RMDs in Defined Benefit Plan funded with metals | Ed Slott and Company, LLC

RMDs in Defined Benefit Plan funded with metals

Hi,
I am a retired advisor since 2014. My CPA set up a Defined Benefit Plan for me which I funded with metals. I had purchased the metals from a metals company as a qualified plan and they had them stored with Loomis. I moved them last year from Loomis to a safety deposit box and it is titled under the Defined Benefit Plan. I just turned 70 in March and will have to do RMDs. I was told a 5500 is not required as the value is under $250,000. At this point, I am needing help. My CPA sold the practice to a CPA/financial advisor who is clueless. The advice I was given was that I may have put myself in a situation where moving the gold was considered a distribution (even though it is set up as a Defined Benefit Plan at the bank). I have searched the internet and this site as well and can't find out what I am required to do or if I made a mistake by moving the metals and if so, what do I do. The only information I have found is that I determine the market value of the metals as of Dec 31 of 2018 and pay RMDs based upon my age. This is confounding me. I retired to Ecuador and unfortunately have no one to give me advice here. I would be so grateful for advice or, at least, to be pointed in the right direction.
Thank you in advance. While I live in Ecuador, I have a local Tucson VOIP phone, 520-907-9777
Thank you.
Susan Moore Vault

 

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