IRS Submission

[Blinky the 3-eyed Fish]

A terminated plan adopts slap-on amendments for GUST, rather than a full document restatement. Does this plan have to be submitted on Form 5310 or can Form 5307 be used? The client is just looking to meet the requirements of being a timely amender for GUST, not for a full-on termination review.

[KJohnson]

I think you can use a 5307 to accomplish this purpose--but unless there are questions about a partial termination or paying employees at improper vesting percentages or there is limited access to five years of pay-out data I would be inclinded to go with a 5310 that would serve two purposes of getting you both GUST qualified and getting an opinion on a termination. I find turn around time for 5310's to be about the same as 5307's.

Alternatively, if you don't want a letter regarding the termination, it may be simpler to completely restate onto a prototype (assuming you can fit without a variation) and not worry about filing at all. I guess you would just have to consider the cost/benefit of the addiitonal time it would take you to compeltely restate versus the time to add the slap ons and then have to file.

[Blinky the 3-eyed Fish]

Thanks. The plan in question is a general tested offset DB plan that won't fit into VS language. That is why the submission is needed and is also why we do not want to submit on a 5310 because of the need for a demo 6, requiring much extra work.