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Plan Sponsor Acquired (Asset Sale) But 401(k) Plan Was, Um, Overlooked
BenefitsLink Message BoardsLink to more items from this source
Dec. 6, 2021

"Buyer purchases the assets of another company. The seller maintains a 401k plan. The attorney's overlook/never discuss the implications of the 401k and the deal closes. (Ahem.) All employees of the seller incurred a distributable event on date they were terminated by the seller and hired by the buyer. Now (one month later), the buyer wants to assume sponsorship of the seller's plan to avoid defaulted loans, distributions or any other disruption to the seller's plan. Can the distributable event be undone after closing?"

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