Renee H Posted August 10, 2022 Posted August 10, 2022 I am terminating a profit sharing due to the sale of the company. This is not a 401k plan and they do not wish to apply to IRS for DL. I was taught to give a 15 day notice to plan participants but can't find the citation. Can someone please provide me with some guidance in this matter?
Belgarath Posted August 11, 2022 Posted August 11, 2022 The ERISA 204(h) Notice you are referring to does not apply to profit sharing plans - only to pension plans. See ERISA 204(8)(B) and IRC 4980F(f)(2). Luke Bailey 1
Popular Post david rigby Posted August 11, 2022 Popular Post Posted August 11, 2022 There is what's required, and then there is what's wise. Send them some type of notice. Bill Presson, LauraH, EBP and 2 others 5 I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Belgarath Posted November 8, 2022 Posted November 8, 2022 I agree with David. The SMM for the plan termination amendment can serve as the informational "notice" to employees.
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