Scott Posted August 28, 2003 Share Posted August 28, 2003 A company recently amended its VEBA to add an offshore captive insurance arrangement as a new investment vehicle. In trying to determine whether a new Form 1024 must be filed, I came across this thread: Thread In the discussion, vebaguru and Kirk Maldonado believe that a new 1024 is required when a VEBA is amended, but I'm wondering what the authority for that position is. When I read Treas. Reg. section 1.505©-1T, Q&A-12, it doesn't appear that a VEBA that has received a determination ever has to file again. Any thoughts? Link to comment Share on other sites More sharing options...
Kirk Maldonado Posted August 28, 2003 Share Posted August 28, 2003 I agree that you are not absolutely required to ever get a new determination letter. However, I think that if there is a fundamental change to the plan, such as a complete restatement of the plan document by a new service provider, the prudent thing to do is to get a new determination letter. The cost isn't that much and the protection is worth it. On the other hand, if the change is inconsequential, you need not get one. For the cases that fall in between, it is a judgment call. Kirk Maldonado Link to comment Share on other sites More sharing options...
Guest jfp Posted August 29, 2003 Share Posted August 29, 2003 Also, your determination letter probably says that you must/should come in again and apply for a new letter if the terms of the VEBA are amended. Link to comment Share on other sites More sharing options...
E as in ERISA Posted August 29, 2003 Share Posted August 29, 2003 Regardless of what you do with the 1014, disclosure of changes in the trust and its operations are required on the 990 that you file for the VEBA. Link to comment Share on other sites More sharing options...
vebaguru Posted September 18, 2003 Share Posted September 18, 2003 My suggestion that obtaining a new D-letter was necessary was based upon an oral representation to me by a senior person at National Office of IRS. He stated to me his view that IRS doesn't consider a D-letter valid if it is over 10 years old, or if there has been a significant amendment to the plan since the letter was issued. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now