Plan Closure

[thepensionmaven]

We have a plan that was terminated in 2020, all money is out of the plan; broker tells us the account must stay open as dividends and interest will trickle in 2021.

Client does not want to file 5500 for 2021.  I don't see how unless maybe the plan account can be renamed to an individual account in the name of the company prior to 12/31, then the account is liquidated and the proceeds paid to TPA as a fee.

Suggestions?

[Lou S.]

Can they pay a portion of your fees with the residual dividends in January and show it as a payable on the final 2020 form 5500?

 

[thepensionmaven]

Optimally, but broker telling me the residuals may not come in until February at the latest and he has no idea what the amount will be.

[PeterN]

Any suggestions? Having same issue but for 2021