Conditions for Using VCR

[Guest Rogers]

Looking for opinions on this topic. If a Plan Sponsor has adopted a master prototype using a non-standardized adoption agreement, must the plan have obtained its own determination letter to use VCR as the vehicle to handle the late correction of an ADP/ACP Test failure. Or, can it rely on the prototype's IRS Opinion Letter in this instance to file under VCR?

[chris]

In early 1998 I submitted an SVP request with respect to a plan sponsor who had adopted a standardized prototype document. The plan sponsor did not have its own determination letter and it relied on the Opinion Letter of the prototype sponsor. The compliance statement was issued with no problems.