Submission of Vol. Submitter Adopter

[chris]

Client adopted prototype document in late 80's. Client recently made changes to plan by adopting a volume submitter document with special language changes. Client is submitting plan to IRS via Form 5307. Anyone see a problem with submitting what client has in hand now plan document-wise and then supplementing the information with the IRS once it is received from prior TPA? IRS will request to see original adoption agreement, etc.... anyway which TPA has but has yet to forward. Client wants to get the process started and due to the amount of time in which the 5307 will be assigned to an agent I don't see a problem with submitting what client has and then forwarding additional info. to IRS agent once it's assigned. Any comments? Thanks.

[JAY21]

Well, I had a similar experience on the TRA 86 restatements (1994 ??) where we did exactly what you are proposing and then when the IRS asked for the original document the client could not find it nor could any of the prior advisors that had been associated with the plan. The IRS started to threaten to disqualify the plan and wouldn't let us withdraw our request (not sure why) and then in an 11th hour miracle the client found the original document and the order in the universe was restored. Still it was a quite a scare to the client and ourselves that I personally would not recommend proceeding until you have the prior doc in hand.

[WDIK]

an 11th hour miracle

I love all of the heartwarming stories that surface during the holiday season.