Signature dates for amendments

[Guest AdminFL]

Can you currently amend a 12/31/01 profit sharing plan to remove the last day requirement to receive a contribution allocation?

[Guest Thornton]

I believe that the answer is no. Participants employed on the December 31, 2001 have accrued their right to any contribution that is made. They have also accrued a right to the contribution under the formula in place on December 31, 2001.

[pmacduff]

Thorton, I think you misunderstood the question - Can you REMOVE the last day requirement for a 12/31/2001 allocation. I think that means that more participants will receive an allocation not less, right AdminFL?

[Guest AdminFL]

pmacduff, you are correct. More participants will receive an allocation, but the allocation percentage will be less. It is a cross-tested plan. Does that make a difference?

[Blinky the 3-eyed Fish]

AdminFL, your point is one of much debate. I, however, do think you can remove the last day for the simple fact is you could designate it an -11(g) amendment.