401k Amendments

[Guest sally26]

Hello 401k experts,

I have a question regarding past 401k amendments. I was looking through some old files and found 2 401k amendments which had not been signed or adopted into our plan. One is the Amendment effecting the in voluntary distributions and the other is the 415 amendment. Both amendments should have been signed back in 2005 and 2006.

Does anyone know if we can ask the board to approve them now even though its been over 3 years? I have no intention of back dating them but want to make sure that if we can, we get in compliance quickly. In addition for the 415 I believe we needed to do something with our tax returns is that correct?

Thank you!

[Guest Sieve]

If your plan is a prototype plan (check the box), you may not need to adopt the amendments. They may have been automatically adopted for you by the prototrpe sponsor. Read the documents carefully.

If they must be signed and adopted, then signing/adopting now is not enough because, as you point out, they should have been adopted long ago. You can only correct and keep the plan in compliance by adopting now and then going to the IRS under the EPCRS program and paying a $375 fee for late interim amendments. See Rev. Proc. 2008-50 on the IRS website for VCP procedures (part of EPCRS) for nonamenders .

The only connection I can make with the Section 415 amendment and your tax return is that the amendment must be adopted by the due date, as extended, for the employer's tax return for the year beginning on or after July 1, 2007--i.e., by 9/15/09 if the 2008 calendar year corporate tax return is on extension.