Felicia Posted August 30, 2001 Posted August 30, 2001 We are a designated financial institution that uses the IRS Model Form 5305-SIMPLE. Therefore we are obligated to file reports with employers by October so that the employer can distribute materials to their employers. One way (and the simpliest) is to send the employer a copy of the IRS Model Form with the Model Notification to Eligible Employees and the Model Salary Reduction Agreement. Based on these documents the employees make decisions as to how much they will contribute next year. The model forms have not been updated for EGTRRA (compensation and salary deferral limits). Has anyone heard when and if the IRS will be updating these forms in time for financial institutions to meet their obligations? Will the dates be extended until the IRS does publish model language? If the IRS doesl not publish in the near future, can we change the Model Notification to Eligible Employees and Model Salary Reduction Agreement to reflect the new limits? I'd also like to hear how other financial institutions are planning on handling this.
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