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Must I Complete the Upcoming Mandatory Plan Document Restatement Before Terminating My Plan?

DWC 07/14/20
Facts I currently sponsor a 401(k) plan for my employees. As I start to consider retirement myself and eventual dissolution of the business, I’m compiling a list of all the things I need to do to wind down. One of those to-do items is to terminate the 401(k) plan.
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Pension Pontifications | Q3 2019

DWC 09/12/19
All of us here at DWC thrive on the really geeky stuff, and some of the best discussions start with our pontifications about how different topics impact our clients and our industry. We decided to bring the best of those conversations to you, still with a touch of geekiness but also distilled into easily digested, bite-sized pieces. What are some ...
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Meet the MEPs: Grab Bag

DWC 09/11/19
The Department of Labor’s new regulations that expand the availability of multiple employer plans cover quite a bit of ground. In previous posts, we’ve explored Association MEPs, PEO MEPs, Corporate MEPs, and working owners. Though not technically part of the regulations themselves, the Department of Labor also addresses a grab bag of questions ...
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What is a Successor Plan and Does It Prevent Me from Starting a New 401(k) Plan?

DWC 09/10/19
Facts My company used to sponsor a 401(k) plan for my employees. Due to an unforeseen financial hardship, we terminated the plan two years ago. Now that we are back on solid footing, I would like to start up another 401(k) plan. I checked with the TPA we were working with, and they said something about a possible successor plan issue. I’m not ...
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How Do We Report a Plan Merger on Form 5500?

DWC 11/7/17
Facts Our company sponsors two separate 401(k) plans, each of which covers a different group of our employees. Due to some internal changes, we now want to merge those plans so that we only have a single plan, covering all of our employees.
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Retirement Plan Termination: Are There Special Rules for Paying Out Account Balances?

DWC 09/26/17
Facts The owner of our company is retiring next year, and the business will close as a result. We sponsor a 401(k) plan that we know we need to terminate, and we want to get started right away so that we have plenty of time to wrap things up before the company is dissolved next year. There are several former employees who still have balances in ...
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403(b) Plan Termination: Fact or Fiction?

Adam C. Pozek 02/22/11
Over the last several years, the answer has been a little of both. Beginning with the 2009 effective date of the IRS overhaul to the 403(b) regulations, it was establised that 403(b) plans could, indeed, be terminated. However, that legal fact has been somewhat of a practical fiction for plans funded by individual contracts. The reason being that ...
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The views expressed in this blog are those of the authors and do not necessarily represent the views of any other person or organization. All content is provided for informational purposes only and is not intended to be tax or legal advice.