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401(k) Plan Is Irreparable, Owner Wants to Bail
BenefitsLink Message BoardsLink to more items from this source
Sept. 28, 2021

"401(k) plan is in awful shape, so owner, whose business is in just as bad shape, has asked to terminate it. As far as I can tell he is simply not going to resolve everything and just wants to give the participants whatever balance they can. He also has no intent of paying fees related to VCP and VFCP corrections. So I've basically been asked for help so that participants can get balances paid out. I know the typical response is run, run for your life-- but I've never believed that is truly a solution, nor does that benefit the non-owner participants. Curious as to any thoughts about this."

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