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Government 401k Plan


Guest PHorn

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Guest PHorn

I've just been shown a 401k - form 5500 for what I believe to be a governmental entity, i.e. established under the "municipal" tiltle of the state's statutes. The form indicated that this was a "Union 401k" and was established 1/1/2000. I'm told that this entity assumed the employees from a for-profit corporation beginning in 2000. The 5500 shows only about $6000 in assets, 11 accounts and about $4000 of income from "Others (including rollovers)". I was also told that in 2001 the entity has expanded the plan to cover non-union employees. My assumption is that my friend needs to tell the entity that they do not have a valid 401k and that corrective action must be undertaken, but I'm not certain where to tell him that the corrective action should begin. I'd appreciate any insight or questions that might help clear thing up.

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