TERMINATE DEFINED BENEFIT PLAN SINGLE EMPLOYEE


I

Irina

This is my situation, please help!

My client is a 100% owner of a corporation. The corporation
has a defined benefit plan for him for 3 years, but this has
been a really bad year. He wants to terminate the defined
benefit plan possibly roll it over directly to a traditional
IRA.

I like to know if this will be a red flag for the IRS, can
he terminate after 3 years, what happens in the future if
the corporation wants to open another defined benefit plan.
I am also not sure if this is a qualified plan, since he is
the only employee.

I will appreciate any input on the matter!

Thanks!

Irina
 
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