emmetttrudy Posted January 3, 2013 Share Posted January 3, 2013 A client we provide document services to has a non-discretionary Trustee (TD Ameritrade). TD Ameritrade refuses to sign the Volume Submitter document as Trustee of the Plan. How does this affect the Plan Sponsor's reliance on the Opinion Letter for the VS document? Could they use an external Trust Agreement? If so, would they need to submit this with the application for a DL, and they could leave the Trustee signature blank on the actual document? Link to comment Share on other sites More sharing options...
K2retire Posted January 3, 2013 Share Posted January 3, 2013 We had a similar issue with Great-West. As I understand it, if they use a separate trust agreement that is not approved by the IRS for use with your adoption agreement, the client cannot rely on your Opinion Letter for the adoption agreement. If they use the separate trust agreement that your document provider uses, they should be fine. Link to comment Share on other sites More sharing options...
MoJo Posted January 3, 2013 Share Posted January 3, 2013 If it's only a matter of their not signing the Plan (but they do sign the "approved" trust) then it's a non-issue. We've seen several trustees who have no problems with the trust provisions, but do not want to have any responsibility relative to the plan terms (which they think if they sign to they are acknowleging/warrantying/guaranteeing the provsiions of). We've also been successful in getting some (like Great West) to actually use the FT Williams "pre-approved" trust with very minor modification, alleviating the problem K2 points out. Link to comment Share on other sites More sharing options...
Peter Gulia Posted January 3, 2013 Share Posted January 3, 2013 Doesn't a typical volume-submitter plan allow a user to use a separate trust document? Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com Link to comment Share on other sites More sharing options...
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