$100,000 Exemption for Multiple Plans

[David MacLennan]

Suppose client had a plan terminated in the past with > $100,000 in assets. New plan is established and it has < $100,000 in assets. Plans did not ever exist at the same time. The Form 5500EZ instructions state the following condition for the $100,000 exemption:

You have two or more one-participant plans that together

had total plan assets of $100,000 or less at the end of every

plan year beginning on or after January 1, 1994.

Is a Form 5500EZ required for the new plan?

The "have" and "together" seem to indicate that you do not apply the test to plans that never coexisted, so the answer would be NO. Anyone disagree?