Plan document issues when sponsoring finan. insti. is bought by anothe

[Guest Kathleen Fouquet]

XYZ Company adopted a prototype document provided by financial institution A. Financial institution A is in the process of being taken over (purchased) by financial institution B. XYZ Company was told that they would not have to adopt financial institution B's plan document because financial institution B will simply become responsible for the document that had orginally been provided by financial institution A. Was XYZ Company given correct information?

[david rigby]

Sounds vanilla to me.

[Alan Simpson]

Since it appears that the takeover hasn't happened yet I would ask for something in writing from B indicating that they will continue the plan document that A used. Sometimes things change from how they start in situations like this.

With that said, why not look at the document for A and B and see which one you would like to use when updating for GUST.