What's needed to document a change in plan trustee?

[betheeg]

what is required for documenting a change in plan trustee? just a corp reso or do i also need a plan amendment?

[Guest Eric@McHenry]

At a minimum, a resignation of the prior Trustee and acceptance of the successor Trustee are required. If your Plan & Trust docs name a specific Trustee (i.e., "a Corporate Trustee chartered in the state of __________" or "Frank's Bank & Trust"), you should get an expert to look at it.

[Mike Preston]

Resignation is not necessarily required. Instead, a Trustee can be removed. Look to the terms of the Trust agreement to tell you what needs to be accomplished and what the notification and waiting periods are.

[Guest yukon]

Agree with Mike. We've had to do this many times with our roll-up company clients. Often times the trustee(s) of the acquired company plan would refuse to sign anything plan-related...since the company sale had already closed. They considered themselves "out of the picture" at that point.

Our legal dept actually combined the "Removal" and "Acceptance" into one document for several of these instances. But you should definitely check your Trust Agreement for detailed instructions.