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Asset Sale


Guest moltengater

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Guest moltengater

Company A is a 401(k) plan with safe harbor non-elective contribution - plan year end 12-31-2005. The owners of company A sell the assets of the company to XYZ on 12-15-2005. XYZ wants to maintain the plan for the employees.

Who is responsible for paying the safe harbor contribution for the plan year ending 12-31-2005 - Company A owners or the new owners? Is this something that had to be determined in negotiations?

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