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Proposed Changes to DOL Abandoned Plan Rules Could Be Light at End of Tunnel for Employees of Bankrupt Employer
The New York Times; subscription may be required 
Dec. 16, 2012
"[E]mployees at Penn Specialty Chemicals, a small company that went bankrupt in 2008 ... were supposed to receive their 401(k) savings when the company collapsed. Instead, the bankruptcy trustee has withheld distributions, pending approval from the [IRS]. While the employees have waited, administrative fees on their accounts have piled up. During 2009 and 2010, for example, $111,463 in fees was charged against the roughly $4 million that the accounts held.... [The DOL has] proposed a rule that it says will prevent cases like this from dragging on."
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