Changing Custodians

[Guest jpw]

If my plan changes 401k custodians and administrators (mid-year) and I do a restatement with a new prototype agreement, do i need to change my plan sequence number if the name of the plan is changed?

Additionally, does the previous administrator file form 5500 while the plan was with him and then the new tpa files a 5500 in the same year while he administered the plan or does the new tpa get the required info from the previous tpa to file the 5500 for the full year?

[WDIK]

If my plan changes 401k custodians and administrators (mid-year) and I do a restatement with a new prototype agreement, do i need to change my plan sequence number if the name of the plan is changed?

If it is a restatment of an existing plan, the plan number does not need to change.

Additionally, does the previous administrator file form 5500 while the plan was with him and then the new tpa files a 5500 in the same year while he administered the plan or does the new tpa get the required info from the previous tpa to file the 5500 for the full year?

The filing is for the complete plan year.

[BG5150]

It depends on the service agreement you have between you and the two TPA's as to who will fill out the Form 5500 (the Employer files it).

I have filled out 5500's for plans that have been with us for 10, 11 months out of the year (for a higher fee, of course) and then moved to a new TPA/record keeper. Though most of the time, the new TPA/record keeper will complete the 5500 based on information it has and that provided by the prior custodian.