Guest mcw Posted February 27, 2004 Posted February 27, 2004 I have a client with a lot of non-qualifying assets in his profit sharing plan. He is having problems getting a bond to avoid the audit requirement. His share of the plan is over 70%. He is also the trustee. He wants to waive any fiduciary liability for his share of the assets to reduce the bonding requirement. I told him that he cannot do this. However, he wants me to look to make sure. I have and found what I expected - nothing. Has anyone ever heard of this? Can it be done?
Mike Preston Posted February 27, 2004 Posted February 27, 2004 Never heard of it. Doubt very seriously it can be done.
WDIK Posted February 27, 2004 Posted February 27, 2004 Just out of curiosity, why is the client having problems getting the bond? ...but then again, What Do I Know?
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