david rigby Posted May 11, 1999 Posted May 11, 1999 Plan sponsor dissolved business in 1997 and decided to terminate DB plan. Standard terminaton. Now that we finally have all IRS and PBGC approvals, we are proceeding with distribution of final benefit amounts. But the custodian of the funds does not do 1099's. Neither do we (actuary). Since there is no longer a corporate entity (I think), who is repsonsible for the 1099's and IRS reporting? Stupid question, since the sponsor is responsible. (The plan is self-trusteed.) The practical question is what suggestion can I give the former owner of the company to get the tax forms done? I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Guest Bill Posted May 11, 1999 Posted May 11, 1999 The 1099's should come from the plan under it's id number, not the plan sponsor. The plan trustee is responsible for seeing that the plan withhold and do reporting.
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