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Question 106: At the beginning of plan year 2000, Corporations X and Y are 100% owned by Individual A. In June of 2000, 50% of Corporation X is transferred to Individual B. Both corporations will continue to cosponsor that plan. Must X and Y be treated and tested as a controlled group for plan purposes for the entire 2000 plan year, or only for the portion of the year when the common ownership interest was high enough? For example, on a 401(k) plan, will the ADP/ACP testing be performed on a combined basis for 1/1 through 6/30 only? |
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Answer: Good question. I'm not sure. We have zero guidance. Let me describe to you the possibilities I'm aware of and what few things we do know.
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Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.
The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.
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