The Employee Benefit Plan Audit Quality Center (EBPAQC) advisory aims to enlighten plan sponsors, administrators, or trustees on the nuances of partial plan terminations under the Employee Retirement Income Security Act of 1974 (ERISA). This guidance is crucial for those looking to navigate the complexities of their legal and fiduciary responsibilities effectively.
A partial plan termination occurs when a significant percentage of a company's employees are laid off or terminated within a specific timeframe. Understanding the implications of these terminations