401K and Profit Sharing Accounts

janetc

I've just been informed by our plan administrator that before any new 401k and/or Profit Sharing accounts can be opened, I have to obtain a "certificate of good standing" from the Secretary of State. This is part of the Patriot Act . . . any one have experience with this?

Thank You!

lnelson

I have not heard of that but you do do need to get a favorable ruling for the 401k & profit sharing.

Lisa

mwild31

Here's a link that may be helpful:

[url]http://compnet.comp.state.md.us/gad/ginfo/goods.asp[/url]

JCInfo

Thank you so much for your information. I appreciate your help.