JKW Posted November 17, 2014 Posted November 17, 2014 We have a plan that is closing down and there is a deceased participant with $250.00. We have tried to locate his listed beneficiary with no luck. Any thoughts on how to handle this?
Lou S. Posted November 17, 2014 Posted November 17, 2014 Forfeiture if allowed in Plan Documents which it probably is. Restore the $250 in unlikely event that beneficiary shows up at later time.
ESOP Guy Posted November 17, 2014 Posted November 17, 2014 And hope the plan allows the plan to use forfeitures to pay expenses instead of having to reallocate the funds. Lou S. 1
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