Plan terminations, though they sound straightforward, often are quite the opposite; it’s not as simple as merely ceasing funding and distributing the plan assets. With a company merger, bankruptcy or executive direction causing an end to a plan, sponsors face a myriad of regulations, laws and guidelines when terminating.
FuturePlan has a dedicated team of actuaries and ERISA experts and attorneys who will create a timeline of steps and manage communication between all parties during a termination. This careful coordination protects sponsors from the downsides of potential missteps during the process and ensures a seamless transition for all parties. We put participants front and center, ensuring their investments are well protected, while reducing workload for sponsors.
Our services include
- Formal election and establishing a termination date
- Notifying service providers
- Updating plan documents
- Implementing the 100% vesting requirement
- Addressing remaining forfeitures
- Completing final nondiscrimination testing
- Notifying participants
- Distributing plan assets