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Question 193: A Client Organization (as that term is defined in Rev. Proc. 2002-21) is terminating its 401(k) plan and adopting the PEO's multiple employer 401(k) plan. The PEO has told the CO that current CO employees should be allowed, on plan termination, to receive taxable distributions or elect rollovers into IRAs or into the PEO plan. We disagree. We believe that the PEO plan will be a successor plan. If the CO plan is to "go away" immediately, then a transfer to the PEO plan is the solution. Your comments? |
Answer: You are absolutely right. |
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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