Is your company's plan not working anymore? Terminating a plan or de-risking a plan can be complicated. We can help.
When clients need or want to end their plan, UB Greensfelder’s employee benefits team guides them through the process. We have assisted with plan terminations and understand the complex rules governing the process.
Once the decision to terminate is made, compliance with statutory and regulatory requirements is imperative. We have worked with the Pension Benefit Guaranty Corporation, the Internal Revenue Service, and the Department of Labor in connection with numerous plan terminations. We use this firsthand, practical experience to advocate for our clients.
As employers deliberate the future of defined benefit pension plans, many opt to shift away from defined benefits plans completely either by eliminating the plans immediately when feasible, or by freezing the plans first and then later terminating them. If this is a client’s goal, we help them identify the best approach to take, work through the process of moving current and past employees out of the pension plan, and off-loading as much risk and liability as possible.
