Poll

[jpod]

For DB plan terminations subject to PBGC requirements, other than for "small" plans (let's say more than 25 or more participants), what is your experience on the division of responsibilities?

1.  No ERISA attorney involvement; plan actuary prepares all filings, notices, any necessary plan amendments, and represents plan sponsor/plan administrator before PBGC and, if applicable, IRS.

2.  Plan actuary does everything, subject to ERISA attorney review.

3.  ERISA attorney does everything except calculations and certifications required by the actuary.

4.  Other?  

 

[CuseFan]

1 - almost always

2 - sometimes, if sponsor has an ERISA attorney routinely engaged (usually larger plans)

3 - rarely, at least up to mid-market

[NJ Mike]

1 - About 95% of the time

2 - About 5% of the time

Mike

[david rigby]

Agree with prior responses.  I've never encountered alternative number 3.

 

[AndyH]

I've worked in small, medium, and large plan firms/markets, but each firm has had one or more ERISA attorneys on staff.  So by actuary does all the work, do you mean the firm?   Assuming yes, in the small firm and market, 85% #1 and 15% #2.  In the medium and large, I'd say 60%#1, 35% #2 and 5% #3.  In the large market, my experience is 20% #1, 75% #2 and 5% #3

[Effen]

1- 2.5%

2- 95% - we ask the attorney to prepare any plan amendments, but we typically prepare all of the notices

3 - 2.5%

[RatherBeGolfing]

1 - 95%

2 - 5%