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Terminating a 401k Plan - final 5500 question


James Shen

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My client (company A) acquired a company (company B) in 2021.  2022 was the final year of B's 401(k).  Since it was a SH plan with a generous plan design, ERISA counsel told us we could not merge the plan until end of year, 2022.  Totally fine.  Blackout started for participants on 12/28/2022 and the final asset transfer happened on 01/05/2023.  

 

Are we able to file the 2022 5500 as the final 5500 and mark that all assets have been transferred?

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Yeah, I was a little curious on the timing of the question given the 5500 filing deadline had passed (unless not a calendar year plan or disaster area extension) and someone already answered it and filed accordingly - thinking maybe you/they were looking for reassurance on what was already done. If 2022 5500 does not show zero ending assets (and participants) then there is a 2023 final filing due and without extension would have been due 8/31, before an extended 2022 return, talk about a conundrum!

Kenneth M. Prell, CEBS, ERPA

Vice President, BPAS Actuarial & Pension Services

kprell@bpas.com

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