Qualifying a Puerto Rican Plan?

[Guest bobolink]

I'm not sure where to put this question, so I'll go "general". Has anyone any experience in qualifying a PR db retirement plan? Is it like here where you can be operational and then apply for a determination letter or do you have the plan approved before assets are deposited?

I have someone who wants to spin off its PR population into a PR plan before 12/31/2010 to take advantage of Rev. Rul. 2008-40. Is this possible at this late date since there is no PR plan in place?

Thanks for any response.