TPApril Posted October 22, 2020 Posted October 22, 2020 as we approach restating plan docs, curious if there are thoughts about merging existing 401(k) and separate Money Purchase plans by the same sponsor? My initial reaction for long standing plans is to keep them separate. Though certain fees would be larger as applied to two plans, merging them might be complicated and risk prone.
Bird Posted October 22, 2020 Posted October 22, 2020 Any/all of our MP plans were either merged or restated into something else long, long ago. You have to maintain the accounts separately and keep the J&S annuity provisions on those accounts if the rest of the plan doesn't have them. Our (FTW) prototypes have a checkbox to indicate if such money exists and it triggers the necessary language in the SPD and elsewhere. Lou S. and hr for me 2 Ed Snyder
CuseFan Posted October 22, 2020 Posted October 22, 2020 Ditto/agreed - no reason to keep separate and file separate 5500's, maintain separate documents, etc. Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now