Sidney Posted June 15, 2017 Share Posted June 15, 2017 A Lead Employer no longer has participating employees and will be terminating from a multiple employer plan. The plan provides for amendments, but is silent on changing the Lead Employer (named fiduciary) to another participating employer (to be determined). Does anyone have general guidance to offer on the necessary documentation/paper trail to accomplish this? All guidance will be greatly appreciated..... I'm not finding anything on point in my research. Thank you Link to comment Share on other sites More sharing options...
austin3515 Posted June 15, 2017 Share Posted June 15, 2017 I've always done 2 things in resolutions: 1) The company assumiong sponsorship adopts a resolution confirming the change to name it as employer. 2) The Company losing sponsorship does a resolution to transfer sposnsorship over to the other entity. Without this 2nd piece, the other employer is essentially "kidnapping" the Plan. Anyway, that's been my take... Austin Powers, CPA, QPA, ERPA Link to comment Share on other sites More sharing options...
Sidney Posted June 16, 2017 Author Share Posted June 16, 2017 Austin, Thank you very much for your guidance. May I please ask a follow-up?: Because this is a MEP, will an amendment of the plan do, or is an entire restatement necessary, in your opinion. And, again, your time and information are greatly appreciated, Sidney Link to comment Share on other sites More sharing options...
austin3515 Posted June 16, 2017 Share Posted June 16, 2017 i don't know about your document but my document says any changes tot the employer information do not require an amendment. That being said, I would probably do a restatement, or at least an "amendment" to change the information to keep the paper trail clear. Probably would definitely need an SMM too. Austin Powers, CPA, QPA, ERPA Link to comment Share on other sites More sharing options...
Sidney Posted June 23, 2017 Author Share Posted June 23, 2017 Austin, Great information. Thank you much. We are going to do a restatement. With appreciation, Link to comment Share on other sites More sharing options...
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