plan amendment for 415

[Gary]

The pension professional at our firm did not have the defined contribution plans amended for the final 415 regulations.

That professional is no longer with firm.

My understanding is that the 415 amendment should have been done by the due date of the tax return for the fiscal year beginning on or after 7/1/07.

So this indicates to me that many of our plans may not have amended their plans by the deadline.

My speculation is that the prior pension professional might have intended to amend for 415 at the time plans were restated for EGTRRA. DC plans need to be amended for EGTRRA by 4/30/2010 so it is conceivable to be timely for EGTRRA restatement but late for 415 amendment.

Am I missing something here?

What remediies are suggested?

Thanks.

[Guest Kathy D]

The pension professional at our firm did not have the defined contribution plans amended for the final 415 regulations.



That professional is no longer with firm.



My understanding is that the 415 amendment should have been done by the due date of the tax return for the fiscal year beginning on or after 7/1/07.



So this indicates to me that many of our plans may not have amended their plans by the deadline.



My speculation is that the prior pension professional might have intended to amend for 415 at the time plans were restated for EGTRRA.  DC plans need to be amended for EGTRRA by 4/30/2010 so it is conceivable to be timely for EGTRRA restatement but late for 415 amendment.



Am I missing something here?



What remediies are suggested?

Thanks.

[/quote]

[Guest Kathy D]

Counsel at our law firm said that we were okay if taxes were filed by 9.30.08. Otherwise we had to file for VCP when we filed restatement in January. Of bigger concern is an interpretation of 415.

[KJohnson]

Calendar year plan with employer's return under extension you still may be ok for some. If not, VCP filing fee for missing interim amendments is very modest. I think $350 or $375 if I recall.