; FAQ 424: Applying benefit offset for 72 RMD

FAQ 424: Applying benefit offset for 72 RMD

Problem:

What plan specification needs to be changed in order for the system to offset the accrued benefit and funding calculations by the amount entered in the employee > PROJBENF > Offset to fields?


Solution:

Enter the offset in all three offset fields in the participant's record. Also be sure to reduce the prior accrued benefit sufficiently to allow the offsets to work (the ASC system will not allow the current accrued benefit to be less than the prior accrued benefit). If the participant is beyond NRD, make sure his Normal Retirement Date is the day after the valuation date; do not change the participant's Date NRA Attained.