transferring an IRA to new custodian while 72(t) i

L1: transferring an IRA to new custodian while 72(t) iIf someone has a 72(t) going at one company and moves their IRA to another, how does that affect the 72(t) coming out of that IRA? Is the IRA owner responsible for making sure their 72(t) is set up at the new company?
Another question, is it the custodian”s responsibility to let the client know if they are breaking the 72(t) rules? For example, if they request an increase in their monthly distribution or request an additional distribution?
2008-01-25 13:48, By: jenniferprofitt, IP: [64.8.43.194]

L2: transferring an IRA to new custodian while 72(t) iIt is all right to move an entire 72t IRA to a new custodian and to a new unfunded IRA account there. While not an absolute requirement, it is best to inform them that the account is subject to a 72t plan. That way, they could conceivably warn you if you were about to make a disallowed transaction.
The custodian has no obligation to inform someone of a potential infraction, but might do so as a service, but this back stop cannot really be counted on. Most custodians no longer provide the exception coding in Box 7 of the 1099R they must issue each year, and therefore the taxpayer must claim the exception themselves by attaching Form 5329 to their return. Part of not providing the exception code is the desire of most custodians to distance themselves from the responsibility of monitoring the complex rules that accompany these plans. Basically, it is left up to the taxpayer to meet the IRS requirements.2008-01-25 20:32, By: Alan S., IP: [24.116.165.60]