Guest Mike Schwing Posted November 12, 2002 Posted November 12, 2002 I have a company that wishes to list the company name under the trustee section of the prototype plan. Can this be done? Must they name an individual person as trustee?
Archimage Posted November 12, 2002 Posted November 12, 2002 It depends on the company's state law. Some states only allow certain entities to serve as trustees, such as banks.
Guest greggi39 Posted November 13, 2002 Posted November 13, 2002 ERISA does not require a particular entity to act as trustee(ie. an individual) it may be a bank, individual, organization or trust company. the trustee must be named and acknowledge in writing they are. why wouldn't erisa pre-empt state laws regarding trustees?
Archimage Posted November 13, 2002 Posted November 13, 2002 You are correct in saying that ERISA does not say this. However, since this is left open, state law may have certain requirements as to who may serve as trustee.
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