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Funding issues among others


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A client (one owner and one common law employee) has a calendar year DB plan effective 1/1/02. The 2002 work was completed on a timely basis based on a letter from the client stating that he made the required contribution (also on a timely basis). As an aside, this client has outstanding fees of almost $6,000 and we have not done any 2003 work since requesting the census and assets in January, 2004. We have found out that the client did not make the 2002 contribution at all, he has not been at his medical practice (he is on extended medical leave), his house is dark and mail is piled up. All that being said, what are my options with regard to funding and/or terminating the plan or our services?? Thanks.

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You may want to give Actuarial Board for Counseling and Discipline (ABCD) a call. http://www.abcdboard.org/ They should be able to give you some advise.

The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.

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If you have any hope of recovering a portion of your outstanding fees, an alternative might be a written suspension of your services, pending payment. Resignation will probably be equivalent to giving up on collecting your receivable.

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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