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Under a State’s law, there might be constraints on a public-school employer’s authority: A public-school district or other political subdivision of a State has no more power than State law grants it. Many States’ enabling statutes allow a public-school employer to collect and pay over salary-reduction contributions to a § 403(b) contract, but don’t allow other contributions. State law might preclude a public-school employer from retirement provisions beyond participating in the Statewide retirement systems. To the extent (if any) that State law requires or permits collective discussion with an employees’ association or other collective-bargaining group, that process might restrain a governmental employer. However, sometimes a superintendent’s, principal’s, or other executive’s employment agreement is custom-negotiated. Agreements of that kind often require vetting by the school attorney and approval by the school board.

Just a hunch, @BG5150 might be suggesting, "are there any state laws that describe some type of non-discrimination testing?"

Hi Audrey, Most documents (FIS at least) says to use years in which the participant receives credit for TH. If the participant does not work 1000 hours in a year, then they should not receive credit for TH for that year.

The ones I've seen (and it's not a ton) create funds (like a mutual fund) where Acme will pony up a large percentage, but several other people/entities will also contribute to the fund to make the purchase. That fund may own only one business or may own more than one. So, if they own more than one business in a single fund, THAT fund will likely be a controlled group. But probably not across multiple investment funds. I would still have an ERISA attorney earn her pay in deciphering. (This last sentence is advice to everyone.)

Private-equity investors often use strategies to order carefully rights and relations regarding investees, and often design these to keep investees separate from one another and from each investor. Beyond carefully defining and allocating each capital interest, profits interest, or income interest, an investor might assert that it is not “a trade or business”, and so is not to be combined with any other investor nor any investee. Don’t get involved in trying to sort out what is or isn’t a § 414(b)-(c)-(m)-(n)-(o) employer. Get your client, preferably with its lawyers and accountants, to instruct you on what you are to assume in performing your services. This is not advice to anyone.