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Quadrant 4 401(k) Termination Sought

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Quadrant 4 Systems filed with the U.S. Bankruptcy Court a motion for entry of an order authorizing termination of the Debtor’s 401(k) plan and for limited and shortened notice thereof.

The motion explains, “The Debtor asserts that termination of the 401(k) Plan is in the best interests of the Debtor, its estate, and the Plan Participants, and is supported by the Debtor’s sound business judgment. Through the Chapter 11 Case, the Debtor’s business affairs are winding down and all Plan Participants have been, or will be, terminated. These terminations will include the Plan Administrators, Robert Steele and Aparna Radeekesh.”

In addition, “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.” The Court scheduled an April 26, 2018 hearing on the motion.

Read more Quadrant 4 bankruptcy news.

The post Quadrant 4 401(k) Termination Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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