PPA Restatement for Sungard Volume Submitter Docs
Posted 04 October 2011 - 02:21 PM
Posted 04 October 2011 - 02:36 PM
Posted 18 October 2011 - 10:40 PM
Sungard must go to the IRS by 1/31/2012 for review/approval of its mass submitter document for the PPA Restatement, which the IRS will approve in early 2014, with a restatement period from early 2014-early 2016. That's the 6 year cycle. If you use Corbel to process a VS document in your name (so that you can use it for your clients), then you have to climb on board by 10/31/2011 so that the train doesn't leave without you. (The cycle is 2 years for the sponsor fo the mass submitter (Corbel) to prepare the document, 2 years to deal with the IRS before receiving approval, & then 2 years for individual employers to adopt.)
Sieve - that is informative, but can you clarify by what is meant by "climbing aboard by 10/31/2011"? Does the 10/31 deadline apply to plan sponsors who apply for a determination letter for their specific plan, or is this more, for example, for a TPA firm that uses a Corbel document but has the document in their name? If the latter, what is it that must be signed, sealed and delivered by 10/31?
Posted 19 October 2011 - 12:08 PM
I want to offer the Corbel adoption agreement style Volume Submitter to my clients again , next cycle (2014-2016). Also, I want to be able to adopt for my clients all required amendments. This way, I don't have to worry about EVERY one of my clients signing on time.
To do this, I went on line, filled in some form and paid $900 from my credit card. This is the IRS filing fee for 3 docs, Money Purchase Pension, Profit Sharing and 401(k). Corbel did not charge me, because I am already using their docs.
Next, I got an email with a power of attorney and some other things that need to be signed and sent back by 10-31-11. When you fax the signed forms back, be careful to check that they went through. Somewhere I got the wrong number. When I called it to test it, I got a voice mail. So I had to call and get another fax number.
Posted 19 October 2011 - 12:41 PM