TERMINATE DEFINED BENEFIT PLAN SINGLE EMPLOYEE


I

Irina

Hello!

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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