Guest LVanSteeter Posted September 6, 2002 Posted September 6, 2002 Plan had a DB plan that has "terminated" and moved funds to DC plan. They are trying to use the same plan name and three digit IRS code for the DC plan. Somehow I think this is incorrect and will cause issues with PWBA. Any suggested resources? Many Thanks!
david rigby Posted September 6, 2002 Posted September 6, 2002 Don't do it. Don't have cites, but it is well-established that a new plan must have a new plan number. IRS and DOL will be very unhappy. For the plan name, choose a name that is clearly different from any other plan, so that no employee, auditor, attorney, bureaucrat, etc. is potentially confused. Never ask for trouble. http://www.irs.gov/pub/irs-pdf/i5500.pdf I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Guest F1fan Posted September 6, 2002 Posted September 6, 2002 See page 15 of the 2001 Form 5500 instructions regarding plan numbers. I agree 100% with Pax. Using the same plan name and plan number will likely create a bureaucratic nightmare.
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