Guest Midas Posted June 2, 2005 Posted June 2, 2005 Has anyone used a QTA to handle an orphaned plan? Based on the DOL's proposed regulations, a QTA could designate a plan as abandoned and wind up the affairs of the plan. I am just curious if anyone has used these guidelines and if you could share what vendors out there offer this QTA service.
Ron Snyder Posted June 3, 2005 Posted June 3, 2005 Sounds like a great business for you to get into. I'll refer you all of my orphaned terminations.
Guest Happy Actuary Posted June 4, 2005 Posted June 4, 2005 I've done a number of them, although not under the newly-proposed QTA rules. Many of the guidelines in the proposed reg mimic current practices. One problem is the definition of QTA in the proposed regs. It's not wide enough to include non-financial advisors. (like me)
Kirk Maldonado Posted June 5, 2005 Posted June 5, 2005 A friend of mine has a practice that specializes in orphan plans. I seem to recall that he says that it comprises about 80% of his practice. He was an ERISA attorney in private practice for many years, but has switched over to acting as an independent fiduciary and taking over orphan plans (acting as the fiduciary of the plan and handling all of the recordkeeping functions). I've known him for between 15 and 20 years and recommend him highly. In fact, one of my clients hired him this week. Just in case anybody is wondering, I don't get any kickbacks from him. Also, I'm not doing this to return a favor, because he has never sent me any business. I'm recommending him solely because I know him and respect the quality of his work. Here is his contact information: Nick Saakvitne (310) 451-3225 saaklaw@aol.com www.ERISAFiduciary.com NICHOLAS L. SAAKVITNE, A LAW CORPORATION 4712 Admiralty Way, PMB #601 Marina Del Rey, California 90292 Kirk Maldonado
AndyH Posted June 8, 2005 Posted June 8, 2005 Let's all email him and tell him to send Kirk some business! Especially anyone nominated for the Benefits Link user name Hall of Fame! Imagine receiving a string of emails starting with Blinky, jusducki, anonymous coward, Death and Taxes, QDROphile, quinn, quint, Disco Stu, Max Power et al.
Blinky the 3-eyed Fish Posted June 8, 2005 Posted June 8, 2005 I don't think Quint the Shark Hunter should be nominated. He is a putz and is now half the man he once was. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
david rigby Posted June 8, 2005 Posted June 8, 2005 That must really hurt, coming from a fish. 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.
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