EGTRRA Restatement Individually Designed Plan

[Guest ebailey]

If I have a profit sharing plan and the decision was made NOT to submit for a new determination letter, do I still need to restate for EGTRRA to remain in compliance? Any thoughts? Most of the guidance refers to the remedial amendment cycles etc.

[WDIK]

do I still need to restate for EGTRRA to remain in compliance?

Most certainly, yes.

[Guest ebailey]

Any guidance or citations which will confirm what you said - I have an accountant type (no offense to the accountants out there) who must see it in writing.

[Peanut Butter Man]

Rev. Proc. 2007-44

[rcline46]

I have learned to take the position that I AM THE PROFESSIONAL HERE. The other party has to prove the negative.

[jpod]

There are plenty of places to find the authority for plan amendment deadlines. That is a horse of a different color from the deadlines for submitting DL applications. I agree with rcline's suggested approach, but if you are forced to come up with something you will be able to find it. I must say, however, that the question in your original post suggests that you might be over your head a bit here.

[Guest ebailey]

I appreciate your concern; however I am not asking about amendments. I am aware of the authority for timely amendments - which is different than a restatement as I'm sure you are aware. However, it is in the authority for submitting DL which requires a restatement for EGTRRA (2007-44). I do not read Rev. Proc. 2007-44 as requiring a restatement for EGTRRA UNLESS I am submitting for a DL in one of the remedial amendment cycles (unless I'm missing something). Now, assuming I'm not submitting (a business decision against my advice) do I need to restate or would my good faith amendment (based upon IRS good faith amendment) be sufficient for compliance. Any constructive thoughts?

[jpod]

ebailey: My apologies. Obviously I didn't realize your question was so narrow: restatement vs. add-on. I don't know why a restatement is necessary, and if not I doubt you'll find anything from IRS confirming that. ON the other hand, the good faith EGTRRA amendment might not be sufficient if the model amendment published in 2001 was used.

[Guest ebailey]

thank you

[John Feldt ERPA CPC QPA]

Right.

If you do not want reliance on an IRS letter to protect your plan language from scrutiny, then you do not need to restate.

If you are on a GUST prototype or volume submitter now, then its current IRS opinion letter/reliance letter will expire.

When that happens, any word in your document is open for attack, and will be attacked when the IRS audits the plan. Perhaps your hope is that the IRS auditor isn't very picky about anything, and that's a very positive way to look at this.

Also, you can put all of your personal assets on green and roll. (or is that 'spin'?)

edit: typo