Multiple Employer Involuntary Spin-Off

[Guest TBick]

Lead Plan Sponsor in a Multiple Employer Plan is terminiating the plan. Several participating employers (who just happen to be "owner only" plans) are not responding to requests to complete the associated documents to properly close out their individual plans and distribute funds as specified under the plan document.

Plan document provides for an "involuntary spin-off" in the event a participating employer does not comply with requirements.

So no problem so far.

But here's the catch. We can't find anyone to act as custodian for these spin off plans. (Would be easy if it was a rollover to an IRA)

Anyone know of a custodian that will accept the assets based on the signature of the lead plan sponsor's signature instead of the participating employer? (or other solution that seems to be escaping us currently)