ACAS claim. "whether I should mark "Identity of claimant" as "Individual" or as "IRA""
It's sort of straightforward, imo. Although... I AM NOT A QUALIFIED PERSON to answer, and even though I may sound like I know something, I have opinions only, and I am wrong many, many times, -- as people here have affirmed -g-.
The difference between "individual" and "ira" is this (imho):
#1. If you fill out the form with "individual" checked, and you do get a settlement check, you'll get a check in the mail a couple years from now. The check will be addressed to you.
#2. If you fill out the form with the other choice, which reads "IRA Keogh, or other type of individual retirement plan (indicate type of plan, mailing address, and name of current custodian)", and you do get a settlement check, the check is likely to be mailed to that mailing address (I am guessing).
Here's what I would do with ACAS bought in my IRA (and what I may do, if I ever get around to filling out all the darn buys and sells I had with ACAS over the eligible years):
First, growl... grr. #1 is simpler, quicker, easier... and wrong. Maybe illegal. But who'll ever know? Ah well, grrrrr, I'll do the right thing and check box #2.
#2: type of plan, for me: "IRA rollover, FBO Paul Senior. For you, you decide. Maybe similar "IRA rollover, for benefit of Jurgis Bekepuris"
mailing address, for me: I will use my home address
name of current custodian, XXX Brokerage Service (xxx= name of broker holding the IRA into which I would want the ACAS settlement check transferred)
What I would expect in this case, if the claims administer determined I was eligible for some monies, they will eventually (couple years from now) send a check to my home. That check would be addressed not to me, but to "Customer IRA Rollover, FBO Paul Senior". This means my local bank will not cash the check. Instead, I will drive to the brokerage firm, sign the check over to them and the monies will be placed back into the IRA rollover. That ends it. There'll be no taxes to be paid or fees or any other things to worry about. The check proceeds will just show up in the IRA account under some terminology maybe like "cash deposit" or "cash received"
I guess to save time/effort you have the option with "mailing address" to have the check sent directly to FIDO. Myself, I just would rather have the check sent to me and I turn it over to my broker after I confer with them. This all will happen - imho - in two, maybe three years from now, and if the broker (FIDO is very good) is capable and just deposits the check into the ira -- I may not notice it or even remember what it was about. Also I have several IRA's and with the check in-hand, I can tell the brokerage rep into which IRA the check should be deposited.
Good luck! |
