Does anyone have a good checklist of things to ask the client for when

[Guest Juracek]

Does anyone have a good checklist of things to ask the client for when taking over an existing plan?

[Guest sydney]

Plan Document

Adoption Agreement

Summary Plan Description

Most recent Plan Valuation

IRS Determination Letter

5500 Tax Return

[Guest RS Vatalaro]

It's also helpful to ask for the last several year's of compliance testing for top heavy look-back distributions, treatment of ADP test re: prior yr/current yr history, things like that. Depending on the TPA the valuation report may or may not include compliance testing. A reconciliation of last year's investment report to the 5500 also is helpful as I frequently find the investment report doesn't tie to the 5500 even when considering accruals (!).

[Larry M]

In addition to the questions concerning th ownership of the company, the persons who are important, and other info needed to help a new client, we ask for completion of the following form:

QUALIFIED RETIREMENT PLAN TAKEOVER INFORMATION REQUEST

Name of Firm:.

Address:

Phone: ( ) -

Exact Name of Plan:

Person to contact for Information:

Address: Phone: ( ) -

All of the following should be returned with this form. Check those attached:

[ ] Copy of Plan Document and Trust Agreement with all amendments

[ ] Copy of Summary Plan Description

[ ] Copy of I.R.S. qualification letter and any subsequent correspondence

[ ] Copy of letter(s) requesting I.R.S. determination

[ ] Trust, Trustee or Fiduciary Federal Tax ID# -

[ ] Copy of I.R.S. Form 5300/5301 and 5302 Application for Determination

[ ] Copy of I.R.S. Form 5500 for each of last 5 prior years with Schedules A, B & SSA

[ ] If a Defined Benefit plan, copy of all prior actuarial reports (or last 5 prior years)

[ ] Copy of Trustee Reports, listing assets for each of last 5 prior years

[ ] Worksheets or statements reflecting Participant Account values

[ ] If insurance is in Plan, detailed listing of each policy including copy of face page and cash value table for each policy

[ ] Complete listing of all current employees with exact name, date of birth, date of hire, sex, marital status, date of spouse's birth, compensation for Plan purposes for each of the past 5 years, and percent of stock ownership in this company. Indicate if union ("u") or non-union ("n"), and whether they work at least 1,000 hours ("a"), 501 - 999 hours ("b") or less than 501 hours (c") per year

[ ] Copy of bond or name of bonding company if required for this Plan.

Dollar amount of bond currently in effect $

[ ] Are any other businesses owned by this Company or Stockholders of this Company?

[ ] Yes [ ] No (If "yes", please give details in Comments)

[ ] Other - Copies of DC/DB combined fraction calculations for last five years

[ ] - Copy of any settlement agreement with IRS

Comments/Notes:

[Guest Maureen]

make sure you get any previous mrd election information.

[Guest WalterM]

To Whom,

I have found that using the Voluntary Compliance Review checklists that plans used

to comply prior to IRS reviews are excellent.

They are comprehensive and provide enough

detail to understand a given plan.

WalterM

[Guest Cindy H]

Also a complete list of any participants in pay status with a copy of their elections, W4-P, address, SS# and ACH information.

[Guest Dook]

Also:

Every scrap of information you can get on any outstanding participant loans.

Basis of deferral account for determining future hardship withdrawal maximums and, basis in any after-tax account they maintain, for tax reporting purposes.