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Subject:  closed 401K plan Date:  5/16/2002  4:25 PM
Author:  mcmgui Number:  34539 of 106020

The company I work for was recently sold and the 401K plan was “frozen” except that we can move money within the allowed funds. We are told that the original owner of the company must get a determination letter from the IRS that the Plan is in order. Is this the usual procedure when a company is sold and a plan is closed out? The funds are frozen for 9 to 12 months!

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