Plan Merger with Simple IRA

Company A just purchased Company B (December 5, 2024).  Company B will be adopting Company A's Safe Harbor 401-k Plan.  Company B currently has a Simple IRA.  I am being told we need to wait to terminate the Simple until 12/01/2025 because the participants must have a 30 day notice?  Does the fact that they are being acquired impact this?  Any thoughts would be appreciated.

The Secure 2.0 Act changed the rules.  Read below for more information.  Since you are replacing with a safe harbor plan, you may be in luck. 

https://www.morganlewis.com/blogs/mlbenebits/2024/07/secure-2-0-simplifies-corporate-transactions-with-mid-year-termination-rules-for-simple-ira-plans

Thanks!!