A company was acquired and their 401k plan was amended for plan termination. The notice went out to participants and all assets have been distributed to participants except for the owner. The owner of the company is working on buying back the practice and wants to stop the plan termination and keep the plan.
I saw that this topic has already been discussed and that if there were no distributions, the replies were that the plan could adopt a resolution to revoke the plan termination. However, in this case, the participants received a distribution of their accounts.
In my opinion, this plan would need to continue the plan termination process and consider a new plan 12 months from now. Would that be accurate?
