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Saturday, April 23, 2016

TCP1 discussion

Are TCP1 plan fiduciaries violating ERISA requirements IF the plan is "openable"?

My read of ERISA requirements suggest an "openable" TCP1 pension understood to be closed, should qualify as a "material change" to the plan compelling the plan fiduciaries to communicate such changes to the participants of the plan without delay. 

"Each retirement plan is required to have a formal, written plan document that details how it operates and its requirements. As noted previously, there is also a booklet that describes the key plan rules, called the Summary Plan Description (SPD), which should be much easier to read and understand. The SPD also should include a summary of any material changes to the plan or to the information required to be in the SPD. In many cases, you can start with the SPD and then look at the plan document if you still have questions."

1 comment:

Anonymous said...

TCP1 being openable with LANS or LLNS has not been confirmed. Having said that, "approved" post transition TCP1 changes to the Prime Contract allowing TCP1 to be covertly openable would not alter the potential for ERISA violations.


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