Egold Posted October 1, 2020 Share Posted October 1, 2020 Trustee and president of corp., no other officiers DIED wife of trustee can't find assets other people in the plan 5500sf due 10/15 What can I do as the third party admin? Link to comment Share on other sites More sharing options...
Belgarath Posted October 1, 2020 Share Posted October 1, 2020 Question - what have you been getting for asset statements/information in prior years in order to do the administration? Typically the TPA would have this information. It's a starting point. As far as a Successor Trustee being appointed, the plan document should provide specific information on how this is handled, or it may require a court-appointed successor. You need to have the wife contact an ERISA attorney for assistance. As a TPA, chances are you can only help point her in the right direction. Also very important for her to contact the institution where the assets are held (once you tell her where that is) to have her explain the situation, and ask them what THEY need in order to change Trustees, release information, etc., etc. - and make sure she gets in in writing. The ERISA attorney should be able to assist her with this. Other things may occur depending upon specific facts and circumstances. Bird and Bill Presson 2 Link to comment Share on other sites More sharing options...
Luke Bailey Posted October 1, 2020 Share Posted October 1, 2020 It looks like the corporation has not been dissolved, so it should have authority to do everything needed. But not being able to find assets is not an authority issue, of course. Truth serum? Luke Bailey Senior Counsel Clark Hill PLC 214-651-4572 (O) | LBailey@clarkhill.com 2600 Dallas Parkway Suite 600 Frisco, TX 75034 Link to comment Share on other sites More sharing options...
Bird Posted October 2, 2020 Share Posted October 2, 2020 21 hours ago, Egold said: What can I do as the third party admin? Well, if you can't prepare the 5500 by 10/15 then you don't, and when it is done someone has to file and pay the late filing penalty. As far as not finding the assets...this goes to the heart of your relationship with the client. Did you not know where they were previously, and can('t) you help find them? We had this situation recently - without the employees and without the lost assets - and amended the plan for the wife take over as trustee. Without more context, I'd be hesitant to recommend the wife take over as trustee here, since the way you've described it no one involved knows anything. Ed Snyder Link to comment Share on other sites More sharing options...
Egold Posted October 2, 2020 Author Share Posted October 2, 2020 Thank you all for your help Link to comment Share on other sites More sharing options...
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