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Guest Bjorn

Change of Control Liquidation and Starting New Plan

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Guest Bjorn

If you terminate and completely liquidate a DCP in a manner that complies with the Section 409A plan termination/liquidation rules in connection with a change in control (i.e., all amounts must be paid out within 12 months of the Board action to terminate the plan and Board action must occur within 12 months afterthe CIC or 30 days before). After the termination and liquidation, what is to stop the employer from simply starting up a new DCP plan and giving participants mid-year deferral and payment elections under the newly eliglbe particpant rule (i.e., within 30 days of first becoming eligible for the new plan)?

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