[Note from H.D.: I am not gloating over this finally being issued – I am more concerned about the cryptic language such as “Once the Dissolution Committee is confident that all costs of plan administration paid, the freeze will end.” So, there is some concern that they aren’t being paid? Haven’t been paid? Will not be paid in the future? Is this because of the banks having control over the money and an upcoming payment is due? I think we need more information.]
“As you know, the shareholders voted to dissolve the firm on September 26, 2008. Wind down operations continue under the Dissolution Committee with the employment of most employees ending on or before November 28. The firm’s dissolution on September 26 caused the Heller Ehrman LLP 401(k) Retirement Savings and Profit Sharing Plan to terminate.
In order to assure an orderly termination process and a fair and equitable allocation of costs associated with the plan termination, the Dissolution Committee has decided to temporarily freeze the Plan. During this temporary freeze period, you can continue to access your plan account and change investments through Vanguard. However, effective immediately, no new contributions or loans will be permitted and no withdrawals or distributions requests will be processed. If you have an outstanding loan, your loan payments will continue to be deducted from your paycheck and applied to the loan balance, while payrolls are processed. More details on loan repayments will be available shortly.
Once the Dissolution Committee is confident that all costs of plan administration paid, the freeze will end. You will then need to decide what to do with your plan savings. Additional instructions will be sent to you about your distribution options at the appropriate time.
Remember to visit the Plan’s website at: http://hewm.vanguard-education.com/ekit/
Updates regarding the Plan will be posted here where they will be easily accessible to you after you leave the firm.
If you have any questions about this notice, please contact [redacted] or Vanguard Participant Services at 800-523-1188. Additional plan information is available on the Heller Ehrman LLP intranet site.