Nova 401(k) Associates
Compensation Strategies Group, Ltd.
Nicholas Pension Consultants
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
|401(k) Plan Is Irreparable, Owner Wants to Bail|
BenefitsLink Message Boards
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."
|Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the link above).|
|An important word about authorship: BenefitsLink® is providing a hypertext link to the item shown above, but is not the author of the item (unless otherwise specified).|