Can Nonqualified Plans Be Merged??

[Guest T-BONE]

Assume Company A acquires Company B, and both have similar (but not the same) nonqualified plans.

Under both plans, you receive a distribution when you terminate emloyment or retire, and you make an annual election for "how" you want your benefits distributed (this is NOT a class year election, it applies to all of the employee's contributions). There are some subtle differences between the two plans regarding the frequency and period of installment payments available.

I understand that the change of corporate control may "trigger" accelerated benefits, vesting, etc. I also understand that generally, the buyer will decide to either terminate, freeze, or adopt the sellers plan. My question: is it possible to merge the two plans? If possible, what issues should be addressed prior to merger?