waid10 Posted July 11, 2022 Share Posted July 11, 2022 Hi. Our prior retirement plan provider (VALIC) sent us two small checks (one for $1 and another for $17) stating that they charged the wrong interest rate on escrow amounts held under the contracts which were securing outstanding loan amounts under the plan. Thus, they are refunding for the participants that were affected. Does anyone have guidance on what to do with these checks? There is no indication about who these relate to. Link to comment Share on other sites More sharing options...
Peter Gulia Posted July 11, 2022 Share Posted July 11, 2022 Do people concur that: Considering the $1 and $17 amounts described (or the sum of them), a prudent fiduciary might put no effort on trying to allocate an amount to an individual? A prudent fiduciary may apply the $18 toward meeting the plan’s expenses? Luke Bailey 1 Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com Link to comment Share on other sites More sharing options...
Bird Posted July 11, 2022 Share Posted July 11, 2022 2 hours ago, Peter Gulia said: Do people concur that: Considering the $1 and $17 amounts described (or the sum of them), a prudent fiduciary might put no effort on trying to allocate an amount to an individual? A prudent fiduciary may apply the $18 toward meeting the plan’s expenses? Yes. This is a case of doing whatever is easiest. Throwing them in the trash would be ok except that whatever computer spit them out will do it again. Luke Bailey 1 Ed Snyder Link to comment Share on other sites More sharing options...
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