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Found 3 results

  1. A doctor, who recently passes, adopted a 412(e)(3) Plan in 2014, funded the first year, but not the three years following, as such he froze the plan in 2018. Note: we urged him to freeze the plan, in 2016 when he didn't fund the 2015 benefits. He didn't want to, he stated he wanted to fund the plan, after three years of not funding, he finally allowed us to freeze the plan in 2018. After that he was ill and could no longer fund the plan. We were going to terminate our services if we could convince him to fund the plan, but he since passed away on May 30, 2019. The brother of the deceased owner, is trying to keep the business open and ownership transferred to his name, but he refuses to fund the plan. Has anyone dealt with a plan that is not covered by PBGC, not fully funded and the sole owner/trustee has passed? Can we force the business to fund the plan? Can we go to his estate get the plan funded? Can we just pay out the NHCEs with the funded assets? Any help would be greatly appreciated. Thank you.
  2. We have a client that sold substantially all of its assets (everything but the pension plan) in an asset sale to an unrelated buyer. Company is no longer an ongoing concern but the prior owners are trying to wrap up the pension plan and terminate it. The plan is underfunded and there were zero proceeds from the sale to fund the pension (the owners also got nothing from the sale, the sale proceeds were only sufficient to pay off bank loans). The PBGC is involved and we are trying to get direction as to whether they will take over the plan and wrap it up but they have been "examining the case" for months with not direction. In the meantime, the company continues to file Form 5500s and obtain plan audits....further eroding the plan assets and excise taxes are accruing due to funding shortfalls, etc. Any recommendations on how to terminate this plan and wrap it up?
  3. I have a Cash Balance plan (not covered by PBGC) that is terminated an currently underfunded. 1. There is an emeployee that used to be an HCE, but is no longer an HCE - can we reduce this employee's benefit (pro rata) based on account balance? 2. Do we need to have the owners sign waivers to reduce their benefit? 3. Are we allowed to just reduce all participants benefits pro-rata?
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