Information to be requested from endangered plan

[Guest Smokin]

I represent an employer that is being pressured to join a multi-employer plan is endangered under the PPA. Because of the potential exposure, the employer is likely not to join, but wants to make an informed decision. What information about the plan besides the plan document, Form 5500's, actuarial reports, and the information referenced in ERISA 101(k) should this employer request.

[GBurns]

I have not looked at 101(k) but I would want to see:

Management and Trustee make up and tenure.

Investment policy and performance.

Assets and history.

Participation statistics.

Other employer's info.

[Bill Ecklund]

You should cerainly ask for a copy of the plan's funding improvement plan and you should find out if the plan has adopted the free look rule.

[JanetM]

Add to the list - ask for the following.

Estimate of withdrawal liability of largest employer along with stats on the % of participants and % of contributions made by that employer

List of Employers (they can mask names) who are delinquent and what is the amount due

List of those delinqent employers who are being sued for lack of payment

List of delinquent employers who are not being sued. (For SMWNPF this one is the longest of all - they don't pursue small claims due to cost, leaving those unfunded liabilies to larger employers)

You get free pass to withdraw before the end of the 5th year of participation. So if you do decide to join keep very close tabs on all the details so you can avoid being sucked into the paying someone elses liability.