Plan
Termination
Plan
Termination
The process of terminating a tax-qualified plan is sometimes more complicated than the year-to-year operation of the plan itself. The IRS regularly audits terminated plans. Failure to correctly terminate a plan can result in the assessment of taxes and penalties. IAI assists with the entire process from winding-up the operation of their plan to submitting required IRS and PBGC paperwork and finally distributing the plan’s assets. And, if you are audited, IAI can represent you before the IRS. IAI’s plan termination services include:
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Preparation of amendments and resolutions (for review by legal counsel) to freeze or terminate the plan |
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Preparation of plan amendments (for review by legal counsel) necessary to bring plan into compliance prior to termination |
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Drafting §204(h) notices that inform participants of the intent to freeze or terminate a plan (for review by legal counsel) |
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Drafting Notice of Intent to Terminate (for review by legal counsel) in compliance with PBGC requirements |
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Drafting employee benefit calculation and information notices |
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Completion of IRS Form 5310 and the final Form 5500 |
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Completion of PBGC Form 500, Schedules EA-S and REP-S and required attachments |
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Calculation of final benefit amounts and preparation of distribution paperwork |
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Completion of Forms 1099-R and 945, if requested |
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Representation before IRS and PBGC auditors, if necessary |
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