401k Plan Termination Letter Sample

Termination of company 401 k plan. Sample termination letter text date letter is written employee name.

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Issued a favorable determination letter with respect to the termination of the plan.

401k plan termination letter sample. Qualified default investment alternative notice. Timing of submission an application will be deemed to be filed in connection with plan termination if it is filed no later than the later of. When you customize the letter insert the section for safe harbor plans if applicable and customize the content in brackets in the text below with the appropriate information for your plan or plan participants.

A 401k plan determination letter is beneficial in 401k plan termination situations because sponsors can gain confidence that the plan termination itself will not have a negative impact on the plan s qualified status. The following letter template can be used to formally request a 401k rollover. The wire instructions must include your plan id number.

Delete all instructional headings as appropriate. 401 k plan with the termination effective date being 20 pursuant to section 8 2 of the plan. Your 401 k plan is administered by name of fund administrator.

If directed by parent in writing at least fifteen 15 business days before the first effective time the company shall take all necessary actions to terminate the company 401 k plan with such termination effective as of no later than the date immediately preceding the closing date if parent so directs the company to terminate the company 401 k plan then. The document includes statements related to a transfer to an ira account and also includes form with ira and trustee information. Unless parent and the company agree otherwise in writing the board of directors of the company shall adopt resolutions terminating effective at least two 2 calendar days prior to the closing date any employee plan which is intended to meet the requirements of section 401 k of the code each such employee plan a 401 k plan.

Sample termination letters to be sent on company letterhead all brackets and bold italic should be completed removed when the plan sponsor updates file please note. Be it further resolved that the employer shall provide a notice to participants of the 401 k plan who meet the requirements of section 204 h of erisa informing them that benefit accruals under the plan shall cease as of the. You will need to update the company with a current mailing address so we can send a w 2 form and follow up cobra and 401 k information.

If a money purchase pension plan before plan accounts are distributed each participant will be given a choice between 1 receiving his or her plan account in a lump sum distribution and 2. This letter can be modified to fit different scenarios. Upon 401k plan closure many workers will transfer their accounts balance to another employer s plan or to a rollover ira.

I one year from the effective date of the termination or ii one year from the date on which the action terminating the plan is adopted.

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