Search the Community
Showing results for tags 'Surprising new data.'.
Found 1 result
-
Client has always been evasive when it comes to firm ownership. Always says there is numerous owners, too many to list. Every year signs off on a statement that no employee has any ownership, AND firm is not part of a controlled group. Recent events "uncover" that the firm is actually owned by a "foreign trust", which also owns other firm(s) in the US. Knowing that ownership by a foreign can create a controlled group, I fear that this foreign trust means that the plan we are working on now has controlled group issues to address (i.e. coverage). Assuming this trust has a controlling interest in the 2 firms, do we have a controlled group? From what I currently know, the 2 firms I have knowledge of have comparable benefits as the plans are currently identical with only salary deferrals. Unfortunately, I do not have the complete history of the two plans AND there could be other firms and plans. Assuming there is a controlled group, just how big of a mess could this become?
