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Terminate 403(b) Start 401(k)

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The new 403(b) regs. indicate that a 403(b) plan can be terminated and distributions made only if no contributions are made to an alternate section 403(b) plan within 12 months after the distribution of all the assets. The regs. don't seem to prohibit the termination of the 403(b) and distribution of assets and immediate establishment of a 401(k) for an eligible employer. Is this correct as of the effective date of new regs?

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