credit for service at old firm

[Jim Chad]

One attorney broke off and started his own firm with 2 other employees. He wants for himself and these two employees to receive credit for years at old firm. In Corbel volume submitter that is easy.

The old firm changed name but kept EIN. When I put in doc to give credit for years with old firm name, if he later hires another employee from the old/new firm, will my client have to give credit for years with the other attorney's new firm name?

[Belgarath]

IMHO, yes.

[K2retire]

I agree.

Although I have a vague recollection of having seen a document that addressed this by granting the service credit for years with the prior firm only to employees of the plan sponsor on a specific date.

[QDROphile]

I gainsay, except to the extent one is trapped by a plan document, and except for related migrations to the new firm. If the hires are unrelated, but proximate, it would be a good idea to grant service credit.