The Retirement Plan Management Services division of RCP Solutions recently attended the National Association of Bankruptcy Trustees (NABT) Annual Bankruptcy Conference in Amelia Island, Florida. The conference was well attended by Bankruptcy Trustees who face difficult regulatory scrutiny and risks in terminating 401k and Defined Contribution Plans for bankrupt companies.
The Department of Labor (DOL) has indicated that they are going to increase the scrutiny of Trustees by auditing all of their activities and expenses to terminate a plan of any Sponsor who has filed for Chapter 7 or Chapter 11 Bankruptcy. Bankruptcy Trustees take on the fiduciary liability formerly held by the Plan Sponsor and is responsible for the timely and accurate dissolution of the Plans assigned to them.
RCP Solutions exhibited at the conference along with our partner, Bankruptcy Management Solutions (BMS) and discussed ways in which we can assist Bankruptcy Trustees to terminate plans for them.
By being proactive and using RCP Solutions, Bankruptcy Trustees are able to reduce unwanted costs and the potential for additional and costly regulatory risks.
