Terminating a Retirement Plan Pricing Schedule and Checklist

Depending on past Retirement Plan activity and actions required to wrap up the affairs of your Retirement Plan, additional services may be necessary to terminate the Plan.
  1. Corporate resolution, waiver of meeting notice, & notice of meeting to approve termination of the Plan.
  2. Corporate Minutes approving termination of the Plan, instructions for winding up the affairs of the plan and description of business reason(s)/necessity for terminating the plan.
  3. Preparation of notice to plan participants of the plan’s pending termination, for distribution of the notice to employees and participants, by the Plan Sponsor.
  4. Transfer/rollover of remaining retirement monies from existing Retirement Plan to a new or existing retirement account.
  5. Coordinate and assist your new service providers with the transfer of plan/participant assets and participant and contribution records.
  6. Closing/final IRS Form 5500, submitted electronically via the Department of Labor’s E-Fast system.
  7. Company and participant reports required for the final plan year (year in which all assets are removed from the plan).
  8. IRS required Amendments(s) and/or Restatement(s) to bring your plan document into compliance prior to termination (as required by the IRS).
SERVICES*
COST
 
Final Plan Administration
$1,000-$2,500/year
Termination of Third-Party Administration Services
$300
Termination of Recordkeeping Services
$500
Final Accountholder Administration
$25-$100 per participant
Early Termination-Third-Party Administration Services or Recordkeeping Services Terminated within 24 months of beginning services to the plan
$600
Company Resolution to Terminate Plan
$350
Qualified Employer Securities Redemption**$250 per redemption
Participant Notice of Plan Termination
$250
IRS Required Amendment(s)
$150-$350 per amendment
IRS Required Restatement(s)
$600-$1200 per restatement
Custodial Account Closure**
$350
Additional Notices
$300 per notice type
Missing accountholder notice
$75 per notice/participant
Assistance with locating lost participants, securing lost participant search provider, assistance with IRA Rollover Service
$75/hour
Transfer/Distribution of funds (includes IRS Form 1099)
$85/distribution
Missed/Late IRS Form 5500
$385 (min.) per outstanding
5500
Plan Correction/Submission to IRS or DOL
Request Quote
Reasonable Cause Letter
$350 per letter
IRS Form 8717 requesting a waiver of the Determination Letter fee
Request Quote
IRS Form 5310 requesting a Determination Letter
Request Quote
*Does not include IRS Determination Letter fee or other government assessed fees, penalties or taxes.
**Only for QES Plan Type.

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