sepp

L1: seppI am planning to retire and receive a lump sum rolled into an ira on feb. 1, 2003. I want to set up an sepp (amoritization)under 72t exception. My effective age will be 53.
Can I begin drawing immediately some time in Feb. by setting up six equal payments distributed every other month which total the annual distribution allowed?
In following the valuable information you have provided in your website it all seems straightforward but the cautions about penalties and PLR’s have me wondering if I am missing something. It seems that the professionals who are familiar with setting up these sepp’s have a further interest in selling securities, etc. thanks for your help.2002-10-07 15:58, By: bob, IP: [127.0.0.1]

L2: seppHello Bob:

You can create your SEPP plan based on your 2/1/03 balance and immediately begin whatever distribution stream/frequency that meets your needs.

You should document that plan & there are a number of available templates to use including one on this website.

Lastly, if you want to sleep extra-well at night, have a professional look over your plan and opin / assert that your plan is full compliance; kinda like an isurance policy.

Actually, I don’t know who you have been talking to but I have found that people who sell securities have a negative (not positive) correlation to knowing what they are doing when comes to setting up a SEPP plan.

TheBadger
wjstecker@wispertel.net
2002-10-07 16:09, By: TheBadger, IP: [127.0.0.1]

L2: seppBob, I’m in a similar situation (see my post richg) I have a 401k and a cash balance plan I plan to roll over when I leave work which could also be feb 2003 I’ll also be 53. Based on what I read with respect to the new ruling it would be better to leave this year if possible. Let me know if you find anyone to assist in setting up your sepp. I’m in the New England area. 2002-10-08 09:03, By: richg, IP: [127.0.0.1]