kmhaab Posted September 20, 2019 Share Posted September 20, 2019 ESOP was terminated 8/1 due to an acquisition and a request for favorable determination letter was filed. Trustees (execs of plan sponsor) have been operating as the Plan Administrator based on the plan terms stating that if the Company fails to appoint a Committee as Plan Administrator the Trustees shall act as the Plan Administrator. Is there any issue with appointing other individuals to serve on a Committee as the Plan Administrator after the plan has been terminated, in order to oversee the distribution and wind up activities? That's not something that must be "frozen" on the termination date, is it? Link to comment Share on other sites More sharing options...
Mike Preston Posted September 20, 2019 Share Posted September 20, 2019 No issue whatsoever. Luke Bailey 1 Link to comment Share on other sites More sharing options...
Larry Starr Posted September 21, 2019 Share Posted September 21, 2019 4 hours ago, Mike Preston said: No issue whatsoever. Yup! Go right ahead and make the change. Luke Bailey 1 Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC President Qualified Plan Consultants, Inc. 46 Daggett Drive West Springfield, MA 01089 413-736-2066 larrystarr@qpc-inc.com Link to comment Share on other sites More sharing options...
kmhaab Posted September 23, 2019 Author Share Posted September 23, 2019 Thank you both. What about changing Trustees post-termination? Any issues there? Link to comment Share on other sites More sharing options...
Mike Preston Posted September 23, 2019 Share Posted September 23, 2019 Nope. Link to comment Share on other sites More sharing options...
kmhaab Posted September 23, 2019 Author Share Posted September 23, 2019 Even if a 5310 has been filed? I ask because the client's TPA told them a change in Trustee would delay the 5310.... Link to comment Share on other sites More sharing options...
Bird Posted September 23, 2019 Share Posted September 23, 2019 29 minutes ago, kmhaab said: Even if a 5310 has been filed? I ask because the client's TPA told them a change in Trustee would delay the 5310.... How could it be delayed if it is filed? Ed Snyder Link to comment Share on other sites More sharing options...
Larry Starr Posted September 23, 2019 Share Posted September 23, 2019 3 hours ago, kmhaab said: Even if a 5310 has been filed? I ask because the client's TPA told them a change in Trustee would delay the 5310.... Yup, even if a 5310 has been filed. And it is nonsense that changing the trustee would have any effect on IRS's processing of the 5310. Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC President Qualified Plan Consultants, Inc. 46 Daggett Drive West Springfield, MA 01089 413-736-2066 larrystarr@qpc-inc.com Link to comment Share on other sites More sharing options...
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