Flyboyjohn Posted June 16, 2016 Report Share Posted June 16, 2016 Need to find a Qualified Termination Administrator for an abandoned plan in the Norfolk, Virginia area, any recommendations appreciated. Link to comment Share on other sites More sharing options...
Peter Gulia Posted June 16, 2016 Report Share Posted June 16, 2016 If you really mean a qualified termination administrator as 29 C.F.R. 2578.1(g) defines that term, there usually is no selection because a QTA must already "hold[] assets of the plan that is considered abandoned[.]" If someone will appoint a fiduciary, limiting a selection by geography might be unnecessary; and someone elsewhere might have experience administering abandoned plans or have other capabilities that make his or her service efficient or effective for the plan's exclusive purpose. Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com Link to comment Share on other sites More sharing options...
Flyboyjohn Posted June 17, 2016 Author Report Share Posted June 17, 2016 My understanding was if the current asset custodian (Merrill Lynch in this case) was unwilling to serve as a QTA (which I'm learning is the position of many/most major investment institutions)the assets could be transferred to a different institution (has to be qualified to hold IRAs). I've learned that Penchecks may have offer QTA services but haven't confirmed yet. MoJo 1 Link to comment Share on other sites More sharing options...
Bill Presson Posted June 17, 2016 Report Share Posted June 17, 2016 This group can help: JJ McKinney, CPC, ERPA Retirement Strategies, Inc. Chief Operations Officer 229 Fury’s Ferry Road, Suite 131, Augusta, GA 30907 706.396.2263 www.rsi401k.com jmckinney@rsi401k.com William C. Presson, ERPA, QPA, QKAbill.presson@gmail.com C 205.994.4070Connect on LinkedIn Link to comment Share on other sites More sharing options...
Peter Gulia Posted June 17, 2016 Report Share Posted June 17, 2016 If Merrill Lynch is only a custodian (or directed trustee), how does it have or get authority to transfer the plan's assets? Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com Link to comment Share on other sites More sharing options...
Kevin C Posted June 20, 2016 Report Share Posted June 20, 2016 If you are the TPA trying to help close out the plan, I suggest you call your local DOL regional office and ask for their abandoned plans person. They can also assist with closing a plan outside of their abandoned plans program, without a QTA. Explain the situation and ask for help outside of the program. It may be a pain getting them to agree to help, but they can. I don't know if they have to get the national office involved, but for the one I worked on, the regional office referred me to the national abandoned plans coordinator, who at the end of our discussion, referred me back to the local regional office. Good luck. Link to comment Share on other sites More sharing options...
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