Guest Chris O'Daniel Posted September 23, 1999 Posted September 23, 1999 We have just been informed by our record keeper that a distribution check has been outstanding for 18 months! What should I do? Sure I'm going to reissue but am I liable legally to give earnings on that amount?
KIP KRAUS Posted September 24, 1999 Posted September 24, 1999 Chris Why don't you try to contact the person to whom the check was sent? I wouldn't issue another check until I attempted to talk to the that person to find what the story is. It semm obviuos that the check was not returned because it was undeliverable? So you must have a good address.
Guest Chris O'Daniel Posted September 27, 1999 Posted September 27, 1999 Thanks Kip! We have contacted the individual and reissued the check. We don't know why it wasn't delivered. My concern is from a fiduciary stand point. Am I under an obligation to review my outstandings (18 months is a long time)? Am I obligated to provide earnings for those 18 months? Does ERISA have any guidence other than being prudent?
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