Nassau Posted April 3, 2008 Posted April 3, 2008 ABC Corporation realized that a plan participant had requested a 10% payroll deferral in 2005. At the time, the ABC Corporation was owned by DFG. ABC Corporation was sold off in April of 2007. ABC Corporation would like to know if DFG would have any liability regarding the missed payroll deferrals between 2005 and March 2008 when the deferral percentage was updated. The error occured while owned by DFG. Would ABC Corporation need to fund the missed deferrals and earnings or would DFG hold some responsibility?
PLAN MAN Posted April 3, 2008 Posted April 3, 2008 Does the selling agreement for ABC Corporation say anything about the new owner's responsibilities and liabilities for the existing retirement plan?
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