The administration or termination of an employee stock ownership plan, 401(k) plan or other tax-qualified retirement plan during a bankruptcy case by the debtor/plan sponsor presents a number of administrative, regulatory and jurisdictional issues. The bankruptcy trustee must comply with regulatory and fiduciary requirements in connection with such retirement plans. This article presents a brief overview of the laws governing the administration and termination of retirement plans in bankruptcy cases under the Internal Revenue Code, Employee Retirement Income Security Act of 1974 (ERISA) and the Bankruptcy Code; jurisdictional issues; and best practices in this area in light of developing Department of Labor (DOL) positions in this context.
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