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Showing results for tags 'volume submitter'.
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We have a pre-approved plan document that requires participating employers to adopt the plan by signing a Participation Agreement, which is also signed by the signatory employer. Participating Employer X and the signatory employer signed a Participation Agreement properly in 2012, and again to mark Participating Employer X's cessation of participation in 2015. During the restatement process, it has been discovered that Participating Employer X is now totally out of business. Participating Employers are supposed to sign a Participation Agreement for the plan right now, in order to adopt the terms of the restated, pre-approved plan. But Participating Employer X does not exist. The pre-approved plan does not address this situation. Do others think that it would be sufficient for the signatory employer to add a note to the restated plan indicating that the Participating Employer cannot be found, and attach the old Participation Agreement that was originally signed? Thanks.
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Say that an ERISA attorney has a plan sponsor adopt a volume submitter plan that has just enough modifications to it to support a determination letter request (intentionally), but not enough to render it an individually designed plan. Then, some time after receiving the letter, there is an an amendment, but not to the modified content. Is the plan sponsor eligible to apply for a new determination letter? We are seeing lots of imaginative ways to get around the usual restrictions on getting a determination letter on a pre-approved plan or an amendment to an individually designed plan.
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Company with Volume Submitter document (adopted prior to 1/1/2016) amended the document after 1/1/2016 and, as a result of the amendment, it no longer has Volume Submitter status. It can no longer rely on its 3/31/2008 VS opinion letter and is therefore an individually designed plan. Notice 2016-3 states that sponsors of individually designed plans now have until 4/30/2017 to adopt a pre-approved plan, but also states that employers who adopted pre-approved plans prior to 1/1/2016 continue to only have until 4/30/2016 to restate their plans. If the company wishes to regain VS status for its plan document by restating the plan onto another VS document, what is the deadline by which the plan document must be restated? Is it 4/30/2016 (because it previously adopted a pre-approved plan prior to 1/1/2016)? Or 4/30/2017 (because its previously adopted pre-approved plan is now an individually designed plan)?
