Interested Party Notice

[Guest]

When terminating a prototype plan, either standardized or nonstandardized, and the employer elects not to file Form 5310 (certainly against our advice), what sort of notice is given to interested parties? Is it ok to use the standard format and indicate that the plan is not being submitted? What date is used in place of the application date, which all the comment dates run from? Thanks.

[Dave Baker]

I don't think you would need to provide notice at all. The notice to interested parties is part of the IRS procedures that apply to the issuance of determination letters (5300, 5307, 5310, etc.).

[Guest Ray Williams]

Beg to differ Dave- We always prepare a Summary of Material Modifications which we expect the Plan Sponsor to provide to the participants. I would not use the Notice required for filing a 5300 series either. This is also assuming the the PBGC is not involved. We have had Plan Sponsors file with the PBGC and not IRS.