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Corporation dissolved - who adopts restated plan or amendments?


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If the plan sponsor corporation dissolved, but the plan still needs to be restated, and terminated, who typically signs the documents in such a situation? The Plan Administrator/Trustee, under the general authority to administer the plan, etc., etc., or do you have to get into the DOL's "abandoned plans" guidance - which I haven't looked at yet.

Not a real life situation (at least not yet) but there are a couple where this might yet come into play...

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I would have the owner of the company sign everything, even if the company no longer exists, on the premise that it's a trailing function (I just made that up...meaning an obligation that needed to be done at the time of dissolution). Unless there is an "issue", no one should question it.

Ed Snyder

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I would imagine that in the final resolutions by the board of directors, certain persons were authorized by the board to take all actions necessary to wind up the affairs of the corporation. I'd look to the final meeting minutes, and then have the person or persons so authorized by the board sign the plan documents.

If it is not a real life situation yet, before it becomes one advise the sponsor to have the board specifically appoint someone to act on its behalf to wind up the plan and put this in the minutes.

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I carry stuff uphill for others who get all the glory.

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I would have the owner of the company sign everything, even if the company no longer exists, on the premise that it's a trailing function (I just made that up...meaning an obligation that needed to be done at the time of dissolution). Unless there is an "issue", no one should question it.

We've done this on some cases.

In the case of bankrupcy, there is usually a bankruptcy trustee who can sign, though the retirment plan is not allways the top priority when a company goes belly up.

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