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Correct documents to use when combining a SEP with a Qualified Plan

Guest Barbara Bukauskas

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Guest Barbara Bukauskas

In a recent discussion with another person in the pension business, I was told that a IRS 5305-SEP form COULD be used when a Money Purchase was combined with it but only if the SEP had been opened first. It is my understanding that if a SEP is to be combined with any qualified plan, that a prototype document must be used to open the SEP (or restate the SEP) to provide for the proper top-heavy contribution language. I'm not aware that it matters which came first the SEP or the QP. Can someone shed some light on this subject for me.

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