Belgarath Posted July 9, 2014 Share Posted July 9, 2014 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... Link to comment Share on other sites More sharing options...
Bird Posted July 9, 2014 Share Posted July 9, 2014 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 Link to comment Share on other sites More sharing options...
shERPA Posted July 9, 2014 Share Posted July 9, 2014 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. K2retire 1 I carry stuff uphill for others who get all the glory. Link to comment Share on other sites More sharing options...
Lou S. Posted July 9, 2014 Share Posted July 9, 2014 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. Link to comment Share on other sites More sharing options...
QDROphile Posted July 9, 2014 Share Posted July 9, 2014 As suggested by shERPA, a compentent dissolution will identify persons with wind-up authority for any coporate matter that needs attention after dissolution. Link to comment Share on other sites More sharing options...
Belgarath Posted July 10, 2014 Author Share Posted July 10, 2014 Thanks all. Good advice. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now