2011 Required Amendment

[Cynchbeast]

We have a client who has been notified of an IRS audit on his Profit Sharing Plan (always fun). They of course are asking for all plan docs, amendments, etc.

Question - Plan was restated effective 2010, and then we prepared and the sponsor signed the 2011 Required Amendment. We have not revised the SPD. Does this amendment require an SMM?

[david rigby]

Depends on your relationship?

When dealing with an audit, it seems advisable to get all advice from the plan's attorney, and maybe your attorney. Just a thought.

[QDROphile]

What has the IRS got to do with the SPD or SMM? That is not a qualfication requirement.

[Bird]

We have a client who has been notified of an IRS audit on his Profit Sharing Plan (always fun). They of course are asking for all plan docs, amendments, etc.

Question - Plan was restated effective 2010, and then we prepared and the sponsor signed the 2011 Required Amendment. We have not revised the SPD. Does this amendment require an SMM?

Probably not. I don't think they can do much more than say "you should have an SMM" because it's not their jurisdiction. The SPD is just something they want to check off on their checklist anyway.