Cathy from Chicago Posted October 12, 2000 Report Share Posted October 12, 2000 We have a standard prototype 401(k) which will be terminating as the Company was purchased. Typically we do not file IRS 5310 for a standard prototype plan termination but do notify employees of the plan termination as well as explain distribution options, etc. The attorneys hired to handle sale of the Company now think they should file a 5310 for the 401(k)and, of course, want us to provide all the backup document information, etc. Do all of you apply for a determination when terminating a run of the mill plan? Thanks. Link to comment Share on other sites More sharing options...
John A Posted October 12, 2000 Report Share Posted October 12, 2000 We always recommend it but leave the final decision up to the client. Link to comment Share on other sites More sharing options...
david rigby Posted October 12, 2000 Report Share Posted October 12, 2000 Ditto. We put our recommendation in writing. If the client does not want to file for a determination letter, we get a written statement from them. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice. Link to comment Share on other sites More sharing options...
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