BenefitsLink Message Boards > Can a utility service sponsor a 401(k) plan or does it have to be a 40

Full Version: Can a utility service sponsor a 401(k) plan or does it have to be a 40

BenefitsLink Message Boards > Retirement Plans > 401(k) Plans

WHill

Oct 12 1999, 11:53 AM

I have a for-profit utility service that did have a Money Purchase Pension Plan and now wants to switch to a 401(k) Plan. Can a Utility Service sponser a 401(k) Plan or does it have to be a 403(B) or 457 Plan?

MWeddell

Oct 12 1999, 02:21 PM

Yes, the utility may sponsor a 401(k) plan. Because the utility is for-profit, you can't sponsor a 403(B) or 457 plan.

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