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Our office uses FT William as our software of choice for plan documents and 5500 services. With FT William's Post PPA documents, the last day of employment and an employee that separates service on the last day is now an option that an employer can elect. 19a. If the Plan has a last day requirement, an Employee who terminates on the last day of the applicable period is treated as being employed for purposes of satisfying allocation conditions Yes / No https://www.ftwilliam.com/images/icons/minus-12-11.png

I think David Rigby meant the agreement should not say the seller's employees "will" roll over their balances, but that they "may" roll over their balances (although he can correct me if I'm misinterpreting). And, as he mentions, plans can allow immediate rollovers in even if the employee has not yet reached the regular eligibility requirements. Terminating the plan now or 60 days from now generally won't make a difference.

Not required. If the buy/sell agreement says this, it's wrong. Perhaps the buyer's plan can include a waiver of this 60-day requirement for purposes of accepting rollovers?

Asset sale, so the company/plan sponsor continues to exist, just doesn't have any assets (except cash). Unless buy/sell says otherwise, seller still maintains (and has responsibility for) the Plan and it can remain open indefinitely, until the sponsor terminates it.