waid10 Posted December 5, 2005 Posted December 5, 2005 I have a new client whose money purchase pension plan and profit sharing plan are under audit. Apparently, neither plan had been amended to comply with regulatory changes starting in 1981. The IRS is instructing me that to bring the plans into compliance and not lose qualification, all required amendments must be drafted and adopted, starting with TEFRA/DEFRA/REA, and going forward to present day. It seems quite silly to execute these amendments when GUST and EGTRAA supercede them. Notwithstanding the fact that I was 8 years old when TEFRA came out, can anyone point me in the direction of a good resource or model amendment for TEFRA/DEFRA/REA? I am not sure where to start in drafting such an amendment.
Larry M Posted December 5, 2005 Posted December 5, 2005 get thee (and thy client) to an ERISA attorney, and save yourselves much grief and money.
saabraa Posted December 6, 2005 Posted December 6, 2005 The IRS had some 'tack on' amendments for TDR. One set was for DC and one was for DB. There were a small number of options to choose/blanks to fill in. See if the auditor can kindly obtain a set for you, in the interest of getting the case closed sooner.
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