Paychex 401(k) Plan

[Guest ChopperPilot]

A new client has been referred to us that used Paychex as their payroll processor and who adopted the "Safe Harbor" provisions of the Paychex 401(k) plan. They are leaving Paychex and will be adopting their own 401(k) plan. They want to continue with the safe harbor provisions. Would this be considered a "new" plan or a "successor" plan? Would this be considered an amendment and restatement of an existing plan for the purposes of completing the UBS Financial Adoption Agreement? Can we have the safe harbor provisions effective August 1, 2004 or do we need to wait until January 1, 2005?

[Guest JimD]

It appears this would do an amendment and restatement of an existing plan. The safe harbor provisions would continue as were in effect on January 1, 2004. It would not be a new safe harbor plan so it would not seem as if a new notice would have to be given.