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Plan Termination Pitfalls and How to Avoid Them: A Case Study
Milliman Link to more items from this source
Dec. 12, 2018

"[The] client determined that the final data file was not provided to the annuity provider and that the preliminary data file was used for the annuity purchases.... The magnitude of the calculation error would have created a large plan surplus as well as a large tax penalty if refunded back to the company as a plan sponsor at the conclusion of the plan termination. Additionally, annuities would have been purchased for participants who had already taken full distributions from the plan. This could have put the employer in the uncomfortable position of seeking a refund from the participants."

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