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RECOVERY OF MONEY


Guest alan24
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Not enough information.

What advice have you already recieved from legal counsel?

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

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These are the facts. The trustee of a profit sharing plan invested all of the plan's $ in internet stocks. The plan assets went down 75%. Now, I would like to recover some of the losses due to the fact that the trustee acted imprudently and failed to diversify the plan's assets.

Can the Trustee make me whole by putting $ back into the plan or does he have to pay me "outside" of the plan, which I assume would be taxable. Of course, my preference is that the $ be returned to the plan. Also, does the Trustee need to make all other participant's whole, or can he just make me whole?

Thnx.

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What does "whole" mean?

The first issue would be to establish that someone did something wrong. Assuming this plan is covered by ERISA, you should probably review the section in the back of your Summary Plan Description (SPD). It probably has a title something like "ERISA Rights."

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

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