Wan-Ying, Age 64, Retired from the Meadowbrook Corporation During the Current

Multiple Choice

Wan-Ying, age 64, retired from the Meadowbrook Corporation during the current year. Wan-Ying's defined contribution profit sharing plan is valued at $300,000 at her retirement date. Which of the following are correct statements?
I.Beginning on April 1 of the following tax year, Wan-Ying must receive either a lump sum distribution from her pension plan or begin to receive an annuity distribution.
II.By electing to receive a lump-sum distribution at the date of her retirement, Wan-Ying can wait 5 years before receiving the lump sum distribution.
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A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.