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Quadrant 4 401(K) Terminated

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The U.S. Bankruptcy Court approved the motion of Quadrant 4 System’s wholly-owned subsidiary Stratitude to terminate its 401(k) plan and for limited and shortened notice thereof.

As previously reported, “Prior to the Petition Date, the Debtor implemented the 401(k) Plan, effective August 1, 2017. The 401(k) Plan is sponsored by the Debtor. Automatic Data Processing (‘ADP’) manages the 401(k) Plan, including any required recordkeeping services. ADP’s management fees are paid out of the funds in the 401(k) Plan….The Debtor’s only remaining active employee is its CEO, Robert Steele, who is not, and has never been, a Plan Participant. Therefore, as of the filing of this Motion, the Debtor does not have any active employees participating in the 401(k) Plan.”

In addition, “Through the Chapter 11 Case, the Debtor’s business affairs are winding down and all Plan Participants have been terminated. The Plan Administrators are Robert Steele and Aparna Radeekesh. Ms. Radeekesh is not an employee of the Debtor and therefore not a Plan Participant. Mr. Steele is also not a Plan Participant, and it is anticipated that he will leave the Debtor following confirmation of a plan of liquidation. Finally, termination of the 401(k) Plan will eliminate ongoing monthly management fees to ADP, which will continue to be charged against Plan Participant account balances until all funds have been removed from the plan.”

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The post Quadrant 4 401(K) Terminated appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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