IRS Summer 2010 News--5307 filing date extended?

[Guest Penelope]

Last week, the IRS issued its Summer 2010 Retirement News bulletin. It included the following section (irrelevant parts omitted):

Part II - Post April 30, 2010, Form 5307/5300 Determination Letter Application Filings For Plan Sponsors Who Use Pre-Approved DC Plans

...

Exceptions to Off-Cycle Treatment

Post April 30, 2010, applications for individual determination letters for pre-approved DC plans in the following categories will be considered on-cycle and will be worked in order with other timely submitted on-cycle applications.

1. An application that is submitted on or before January 31, 2011 for:

1. A plan maintained by a non-governmental employer with an Employer Identification Number (EIN) ending in a 5 or 0 - the EINs that correspond to Cycle E;

...

Although the six-year EGTRRA remedial amendment cycle for pre-approved DC plans under Revenue Procedure 2007-44 ended on April 30, 2010, the five-year EGTRRA remedial amendment cycle for plans described in a. through c. above ends on January 31, 2011. Determination letter applications that are filed for these plans on or before that date will be considered to be on-cycle.

2. ...

If a plan described in categories one or two above is submitted on Form 5307, the plan will be reviewed on the basis of the 2004 Cumulative List. If the plan is submitted using Form 5300, the plan will be reviewed on the basis of the Cumulative List in effect on the date the application is submitted....

An adopting employer submitting a determination letter application for a plan, which meets one of the two categories for on-cycle treatment should indicate which category the plan is eligible for in the cover letter to the application.

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Just looking for confirmation that this means that a nonstandardized prototype plan can be filed for a DL on Form 5307 by January 31, 2011 if the plan would qualify for Cycle E if filed as an individually designed plan. Do you agree? If the employer decides to use the 5307 option and gets a DL based on the 2004 Cumulative List, will that affect its timing in the next round of filings?