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DOL Proposes Expansion and Refinement of ERISA Abandoned Plan Program (PDF)
Eversheds Sutherland, via JDSupra [Guidance Overview] Dec. 14, 2012 "The program as originally adopted was purposefully unavailable to most bankruptcy trustees in Chapter 7 liquidations, whom DOL nonetheless deems to be fiduciaries when administering the debtor's ERISA plans. DOL has now reconsidered that decision and proposes to make the abandoned plan program available to a Chapter 7 trustee or its 'eligible designee,' with specific rules ... The proposal also notes that, as before, the IRS will not challenge the tax qualification of a plan terminated under the abandoned plan program or take adverse action against [Qualified Termination Administrators] including bankruptcy trustees, if three conditions are met. Generally, the IRS will not expect an EPCRS filing as a condition for abandoned plan relief." |
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