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Text of Final Regs on Termination of Abandoned (Orphan) Individual Account Retirement Plans (PDF)
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
Apr. 21, 2006
36 pages. Excerpt: In some cases, plan abandonment occurs when the sponsoring employer ceases to exist by virtue of a bankruptcy proceeding. In other cases, abandonment occurs because the plan sponsor has been incarcerated, died, or fled the country. Whatever the causes of abandonment, participants in these so-called 'orphan plan' or 'abandoned plan' situations are effectively denied access to their benefits and are otherwise unable to exercise their rights guaranteed under ERISA.
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