Determination Letter For EGTRRA Pre-Approved Plan

[Rai401k]

1. Does anyone know when would be a good time to start submitting EGTRRA pre-approved plan documents?

We use Corbel's Volume Submitter Documents and they recently came out with the EGTRRA document. So we are in the process of restating our GUST documents to the EGTRRA docs. We want to submit these docs for determination letters? ( We understand that we don't need to since the documents are pre-approved, but we feel that it's a security net).

2. Should we wait until we adopt the PPA amendment in 2009 to submit? Would the determination letters be different if we applied now rather than later?

3. What amendments should be included when we submit? I've read that the EGTRRA good faith and 401(a)(9) amendment should be included? but we submitted these with our GUST documents, am I wrong in assuming that they do not need to be included?

I believe that the amendments that need to be included are:

1. Autorollover amendment

2. Final 401(k) Amenmdent

3. Final 415 amendment (if we sumbit now)

If we sumbit closer to 2010 then the

4. PPA amendment should be included

5. And possibly the HEART amendment

(am I correct, I hope I have a good understanding of this!)

ANY ADVICE WOULD BE HELPFUL!

[Guest amycavanaugh]

A few thoughts on this. One is that the new 5307 apparently has a bar code that allows the IRS to track and gather more information. For this reason the more you can get done before the September 30 deadline using the old form, the better.

1. Does anyone know when would be a good time to start submitting EGTRRA pre-approved plan documents?

A few thoughts on this. One is that the new 5307 apparently has a bar code that allows the IRS to track and gather more information. For this reason the more you can get done before the September 30 deadline using the old form, the better. See the IRS newsletter for more details on this.

While the IRS is encouraging people not to submit, I agree that it is time and $$ well spent. Interestingly in many states and advisory/opinion letter is protection for bankruptcy, it is not always in the case of a lawsuit.

The IRS has stated that it is not necessary to readopt the snap on amendments as part of the restatement, although me and others think it is wise. Also the IRS was clear that it is only necessary to submit the snap-ons if you have a volume submitter plan and that plan does not have language that allows for the volume submitter to amend at a sponsor level (this makes no sense to me).

Also the IRS is issuing more restatement guidance in the next few weeks that is intended to clarify a lot of this mud so in other words do not submit anything tomorrow.

Hope this helped.