Named Independent Fiduciary

In the current economic environment, many Plan Sponsors find themselves unable to continue operations.

They may need to file for bankruptcy protection. Handling the day-to-day operations of benefit plans, usually with little or no professional staff remaining with the firm, is difficult and overwhelming. Sometimes, the Plan Sponsor simply abandons the plan, leaving the plan participants unable to obtain distributions of their plan benefits.

We have been appointed Independent Fiduciary by district courts, bankruptcy courts and Trustees to bring the plan into compliance with current tax law, distribute the plan assets to the plan participants, and then terminate the plan.

Our services include, but are not limited to:

  • Interview all service providers to the plan and review contractual relationships.
  • Prepare procedures for liquidating assets, taking emerging liabilities and other issues into consideration.
  • Marshall the assets as may be necessary or required by court order.
  • Administration, allocation and valuation of plan assets through date of final distribution.
  • Prepare and file Form 5500 for outstanding years as required by Chief Accountant, DOL.
  • Prepare and file Form 5330 for excise taxes levied, if applicable.
  • Prepare required resolutions and participant notification to terminate the plan.
  • Direct distribution of plan assets pursuant to participants’ instructions.