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a. A/B’s Account If the retirement account/fund can be withdrawn, it is an available resource. Count the value of the account if it were to be surrendered. b. Spouse/Parent’s Account (1) Do not deem/count this type of resource when owned by the financially responsible spouse or the parent(s) in PLA budgeting. See MA-2260., Financial Eligibility Regulations, II.B.2.b. (2) Count available retirement funds in the assessment process for spousal resource protection. (See MA-2231, Community Spouse Resource Protection.) c. There is a standard 10% IRS tax penalty for early withdrawal. Subtract 10% of the GROSS in addition to any other penalties if the beneficiary is under age 59 ½ and is not disabled. d. count the remainder as an available resource as of the first month for which assistance is requested, even if the account is not actually withdrawn. I. Stocks, Mutual Funds 1. Definition a. Stock is a “share” of the capital or assets of a corporation. b. A mutual fund represents stock in multiple corporations and business ventures. 2. Verify Shares Verify the number of shares of stock in a corporation, or in the mutual fund, by: a. Viewing the last monthly or quarterly statement from the brokerage firm, if available; or b. Contact with the corporate office of a publicly held corporation. c. The a/b’s statement. Copy the certificates if available. Document the certificate numbers and compare to any certificates or numbers brought in as verification in the future. NOTE: The FRR report may be used as a “lead” but is not verification of stock value. 73