I got an urgent phone call on Friday at 5 pm from a plan sponsor with a unique situation. They talked about terminating their 401(k) plan to their third-party administrator (TPA) and the TPA canceled access to their plan. Reminds me of when they cut the heat and lights in a hostage situation.
I already feared the TPA was embezzling money but the plan sponsor located all the assets in their brokerage account.
That being said, I instructed that the plan sponsor would benefit more by contacting the local Department of Labor (DOL) Employee Benefits Security Administration (EBSA) office for free, rather than spending money on an ERISA attorney. They are also here to help plan sponsors when it comes to protecting the benefits of employees.
