Guest moltengater Posted December 16, 2005 Posted December 16, 2005 Company A is a 401(k) plan with safe harbor non-elective contribution - plan year end 12-31-2005. The owners of company A sell the assets of the company to XYZ on 12-15-2005. XYZ wants to maintain the plan for the employees. Who is responsible for paying the safe harbor contribution for the plan year ending 12-31-2005 - Company A owners or the new owners? Is this something that had to be determined in negotiations?
Randy Watson Posted December 21, 2005 Posted December 21, 2005 I don't see why it wouldn't be the new plan sponsor unless the purchase agreement stated otherwise.
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