orphan plan question

[k man]

sponsor company has dissolved. an attorney for the sponsor had assumed role of plan administrator but now wants to resign. we need someone to sign 5500's. the plan document allows PA to resign and says duties revert to employer. however, there is no employer. anyone know what to do? basically we need someone to sign the 5500. the plan has already been paid out.

[WDIK]

Have you looked into this program?

[k man]

i dont think we need the DOL. we need someone to sign the 5500.

[WDIK]

Sorry. I should have read the post more carefully. Why does the attorney/administrator wants to resign when all that is left to do is sign the final Form 5500?

[mbozek]

Why cant the attorney stick around to sign the doc. Otherwise check state law for authority of corporate officers to sign on behalf of employer after co is liquidated.

[rcline46]

When the DoL/IRS gets around to finding out the 5500 has not been filed, who are they going to chase? There is no one to chase! What can they possibly do in that case?

[k man]

the attorney does not want to sign because of potential liability issues. go figure. the plan has already been paid out so what kind of liability could he face for this single act?

[WDIK]

What services did the attorney provide as plan administrator? What services was the attorney paid for? How did the attorney "assume the role"?

[chris]

Assuming attorney won't sign, only alternative is to follow mbozek's advice. The corporate officers should be able to sign off in their official capacities on behalf of the employer (assuming it's a corporation) for the purposes of winding up the business, ie, filing the final 5500 of the employer's plan.

[k man]

can you wind up something that no longer exists. the corp has been dissolved for over a year.

wdik, the attorney was assuming the role of plan administrator but there is nothing that says he cant terminate the engagement unilaterally. i can see your point if he was retained for the purpose of winding up the pension plan he would be violating the terms of his engagement.

[chris]

We had a professional association that dissolved in 1987. PSP and MPPP hung around until 2001 when Nationsbank real estate issue got resolved. Plans happened to get audited in 2001 as well. NC statute allowed for authority of corporate officers to wind up the affairs of the corporation. Thus individual (former Pres.) was able to sign off on final 5500 as Pres. of XYZ INc.