Plan Termination

[austin3515]

We're terminaitn a plan. For those who do not respond despite our dilligent efforts, we are forcing them into IRA's. Do we need to amend the plan in some way to allow for this? Or is it just understood somehow... If we do need to amend, does anyone know if Corbel has come out with anything?

We're doing this even if its more than $5,000, based on the DOL's FAB from a couple/few years ago.

[12AX7]

Austin, when I'm a-terminatin' a plan, I put language into my a-terminatin' resolution that references the FAB, and what happens when particiapants do not return benefit elections for whatever reason.

[austin3515]

Do you have the goodwill to share that language soes I can include it mine as well?

[12AX7]

Standard Disclaimer: I'm not an attorney, and I suggest that you or the client check with legal counsel to determine if any of the following language is suitable for your particular situation.

RESOLVED FURTHER that in the event a participant fails to complete a Distribution Election Form or cannot be located after all reasonable search methods detailed by the Department of Labor in Field Assistance Bulletin 2004-02 have been exhausted, the Corporation may utilize distribution options suggested from the Department of Labor’s Field Assistance Bulletin 2004-02 (see Attachment A).

What I did was just flesh-out the framework for the language that I basically use. I sometimes futher detail the IRA custodian, timeframes for a participant search, or other details, but that's not too important at the moment.

Perhaps there are better ways to accomplish this. Again, please keep in mind, this is not *all* the language in the resolution I may use, but I typically build around this framework.

End of disclaimer, crazy ideas and my ignorance for the moment...

[austin3515]

The point is, say something. I think I like exactly what you have. The worst thing to say is nothing at all.

[12AX7]

Party on Garth !