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 Apr 18 2008, 02:30 PM
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#1
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Registered User Group: Sitewide Moderator Posts: 650 Joined: 9-March 00 Member No.: 3,788  |
is anyone aware of whether this requirement can be waived in the event of the insolvency of the plan sponsor?
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Apr 18 2008, 03:12 PM
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#2
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Registered User Group: Sitewide Moderator Posts: 1,254 Joined: 24-February 00 Member No.: 3,694 |
Plan can pay the expense since it is part of the Form 5500 requirement.
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Apr 22 2008, 11:21 AM
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#3
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Registered User Group: Sitewide Moderator Posts: 650 Joined: 9-March 00 Member No.: 3,788 |
they dont want to have it done at all since there is no company left due to the insolvency.
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Apr 22 2008, 11:51 AM
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#4
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Registered User Group: Sitewide Moderator Posts: 1,254 Joined: 24-February 00 Member No.: 3,694 |
They can always write to the DOL and ask for a waiver. In a case like this the DOL might even want to do an investigation!
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Apr 22 2008, 03:42 PM
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#5
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Registered User Group: Sitewide Moderator Posts: 650 Joined: 9-March 00 Member No.: 3,788 |
QUOTE (rcline46 @ Apr 22 2008, 11:51 AM)  They can always write to the DOL and ask for a waiver. In a case like this the DOL might even want to do an investigation! why would they want an investigation? maybe thats your attempt at humor. if it is don't give up your day job. |
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Apr 22 2008, 04:21 PM
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#6
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Registered User Group: Sitewide Moderator Posts: 1,254 Joined: 24-February 00 Member No.: 3,694 |
Not an attempt at humor. If the DOL finds an existing plan with an insolvent sponsor, they will frequently initiate an investigation to make sure the assets and participants have not been adversely affected by the insolvency.
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Apr 22 2008, 05:20 PM
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#7
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Registered User Group: Registered Posts: 893 Joined: 17-May 05 Member No.: 14,641 |
QUOTE (rcline46 @ Apr 18 2008, 03:12 PM) Plan can pay the expense since it is part of the Form 5500 requirement. k man, the point in this post was valid... if the company itself doesn't have the money to pay for the audit, then the fee can be allocated amongst the plan participants' accounts (assuming its a DC plan, or DB can go directly against plan assets). However review your plan document before doing this to see how it says expenses will be paid; depending on what it says, an amendment might be in order. -------------------- "He attacked everything in life with a mix of extraordinary genius and naive incompetence, and it was often difficult to tell which was which." - Douglas Adams (last updated: 10/12/09)
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