Lou81 Posted September 5 Share Posted September 5 I have a cash balance plan that is terminating. We sent the distribution packages to the participants the beginning of August. Several the of participants have a lump sum balance less than $3,000 The owners are anxious to get there money. I know we need to do a diligent search but I can not find anything that give a time frame we need to wait before we can send to the PBGC. Is there a time frame? Thanks! Link to comment Share on other sites More sharing options...
Effen Posted September 5 Share Posted September 5 You need to give participants at least 30 days to respond (most give 60-90), you will then need to demonstrate to the PBGC that you did a diligent search, which includes a demonstration of at least one private search company (PBI, LexusNexus, Berwyn Group, etc.). Sometimes a phone call is the best way to reach people. PBGC regs are fairly clear about what you need to do. The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice. Link to comment Share on other sites More sharing options...
Lou81 Posted September 5 Author Share Posted September 5 Thanks Effen! I couldn't find a time frame that we needed to give. Link to comment Share on other sites More sharing options...
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