 94-22 and services available from the Social Security Administration] , the Plan Sponsor may (but is not required to) direct each Issuer or the Agent to pay the Deferred Compensation into an interest-bearing FDIC -insured bank account opened in the payee ' s name , Taxpayer Identifying Number, and then -current address of record according to the Plan; and such deposit shall discharge the Participating Employer ' s obligation to pay Deferred Compensation . 15 . 13 Payment to Personal Representative Any payment (or delivery of property) to the duly appointed personal representative of the Participant shall , to the extent of the payment ( or delivery of property) , bar recovery by any other person or entity, including every Beneficiary , and shall , to the extent of the payment (or delivery of property) , discharge any obligation under the Plan. 15 . 14 Disclaimer by Beneficiary Any Beneficiary may renounce or disclaim all or any part of any Deferred Compensation by filing a written irrevocable disclaimer not later than 31 days before the Distribution begins or any payment is otherwise to be made and before acceptance of any Deferred Compensation . An acceptance may be express or may be inferred from actions or facts and circumstances , including (but not limited to) those actions described in the Uniform Probate Code as establishing an inference of acceptance . In addition to any requirements under State law, the disclaimer is not effective unless the disclaimer describes the Deferred Compensation renounced, expressly declares the renunciation and the extent of it, expressly states the Beneficiary ' s belief upon reasonably diligent examination that no creditor of the Beneficiary (or, if the Beneficiary is an executor or trustee or guardian or other fiduciary, of any current or reasonably anticipated beneficiary of the estate or trustee or guardianship or other fiduciary relationship or entity) would be adversely affect by the disclaimer, expressly states that the disclaimer is irrevocable , is signed by the Beneficiary , meets all requirements of IRC § 2518 such that the disclaimer would be treated as effective for federal gift and estate tax purposes , and otherwise is made in a form that is acceptable to the Plan Sponsor. Notwithstanding any State law that would permit otherwise , if the Beneficiary is a minor or an incapacitated person, any disclaimer cannot have any effect regarding the Plan until the court having jurisdiction of the minor ' s or incapacitated person ' s estate authorizes the disclaimer after finding that it is advisable and will not materially prejudice the rights of any Florida Municipal Pension Trust Fund Florida League of Cities, Inc . Page 45 oz!otizoo9