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Showing results for tags 'Copy of Cancelled Check'.
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I'm in the process of filing Form 501, post distribution certification for standard termination, with PBGC for one of my client. PBGC instructions calls for attaching a copy of the cancelled check or bank statement with the individual's name and distribution amount when filing Form 501. Unfortunately, one of the plan participant distribution check is not cashed. I called the investment provider for his employer retirement plan where the check was sent as a direct rollover for the benefit of the participant based on his election. I have learned the said plan asset was liquidated over a two month ago. I reached out to the participant to follow-up and the participant promised to get the check cleared/cash, which didn't happen still. Is there any other options? Clock is ticking and 45 days passed since the proposed plan asset distribution date that we listed on the Form 500. Although it appears PBGC will not assess penalty as long as the Form 501 filed not more than 90 days. Highly appreciated to hear your experience of filing Form 501 and associated attachments.