EGTRRA Amendment

[Guest Sara H]

Our document provider has supplied us with 2 versions of the EGTRRA Amendment - the Sponsor Version & the Employer Version. What version are people using? To me, they appear to be identical except for the fact that with the Employer version each employer must adopt the amendment and with the Sponsor version it only needs to be adopted if certain elections are made. Any suggestions?

[Guest ERISA Geek]

With Prototype documents, the Prototype Sponsor can adopt a Model Amendment for Plans using that Prototype Plan within a timeframe specified by the Rev Proc. If there are options that an employer can make, the Prototype Sponsor then provides the Sponsor version of the Model Amendment. The explanation should include information on the selections made by an employer. If the employer makes no elections, then the default provisions in the Sponsor amendments apply.

If the Prototype Sponsor did not adopt the Model Amendment, then each participating employer MUST adopt the Model Amendment for the provisions to apply to their Plan. If it is not adopted then that Employer's Plan is not amended to comply with requirements of the given law.