HarleyBabe Posted September 29, 2019 Report Share Posted September 29, 2019 Hello - I am trying to get some clarification on terminating a 403(b) plan and starting a 401(k) plan. This is already an ERISA B plan. They are a almost at the point of being a large plan filer. We are trying to avoid that of course. I have read so many different replies on if the 12 month waiting period applies. What I would like to propose is terminating the B plan 12/31/2019 and starting a K plan 1/1. However, the 12 month wait is the question. Help! The plan is invested in on the record keeper direct platform of AM Funds just as a side note. Please, any concerns or issues that occur with this, I would love the insight. Link to comment Share on other sites More sharing options...
John Feldt ERPA CPC QPA Posted September 29, 2019 Report Share Posted September 29, 2019 There is no 12 month wait. A 401(k) plan is not a successor plan to a 403(b) plan. Link to comment Share on other sites More sharing options...
Mr Bagwell Posted September 30, 2019 Report Share Posted September 30, 2019 If potential large filer under 403b, would they be a potential large filer under the 401k? You can't force the 403b money into the 401k, the employees would have to individually initiate the rollover. Would you be losing a huge advantage of no ADP testing? I've seen some 403b's to be a lot of low pay no deferring type of plan. hr for me 1 Link to comment Share on other sites More sharing options...
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