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Orphan Plans
Presentor: David Schultz Recorded Date: 6/26/2015 Duration: 100 Min.

Description
This program was recorded during a twp-part live presentation given on June 26, 2015 at 12:00PM EST.
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It is estimated that annually thousands of retirement plans become "orphans" when their sponsoring parent dissolves, disappears, or is otherwise suddenly unable to continue to maintain the plan. Often, the plan assets held by an independent trustee who has no authority to act to terminate and distribute the benefits. These situations are rife with concerns about potential problems under the Internal Revenue Code and ERISA as well as excessive delays in paying benefits.

The DOL and IRS have developed guidance to facilitate the termination of, and distribution of benefits from, orphaned retirement plans. These programs provide for efficient plan termination and distribution, streamlined reporting, and fiduciary safe harbors. They address several of the concerns from the proposed regulations. There is even a distribution safe harbor any terminating defined contribution plan can use.

Topics include:

  • Qualified Termination Administrators
  • Relief under EPCRS
  • Deemed Terminations
  • Required Notices
  • Reduced 5500 Requirements
  • Liability Protection
  • Distribution Safe Harbor
  • Comparison with Automatic Rollover
  • Prohibited Transaction Exemption
  • Effect on Standard Termination
Prerequisites:

There are no prerequisites or other advanced preparation for this program.

Level: Intermediate

Instructional Delivery Method
Group – Internet-Based

Speaker: David Schultz, J.D.

Objectives: After attending this Web seminar, an attendee should be able to:

  • Identify an orphaned retirement plan
  • Determine the available DOL and IRS programs available to assist with orphan plan termination
  • Mitigate the risks to service providers working with orphaned plans
  • Identify when the use of a Qualified Termination Administrator is appropriate
  • Develop appropriate processes to protect participant benefits and to terminate orphaned plans

 

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