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Abandoned Prototype Plan


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We have a situation that I am trying to sort through.  Attorney sponsors a prototype document from a national provider.  Gets opinion letter on that document so all of the sponsored plans adopted by plan sponsors are covered by an opinion letter for that firm.  Attorney is retiring and will no longer sponsor the prototype effective 3/31/2020.  Plans adopted are in essence abandoned.  Per my reading of 2015-36 Section 10, those plans can’t rely on opinion letter and now fall into IDP arena.  

Assuming all amendments are up to date by 3/31/2020, is the biggest issue with entering the IDP arena is, if I understand, that the Plan wouldn’t be eligible for SCP under EPCRS.  Am I missing something?

ideally, we’d like to restate to our document (which conveniently enough is through same national provider) when Cycle 3 becomes available, hopefully before 12/31/2020.  They would avoid clients having to pay for a restatement to our sponsored PPA document  followed in close timing to Cycle 3 document.  

What risks am I missing? Are we on right track?  What would you do in this situation?

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I don't think there is a big risk in doing nothing and just restating asap after your document is approved.  It's not like the IRS wants to DQ plans and is looking for flimsy excuses to do so.  If there are other potential issues that might change my attitude.

Some take the attitude that they're going to restate immediately b/c using someone else's document is more work than restating.  Fees on that might vary from $0 to a standard fee.  Personally I would feel guilty charging for something that in my opinion is unnecessary but I have respect for those who feel otherwise (and don't twist themselves up in knots thinking about it...which I do).

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