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I have a defined benefit pension plan which was established

Customer Question
when the business was active...
I have a defined benefit pension plan which was established when the business was active. It no longer is but the plan has participants who are eligible for benefits. Is there personal liability on my part to ensure participants receive full benefits?
Submitted: 1 year ago.Category: Employment Law
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6/24/2016
Employment Lawyer: KJL LAW, Lawyer replied 1 year ago
KJL LAW
KJL LAW, Lawyer
Category: Employment Law
Satisfied Customers: 1,695
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Good afternoon. What state are you located and specifically what type of plan was established. What happened to the business.
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Customer reply replied 1 year ago
AZ. Business was sold. Defined Benefit Pension Plan. Non-contributory. My question relates to the benefits owed to one former employee and if there are insufficient funds in the plan to pay his benefits in full. In that case, do I as the plan trustee and former owner of the business have any personal liability for these benefits?
Customer reply replied 1 year ago
Plan is currently frozen.
Employment Lawyer: KJL LAW, Lawyer replied 1 year ago
Courts have held that unpaid employer contributions, not employee contributions, are not plan assets unless an agreement exists between the employer and the plan that indicates otherwise.The point at which employer contributions into a plan become plan assets under ERISA had not been fully addressed by the U.S. Courts.There also were no rulings from the US Supreme Court that determined the circumstances that make an employer's contribution an asset, thereby creating personal liability to the owners or Trustees.The only personal liability to you would be for any monies paid by the employees directly.I hope this helps.
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