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New Form 5307 (June 2014) - confusing


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Line 3g (the chart) is confusing in so many ways, but I will limit my question to a couple of issues.

For the PPA amendment, what are folks entering in column (vii)? Many PPA amendments (and other interim amendments) were model amendments or some kind of standardized format addressing numerous changes. Should we have an attachment listing all of the provisions? The instructions do not address this column.

The instructions describing which amendments to list in this chart are not clear. It seems we are to list certain amendments and include with the submission, but also we are NOT to list certain amendments but still include with the submission.

Has anyone seen guidance on when we must start using this form?

Are others puzzled by this form, or is it just me?

Thank you!

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The 5310 came out in December and there was a 6 month window where you could use the old form. Not sure is there is a similar window on the 5307 as the IRS seems to be discouraging 5307 submissions in most cases.

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Assuming you have a determination letter from the EGTRRA document:

Based on what I am reading, and by looking at the 5310 for the same chart, I think they want almost all of the amendments included in the submission package. Exclude interim amendments that did not have to be adopted by the employer (I would think they had to have been adopted by the practitioner on behalf of the employer). Also, do not include any amendments that are effective after the PPA restatement period ends.

As for the chart, I think the chart should only list the amendments that were interim amendments that had to be adopted by the employer or amendments after the EGTRA restatement that were not already part of the language in your pre-approved EGTRRA document when it was adopted. You are not to include amendments effective after the end of the PPA restatement period. Also exclude In-Plan Roth Transfer amendments (or any other interim amendments not covered by the cumulative list).

If you did not get a Determination Letter with the EGTRRA document, you have more items to include in the submission package, but not in the chart.

That's my guess, FWIW.

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I think that you don't include any amendment after the 2010 cumulative list on which the PPA restatement is based. For the PPA interim amendment it is interesting. They say don't include:

"Any amendment to a pre-approved plan that was adopted by the sponsor or practitioner on behalf of the employer and considered by the IRS in issuing an opinion or advisory letter for the plan"

For the Corbel document, the volume submitter practitioner for the interim amendments (like PPA) would elect some defaults and then adopt the amendment. If the employer accepted the defaults they did not have to sign the amendment. If they wanted to change the defaults they did. At least to those accepting the defaults they would clearly meet the first part of the sentence above. But what about the second "considered by the IRS in issuing an advisory letter for the Plan".

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I am having the same issues.

There are no current instructions regarding columns (vii); (viii); and (ix) that I can find. While I could take a stab at it the space allocated makes its extremely prohibitive.

That and in situtations where the plan document is restated for discretionary reasons, I would not even begin to know how to accurately state what section is being amended, it's amendments over amendments.

If you are pursuing a letter for initial qualification of a plan from the 90s, what would you do? Or what if you switch vendors and one uses section references in a different format then the subsequent one?

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Thanks, all, for the responses, or at least for your agreement that the form is confusing!

I may just send in all amendments not covered by the prior EGTRRA letter and include a clear description of each amendment.

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