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HarleyBabe

403(b) to 401(k) - Apologies if redundant

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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.

 

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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.

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