taxllm Posted March 8, 2016 Share Posted March 8, 2016 Employer merged a 401a plan into a 403b plan at the end of October. During March next year, employer removed the 401a assets from the 403b plan and merged the 401a assets into another 401a plan (this was part of an acquisition). There were no plan amendments/resolutions drafted. The TPA who helped them thought that they were working with two 403b plans. If the 401a plan merged into the 401a plan last year, as intended, we would have had a late amendment that could be corrected under VCP by adopting a retroactive amendment to memorialize the merger. Because the assets are merged during the current year, there is no late amendment issue for the 401a merger. There is an error but not sure how to correct. Any suggestions? Link to comment Share on other sites More sharing options...
PensionPro Posted March 8, 2016 Share Posted March 8, 2016 Even though the IRS views a merger as an amendment to the plan, is a plan amendment a requirement? PensionPro, CPC, TGPC Link to comment Share on other sites More sharing options...
K2retire Posted March 9, 2016 Share Posted March 9, 2016 Were there any corporate resolutions authorizing any of these actions? If so, would they suffice? Link to comment Share on other sites More sharing options...
taxllm Posted March 9, 2016 Author Share Posted March 9, 2016 No, there were no resolutions. My question is really about the 403(b) plan. Do we need to do anything other than move the assets to the 401(a) plan? Any type of correction? Link to comment Share on other sites More sharing options...
AMDG Posted July 27, 2016 Share Posted July 27, 2016 What about the 403(b) written plan document? There seems to have been a period of time in which a 403(b) written plan document did not exist... It can be fixed under EPCRS. Link to comment Share on other sites More sharing options...
ErisaGooroo Posted July 28, 2016 Share Posted July 28, 2016 TAXLLM, Any chance the entity is a steeple church? If so, there are some new church regs coming some time in the future (we have no idea when) which now will allow this type of merger. We know we will be able to do this we just don't know HOW yet. It's nice to be important, but it's more important to be nice... CPFA, CPC, QPA, QKA, ERPA, APA Link to comment Share on other sites More sharing options...
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