No PSP Plan Doc From 1991

[chris]

Client adopted a prototype profit sharing plan through financial advisor. Client recently terminated it and with help of financial advisor sent in a Form 5310. Appears that IRS is now asking for a plan doc from 1991. Client moved offices a number of times over the years and could not locate original document. Financial advisor appears to not have a copy either as she says financial advisor company was not required to keep a copy so she did not do so. My initial thoughts are to have client turn over every stone to see if he can locate a doc from 1991 incl adoption agreement. I assume that there will be a closing agreement necessary since it is in the midst of a Form 5310 review? Any thoughts on avenues to locate a copy of the original doc? Thanks for any suggestions....

[J Simmons]

Do you know what company was the prototype sponsor? Maybe the financial advisor could be helpful in that regard, and then you could see if that sponsor happens to have record of the adoption agreement. Back in the 1990s, a prototype sponsor was supposed to send the adopting employers a statement each January that the sponsor of the prototype continued that sponsorship, and in order to do that, the prototype sponsor needed to keep a list of the adopting employers. Perhaps that list from the prototype sponsor would be of some help with the closing agreement process if the adoption agreement cannot be found.

This kind of illustrates why applying for a d-letter every restatement is not a complete waste of time.

[chris]

Ends up client filled out 5310 by himself and didn't even send in the user fee much less answer all of the applicable questions. IRS has asked for the user fee, plan doc as well as all amendments thereto. I had considered client not sending in the user fee and letting IRS send the application back, but I would think client's information would still be in their system which would potentially trigger an audit upon filing of the purported final Form 5500. I have told client to turn over all stones -- original financial advisor, cpa, anyone who may have dealt with plan assets along the way. Most likely will ultimately 'fess up to 5310 reviewer re no document able to be located and then go through Audit CAP....??