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Plan sponsor changed its name last week - amend when?


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A client where the corporation was named for the two partners changed its name last week because one of the partners retired earlier this year. I have a copy of the amendment to the Certificate of Incorporation, and it is still the same entity (same EIN), just a new name effective sometime mid-December. Of course, they told me after the fact. :rolleyes:

Now they want to change the plan name, too. Since it is an official amendment to the corporate charter, I don't think I have a problem that the plan is now not sponsored by the same entity that is on all the paperwork and forms (especially since it is the same EIN). And it's a safe harbor plan as well, with all the extra complications that may or may not entail.

My initial reaction is to change the name of the plan and sponsor as of 1/1/15, which seems reasonable. But then I started thinking about what if this had happened in April? Would you really wait nine months to make this fix in that case?

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There is nothing to fix; no need to amend (although you will need something in the nature of an SMM to reflect the plan sponsor name change). I would advise client to wait until you actually amend for something substantive, or until you do a complete restatement. If client insists then it's the boss so ok to amend (even the most risk-adverse shouldn't fear IRS disqualification under the safe harbor "no amendment" rule because of this non-substantive amendment).

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