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401(k) Plan Sponsor Entity and EIN Change

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We have a plan that the Plan Sponsor is currently a sole proprietor.  They are changing to an S Corp with some of the ownership going to the adult children, which will require a change to the EIN. Is it acceptable to restate the current document and just change the Plan Sponsor name and EIN or must we terminate the Plan and start a new one for the new entity and EIN?  Thanks 

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16 minutes ago, Belgarath said:

Is it necessary to restate? If they WANT to, can't the new entity just assume the sponsorship/assets/liabilities of the existing plan?

Yes, but in the middle of the current restatement period, we would just accomplish both items at the same time instead of doing one now and the other later.

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