What is the name of your state?What is the name of your state? Illinois
I just noticed when the owners (in 2002) retired at age 80, the
profit sharing distribution they took was the amount in their
account January 1, 2002, this was done in September, 2002 and
the account had dropped about 20%. I think they should have
revalued the account in September....when I asked the accountant
about this, he said "that's the way the plan is set up". When I
asked their lawyer about it, he looked concerned and said he
would look into it immediately...never heard back from him. Is it
possible a plan could be set up to not do a new valuation 9
months after the last one. Thanks for your help!!
I just noticed when the owners (in 2002) retired at age 80, the
profit sharing distribution they took was the amount in their
account January 1, 2002, this was done in September, 2002 and
the account had dropped about 20%. I think they should have
revalued the account in September....when I asked the accountant
about this, he said "that's the way the plan is set up". When I
asked their lawyer about it, he looked concerned and said he
would look into it immediately...never heard back from him. Is it
possible a plan could be set up to not do a new valuation 9
months after the last one. Thanks for your help!!