Partnership Profit Sharing Plan

Not clear, I know you can't have a plan w/o a sponsor, but does this also apply to partnership plan?  Isn't sponsoring a retirement plan an organizational operation even if partnership dissolves?

Partnership filed final return in  2019, plan till has money that has not as yet been allocated , all other funds have been rolled over, Investment broker has not provided any physical account statements, client does not seem to be on top of this

Investment broker moved companies, has not cared enough to check whether any accounts are still with the old firm.

Filing Form 5500 underDFVC in the meantime; keeping fingers crossed no DOL letters.

Is there some sort of penalty for not distriubting assets upon plan termination?  Should the termination resolution be rescinded?

If the business that established the retirement plan no longer does business, is a remaining participant severed from employment?

If so, is such a participant entitled to a distribution (even if the plan is not ended)?

Has a remaining participant submitted to the plan’s administrator a claim for a retirement distribution?

They have all severed from employment. Some work now or a PC established by one of the partners; other s work for a law firm the other partner joined a partner  - this employer does not have a retirement program.

It sounds as if the plan fiduciaries no longer want to be bothered with fulfilling their responsibilities.  The plan exists, needs to operate in full compliance with all operational, reporting and disclosure requirements until the plan distributes all assets to participants and is properly terminated.

I suggest pointing this out to the former partners who as partners shared plan sponsor responsibilities and also pointing this out to any other party that acts or acted as the Plan Administrator. Also consider informing the company for which the investment brokers worked.

If a participant has not yet filed a claim, having a participant file a claim will start the clock for requiring the plan to respond.  If the plan fiduciaries don't get their act together, then consider getting the DOL involved by having a participant bring the issue to their attention.  The DOL likely will follow up with each these individuals to explain what needs to be done and what happens if no one steps up.  The DOL may deem this an abandoned plan and bring in an administrator to wrap things up.  Some plan documents allow a trustee or a plan participant who is elected by the other plan participants to represent the plan through the close out.

Don't make this your problem.  If the DOL does not get actively involved, then the remaining participants should consider engaging legal counsel to lead them through the process of retrieving their benefits.

Pail I, thanks for the quick response.

I mentioned, to the other trustee who apparently did not know, as well as the accountant.  I contacted one of the participants who works for one of the trustees in same law firm (not my job)- she did not even know she had money coming.

As far as I'm concerned, the broker is making money and should be chasing down the participants.

I'm concerned about the plan w/o a sponsor, but from what I've researched, they're OK; and about a potential DOL audit before the late 5500's are filed.

Of course, it's always the TPAs fault, right?