My employer has had a profit sharing plan that I also contributed to . The plan was listed as in trust for .....me. And held at a discount broker.The company has reorganized by merging with others and now is operating under new name. Tax ID. I want to transfer my current plan to a rollover IRA instead of liquidating my acct and transferring to a high management fee acct. can I be forced to liquidate and transfer despite the fact that a substantial part of the acct was funded by me and not from employer contributions
If your employer has merged with one or more other corporations, the employer's profit sharing plan can be merged with one or more of the plans of the resulting corporation (i.e., after the merger).
My answer does not constitute legal advice and may not be relied upon by anyone for any purpose and does not constitute an attorney/client relationship or an offer to form such a relationship. This disclaimer is intended to be fully compliant with the requirements of Treasury Department Circular 230 and the terms thereof are fully incorporated by reference.
You cannot be forced to liquidate the assets in your account. However, if the employer has terminated the old plan and started up a new one the employer can move the assets from an old plan to a new one. You probably have the right to terminate your participation and move your assets to an IRA. Talk to the employer benefits department.
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