Appoint Plan Admin committee members after plan termination?

[kmhaab]

ESOP was terminated 8/1 due to an acquisition and a request for favorable determination letter was filed.  Trustees (execs of plan sponsor) have been operating as the Plan Administrator based on the plan terms stating that if the Company fails to appoint a Committee as Plan Administrator the Trustees shall act as the Plan Administrator. 

Is there any issue with appointing other individuals to serve on a Committee as the Plan Administrator after the plan has been terminated, in order to oversee the distribution and wind up activities?  That's not something that must be "frozen" on the termination date, is it?

 

[Mike Preston]

No issue whatsoever.

[Larry Starr]

4 hours ago, Mike Preston said:

No issue whatsoever.

Yup! Go right ahead and make the change.

[kmhaab]

Thank you both.  What about changing Trustees post-termination? Any issues there?

 

[Mike Preston]

Nope. 

[kmhaab]

Even if a 5310 has been filed? I ask because the client's TPA told them a change in Trustee would delay the 5310....

[Bird]

29 minutes ago, kmhaab said:

Even if a 5310 has been filed? I ask because the client's TPA told them a change in Trustee would delay the 5310....

How could it be delayed if it is filed?

[Larry Starr]

3 hours ago, kmhaab said:

Even if a 5310 has been filed? I ask because the client's TPA told them a change in Trustee would delay the 5310....

Yup, even if a 5310 has been filed. And it is nonsense that changing the trustee would have any effect on IRS's processing of the 5310.