Guest Lisa Flagg Posted November 2, 2000 Report Share Posted November 2, 2000 My client adopted a mass-submitter standardized prototype profit sharing plan in Jan 1999. Now they want to terminate that plan and roll the assets over into a SIMPLE IRA (there are only the owner and 3 employees in the plan.) We would recommend filing for a determination letter on the termination, but there are some complicating factors. First, the company that sold them the plan says that it was a new plan, and they filed for an initial determination letter, but haven't received a response yet. After they receive a response they will amend the plan for GUST. Do we have to wait until the plan is amended and brought into compliance before filing for the termination? Do we have any other options? Thanks for any help you can give. Link to comment Share on other sites More sharing options...
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