What Happens When the Last 401k Plan Fiduciary Disappears?
Michelle Capezza was quoted in a Fiduciary News article examining how retirement plans can be properly managed and terminated when a plan sponsor goes out of business or dissolves.
Michelle says, “In the event that the plan sponsor’s business prepares to wind down or dissolves, it must consider the proper wind up of its employee benefits programs and related communications to participants and plan service providers, as well as the designation of the appropriate plan fiduciaries that can manage any plan terminations, final reporting and disclosures, and wind up processes.”
Source