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Can? The plan sponsor may wish to consider the expense of amending vs. a phone call to "remind" the participant whose court the ball is in.

Your firm should buy Derrin Watson’s Who’s the Employer? The first time you use it will save you from incorrect advice or missed opportunities, either of which can be malpractice. Each next time, you’ll work more efficiently so you and the partners won’t waste unbillable time.

Another consequence might be an unavailability of a professional—lawyer, accountant, actuary, enrolled retirement plan agent, third-party administrator, or otherwise. Some professionals might accept such a client if one is paid her advance retainer in an amount one estimates as enough to cover more time than one expects to work, after carefully considering the extra difficulties of working for a troublesome client. With the advance retainer periodically replenished, to avoid a risk of nonpayment for the next bit of work. Others might be unavailable no matter how big a fee one might earn.

Potential plan disqualification.

operational failure in accordance with plan doc terms, potential failure of ADP/ACP, potential failure of TH test, and I hope a need to find another TPA

oooh, I'll start with the easy one: Failure to follow the plan's written terms. Hopefully that triggers the "we don't have to be your TPA anymore" clause in the service agreement!

That an employer’s obligation to contribute to a multiemployer pension plan ends in circumstances not of the employer’s choosing is not by itself an excuse from withdrawal liability. Your client needs to lawyer-up, yesterday.

Allowed, yes. Advisable I'll leave that to others. As to where and how it is stored, it could be a Prohibited Transaction if not stored and held by a non-party in interest. Since gold bullion is not a "qualified asset" you may have higher bonding requirements and would not be able to file a Form 5500-SF.