does anyone know how many years a keogh can be frozen for? obviously at some point it needs to be terminated or unfrozen but is there a maximum time period we are looking at? business has been earning profits and plan has been frozen for a few years.
AndyH
Nov 12 2009, 04:27 PM
DB plan?
jack91
Nov 12 2009, 04:37 PM
QUOTE (AndyH @ Nov 12 2009, 04:27 PM)
DB plan?
defined contribution plan
AndyH
Nov 12 2009, 05:02 PM
QUOTE (jack91 @ Nov 12 2009, 04:37 PM)
QUOTE (AndyH @ Nov 12 2009, 04:27 PM)
DB plan?
defined contribution plan
Profit sharing contributions must be "substantial and recurring" but if they aren't I think you merely have a vesting issue - partial termination. So i don't know of any required timeframe to terminate or activate.
Anybody disagree?
jack91
Nov 12 2009, 05:23 PM
QUOTE (AndyH @ Nov 12 2009, 05:02 PM)
QUOTE (jack91 @ Nov 12 2009, 04:37 PM)
QUOTE (AndyH @ Nov 12 2009, 04:27 PM)
DB plan?
defined contribution plan
Profit sharing contributions must be "substantial and recurring" but if they aren't I think you merely have a vesting issue - partial termination. So i don't know of any required timeframe to terminate or activate.
Anybody disagree?
Its a money purchase plan. Participants are vested. Can it stay frozen for five or six years? Employer is probably going to terminate at that point.
ICannotDiscloseMyIdentity
Nov 12 2009, 05:26 PM
Money purchase plan - I'd say it can stay frozen indefinitely.
AndyH
Nov 12 2009, 05:38 PM
Agree.
Why are we suddently getting all these DC questions in this forum? Must be the entertaining personalities.
david rigby
Nov 12 2009, 06:16 PM
QUOTE (AndyH @ Nov 12 2009, 05:38 PM)
Why are we suddently getting all these DC questions in this forum? Must be the entertaining personalities.
It's a MP plan, so technically.....
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