{"id":10615,"date":"2017-03-28T09:00:04","date_gmt":"2017-03-28T13:00:04","guid":{"rendered":"http:\/\/www.escapeartist.com\/?p=10615"},"modified":"2020-09-18T15:38:19","modified_gmt":"2020-09-18T20:38:19","slug":"take-defined-benefit-plan-offshore","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/take-defined-benefit-plan-offshore\/","title":{"rendered":"How to take your defined benefit plan offshore"},"content":{"rendered":"

If you\u2019re eligible to take distributions from your defined benefit plan, you can move it offshore. Eligibility is usually because you\u2019re of retirement age or because the defined benefit plan is from a previous employer. Another way to say the same thing is that <\/span>you can move any defined benefit plan offshore that\u2019s vested.<\/b><\/p>\n

Also, some defined benefit agreements include terms that allow you to close or terminate the plan. If eligible to close the plan, then you can take it offshore. <\/span><\/p>\n

With that said, the first step in determining whether you can take your defined benefit plan offshore is to ask your plan administrator. If you\u2019re creating a new plan now, be sure to write in clauses that allow you to go offshore. <\/span><\/p>\n

I should also point out that you can take a <\/span>401k account<\/span><\/a> offshore. A 401k A is a defined contribution retirement plan where the employee participates in the plan with his own contributions. <\/span><\/p>\n

The employer may match these contributions up to a certain percentage. If the employee is in a position to receive distributions from the 401k plan, such as when he leaves employment with the company sponsoring the plan, he can roll the 401k money into a traditional IRA without incurring income taxes or penalties on the rolled-over amount and then go offshore. <\/span><\/p>\n