KTB Posted January 5, 2012 Posted January 5, 2012 Does anyone know where I can find information on what needs to be done if the single Trustee of a 401(k) Plan dies suddenly?
Belgarath Posted January 5, 2012 Posted January 5, 2012 Every plan document I've ever seen has a section on the death or incapacity of a Trustee, appointment of a Successor Trustee, etc. - I'd start with that.
jpod Posted January 5, 2012 Posted January 5, 2012 Uh, how about having the plan sponsor appoint a new trustee (assuming there is no automatic successor as per Belgarath's suggestion, or the successor is not someone the plan sponsor likes as a trustee)?
masteff Posted January 5, 2012 Posted January 5, 2012 Wow, there's a old memory... 11 years ago, the Benefits Department manager and my mentor, who was sole trustee on 401(k) of a small joint venture, died suddenly. The JV had designated a Benefits Committee who appointed the interim department manager as trustee. Seems like it took a signed action of the Committee and then signing some papers w/ the investment firm. But it was all dictated by the plan docs, as mentioned above. Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra
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