Which benefits from your old plan are protected and which might you lose?
“If it is an acquisition, the acquirer typically maintains their plan while the recently purchased company has their plan merged; thus, forming one plan,” says Daniel Maupin, Financial Planner at Rather & Kittrell Capital Management in Knoxville, Tennessee. “Many times, the employees of smaller companies benefit from now having the leverage of many more employees when paying for company benefits including the potential for lower costs within the retirement plan.
“The options available are partly determined by the type of sale—stock or asset,” says Baker. “In a stock sale, the buyer is acquiring ownership of the company from the seller. Ownership of the seller’s company includes everything that belongs to the company, including any active retirement plans. In an asset sale, the buyer is only purchasing certain assets of the seller, like client lists, physical and/or intellectual property, equipment and so on.
“Under no circumstances can active employees roll their balance out of the plan unless the remaining plan allows in-service distributions and the participant has met the in-service requirements,” says Brian Heckert, Founder & Wealth Manager at FSM Wealth in Nashville, Illinois.
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