Successor Plan

[Guest MichaelO]

We have a potential new client with a question on a successor Plan. Here are the particulars:

Attorney A is a PA and has his own Plan with 1 employees

Attorney B is a Pa and has his own Plan with 5 employees

Attorney C is a sole prop and has no Plan. He has 3 employees.

The three Attorneys are contemplating establishing an LLP. They would have different ownership percentages, with Attorney A owning about 70%, Attorney B 29% and Attorney C 1%.

Would it be possible to amend Attorney A or B's Plan as a successor plan?

Thanks

[mming]

It would be possible as long as both A and B's plan documents have the provision, or add the provision, that a successor employer can take over the sponsorship of the existing plans.

[Guest MichaelO]

Thank you for the information.