chris Posted March 30, 2001 Posted March 30, 2001 Employer was in the midst of doing an interim valuation of plan assets of a PSP and a MPPP. Participant requested distribution of his account balance 2/28/01. Broker moved the funds based on the anniversary date (9/30/00) balance of participant's account. Interim valuation recently completed and participant presumably would have received less. Does plan have a responsibility to look to participant for the difference?
Alf Posted March 30, 2001 Posted March 30, 2001 I have always thought of it as a fiduciary issue. I think that the plan fiduciaries have a responsibility to go after the distributee to recover the excess distribution, even if that means a lawsuit (for large amounts).
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