Matthew J. Borror         

Chapter 7 Trustee Services

• Accept appointment as ERISA special counsel to help Trustee fulfill obligations described in BCS 704(a)(11).

• Trustee may be eligible to receive commissions under BCS 326(a) for amounts distributed from retirement plan.
  
  
• Oversee termination of retirement plan and liquidation of trust.

• Maintain compliance with ERISA, IRC and DOL guidlines.  

• Majority of fees paid with plan assets rather than estate assets.

 Broker-Dealer/Investment Advisor Services

• Draft service agreements that comply with ERISA 408(b)(2).  Investment professionals are sometimes unaware that their service agreements to retirement plans must comply with this ERISA section.  One consequence of failure to comply is that the Department of Labor may deem payments to the investment professional to be prohibited transactions.  A more common one is that competing service providers will alert the client to the compliance failure.

• Develop fiduciary management systems that describe with particularity the obligations of the plan sponsors and service providers.  The plan sponsor then better understands its fiduciary obligations and also the services provided by the investment professional. This generally results in lower fiduciary liability exposure for all, a better benefit for the plan participants and higher client retention for the investment professional. 
  

  



ESOP Legal, Consulting and Administrative Services

• Draft original plan documents or restate existing ones.

• Draft transaction documents.

• Provide plan administration services.

• Draft or approve QDROs

EPCRS Consulting (e.g., VCP Application Submission)

• Employers can receive IRS approval for compliance failure corrections.

• Many significant operational failures can be self corrected.

• Other failures (e.g., participant loan errors, non-amender or hardship distribution failures, etc.) require corresponding with the IRS and paying a small fee.

  Non-Qualified Plan Drafting and Design  

• Provide plan-design, suitability and drafting services to plan sponsors who seek to implement or modify a non-qualified plan. Plan types include: top-hat, SERP, ISO, SARs, 457(f).