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Solve plan amending requirement by switching to prototype plan?


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Guest Frank Young
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My client has an attorney designed profit sharing plan. He is the only participant. Attorney says plan must be amended under IRS rules by 12-31-01. Cost will be about $2,000. I believe he can get around amending by switching to a P/S prototype plan such as a brokerage firm has in place. An IRS plan specialist says he can do this & he can even use the same plan number on the 5500 for this year & need not even mention the switch on the 5500 nor is it necessary to advise IRS by doing any special filings. Sounds like what I want accomplished but have I been given the correct information?

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