failure to amend for ppa & egtrra

[Beemer]

A client has a plan that is filing under VCP due to untimely amending for PPA & EGTRRA. The trustee has signed the adoption agreement, but the custodian will not sign until after a successful VCP submission.

Will filing under VCP without the custodian signature be a problem?

Thanks for any responses.

[K2retire]

Since plans are not required to have aq custodian, it seems unlikely that it would be a problem.

[Beemer]

On the adoption agreement, by the Custodian signature line, is the phrase "Both a Custodian and Trustee must be appointed for the Plan".

[Guest Sieve]

The custodian does not sign amendments, and is not required to--and, a custodian's signature is not required by law to establish the plan and the Trust. But, to be safe under the circumstances, I'd either (i) appoint a custodian by Board resolution, and submit under VCP without the custodian's signature, or (ii) get another custodian who will sign.

[Beemer]

The name of the custodian is preprinted on the adoption agreement, so only they can be custodian for their own adoption agreement (although they won't sign it yet). We are considering asking for a letter from the custodian stating that they would sign as custodian, after the successful VCP submission. We would attach the letter to the VCP submission. I don't know if they will be willing to do this yet.

[K2retire]

The joys of dealing with bundled service providers!

[Beemer]

The custodian is telling us that they will give us a letter, stating that they will sign as Custodian after the successful VCP submission, but they can only act as Custodian for assets held there, and there are plan assets held elsewhere.