thepensionmaven Posted September 10, 2018 Report Share Posted September 10, 2018 We terminated a profit sharing plan in 2016, submitted an LOI to the brokerage firm. One of the participants could not be located, and we asked the firm to have the check payable to an eligible rollover institution that handles lost participant accounts. The investment firm followed all instructions but the one that was to be payable to the firm that would open a rollover for the lost participant. They wrote the check out to the client, and the client deposited the check into his corporate checking out and had totally forgotten about it; we have told him more than once to get the check reversed, but he has done nothing. The accountant recently advised the client a final 5500 can now be filed as there is $0 in the plan. This would be nice, but does not pass my smell test. Link to comment Share on other sites More sharing options...
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