Jump to content

Covid distribution processed without trustee authorization


Recommended Posts

Did the trustee not want it processed?  Does the "TPA" also hold the plan assets?  If not, how did the money get paid out by the recordkeeper/custodian?  Is the TPA an authorized signer on the account?  If so presumably the trustee approved this?  If not, it shouldn't have been processed by the RK.  Why did that happen?  Too many unknowns to opine.   Assuming TPA isn't engaged to do this, they need to tighten up procedures to prevent it from happening again and TPA should not allow itself to be an authorized signer on the account.     

  • Like 2

I carry stuff uphill for others who get all the glory.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...