[WSBAPT] Boeing 401K/Total Rewards and Trusts/Estates

[Jacob Menashe]

In the past, I believe previously Boeing’s VIP/401K required a one-time lump sum distribution when an estate or trust was named as beneficiary—even if this was not required by the IRS. I understand Boeing made a switch with their 401K. I looked at a January 2022 “Plan Summary” for what is now called “Total Rewards,” and all it says about trusts and estates is “in general” the five year rule will apply. I have not gone beyond reviewing the Plan Summary and I can and will but I figured, as this is an issue of interest to many readers of this list serve—who doesn’t have an occasional client with a Boeing 401K—I’d first throw out this topic to see if anyone has firmed up whether there is anything special with Boeing’s current plan when a trust or estate is involved, i.e., other than what is required/allowed under the Secure Act. Comments?

Thanks,

Jacob

Jacob H. Menashe
Hickman Menashe, PS
4211 Alderwood Mall Blvd., Suite 204
Lynnwood, WA 98036
(425) 744-5658 phone
(425) 744-6078 fax
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www.hickmanmenashe.com

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