Leaderboard

In five days I will be eligible to withdraw money from my 401(k) without incurring an early distribution penalty. Where does the time go? Be on the lookout for a 36-year-old red-headed man who started BenefitsLink. Individual was last seen 23 years ago. May have dyed hair and beard gray since last sighting.

If he is paying self-employment tax on the Board fees (and most likely he must), he can shelter those fees through a qualified plan, 401k or otherwise.

A new demographic category.

I feel old. I hit that milepost last year.... Two things about getting older: 1) It beats the alternative; and 2) (as my mother used to say) - "it ain't for sissies."

I think this requires fiduciary judgment. If you a find a participant or a participant finds you, at a minimum give that participant the notices that are currently relevant. I don't see a need to send the participant a 20-year old SAR, and I can't imagine the DOL or a court would ding you for that - assuming the plan acted in accordance with ERISA's fiduciary duties all those years. Of course, written requests would be a different matter. If you want to dot all your i's and cross all your t's and mitigate all risk, give the participant everything.