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DOL Fact Sheet: Proposed Amendments to Abandoned Plan Program (PDF)
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
[Official Guidance] Dec. 11, 2012
"The Department is proposing to expand the Abandoned Plan Program to assist bankruptcy trustees in distributing assets from bankrupt companies' individual account retirement plans. Bankruptcy trustees would be able to use the Program's streamlined plan termination and benefit distribution procedures. By extending the Program to plans of companies in chapter 7 bankruptcy, the proposal would enable bankruptcy trustees to better discharge their fiduciary obligations, distribute retirement benefits to participants more quickly and efficiently, and decrease the likelihood that participants' accounts would be reduced by excessive and unnecessary fees."
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