Amendment after termination date

[imchipbrown]

Employer was bought in an asset sale.   Most participants are to be employed by the purchaser.  Plan accounts are held at larger brokerage with self-directed accounts.  Plan termination date is 12/31/20.  Distribution forms have been distributed with the option to roll the self-directed accounts in large brokerage to self-directed accounts at same or other brokerage, to new company 401(k), or in cash.

Looking at the Plan's AA now, it says distributions can be made in cash only.  Would like to amend (post-termination) to "cash or in-kind".  

Is this OK.  Who signs, authorises?  No distributions have been finalized.  Is current date OK?

 

[Bird]

It's ok to amend now in my book.  Whoever "owns" the plan would sign; sounds like the old employer to me if it was an asset sale.

Someone - an IRS agent I think - once told me that rolling tradable securities was equivalent to a "cash" distribution; "in-kind" referred to company stock or other illiquid assets.  I don't think that was right but I do think that no one would care.

[imchipbrown]

Thanks Bird,

I "kind" of agree about the securities being cash-equivalents.  I'm trying to neaten things up but don't also want to foul things up over trivia.  I can't see any harm in the amendment.