Prototype Document

[austin3515]

We need to do a money purchase plan document, although we do not sponsor a MP prototype. What do other people do? Are there services out there that will allow you to utilize a Corbel prototype that some business has adopted, and will just charge per document.

For example, it was not cost effective for us to adopt our own MP prototype, nor a Volumen Submitter "check the box" document, since we only have a handul of plans that need those.

And I don't want to use those really nasty IDP documents because they're so hard to work with...

[Guest larryqpc]

We need to do a money purchase plan document, although we do not sponsor a MP prototype. What do other people do? Are there services out there that will allow you to utilize a Corbel prototype that some business has adopted, and will just charge per document.

For example, it was not cost effective for us to adopt our own MP prototype, nor a Volumen Submitter "check the box" document, since we only have a handul of plans that need those.

And I don't want to use those really nasty IDP documents because they're so hard to work with...

The best thing to do is utlize the Relius (not Corbel anymore!) document service and let them produce a Money Purchase Volume Submitter plan for you. They're really NOT nasty. You will fill out the checklist; they will produce the document for you.

Using some other firm's prototype leaves you open for all kinds of problems, even potential liability to your client.

And a word about prototypes in general; though we had them for years and years IN ADDITION to our volume submitter documents (I finally dropped them this last EGTRRA go-round), and I drafted the prototypes in the 70's for a BIG insurance company that services over 6000 plans in those days, we (my current firm) almost never used them (maybe on 12/31 when a new client showed up and I had to get a document done immediately - now I can do a VS just as fast!). I dislike prototypes for a lots of reasons, but several comparisons make the point I think. Your clients go to you because you are a CPA; they don't go to H&R Block. There's a reason; prototypes have the same problems. They are severely limited in their ability to meet client objectives (you have to follow the IRS rules about what can be in a prototype). Why would I buy a suit off the rack at Sears when I could get a custom tailored suit for the same price? (Our fees for prototypes were never different than VS documents - the work is not very much different). If the client needs a modification of any kind, I can do it with a VS so long as it is legal. You can't do that with a prototype. That limits your ability to serve your client to the best of your ability.

Just one way of looking at it.

Larry.