Guest mike0355 Posted March 8, 2012 Posted March 8, 2012 Given: 1-owner DB plan Plan was amended to reduce formula for 2010. Board of Directors adopted resolution on 1/1/2010. Effective date is 1/1/2010 Amendment was signed on July 2011. Question: Is there any problem here? Thanks for all responses.
SoCalActuary Posted March 8, 2012 Posted March 8, 2012 OOOh, OOOh, lawyer question. (Sorry, I just found out The Three Stooges Movie is coming.) Seriously, you are probably within the rules by having a properly documented resolution, and adequate notice to the one participant. But you should be discussing this in the document forum.
Guest mike0355 Posted March 9, 2012 Posted March 9, 2012 OOOh, OOOh, lawyer question. (Sorry, I just found out The Three Stooges Movie is coming.)Seriously, you are probably within the rules by having a properly documented resolution, and adequate notice to the one participant. But you should be discussing this in the document forum. Is there no problem with the 7/11 signing date?
jpod Posted March 9, 2012 Posted March 9, 2012 So, is there really a Board of Directors and they met on New Year's Day 2010? That, in and of itself, is fishy.
SoCalActuary Posted March 9, 2012 Posted March 9, 2012 So, is there really a Board of Directors and they met on New Year's Day 2010? That, in and of itself, is fishy. If you were not there, then how do you know? My experience is that the IRS accepts attestation under threat of purgery that the document was genuine.
jpod Posted March 9, 2012 Posted March 9, 2012 If there was an amendment dated in 2010, I'd agree. It's the July 2011 amendment combined with a Board resolution dated New Years Day 2010 that creates an issue.
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