amadeus229

I have a question concerning amending a SEP plan: Employer adopted an individually designed SEP plan in 1995 and has not amended the plan since its adoption. In order to correct this problem, can the employer amend the individually designed plan by adopting a prototype SEP plan administered by a financial institution that has already been approved by the IRS? And, if the answer is yes, does the employer then have to use the VCP to inform the IRS of the adoption of the prototype SEP plan? Any comments would be appreciated.

I have a question concerning amending a SEP plan: Employer adopted an individually designed SEP plan in 1995 and has not amended the plan since its adoption. In order to correct this problem, can the employer amend the individually designed plan by adopting a prototype SEP plan administered by a financial institution that has already been approved by the IRS? And, if the answer is yes, does the employer then have to use the VCP to inform the IRS of the adoption of the prototype SEP plan? Any comments would be appreciated.