Late amender of Citibank docs

[cathyw]

Within the past 2 months, I have gotten referrals from a couple of accountants regarding old "keogh" or small one person plans that were set up with Citibank many years ago. Citibank is trustee and the plan uses the Citibank prototype. Now, all of a sudden, Citibank is waking up and saying that they don't have a signed copy of the EGTRRA restatement and they have frozen these accounts until the matter is corrected through VCP.

In at least two of these referrals, the client has nothing since the original establishment back in the 80s. Requests to Citibank to look for interim documents is not yielding any results.

The standard VCP submission using Schedule 2 would require separate restatements and interim amendments, as well as the latest prior plan document. I probably couldn't even find some of these old document templates (such as TEFRA/DEFRA/REA). Will the IRS consider an application under these circumstances that just includes the EGTRRA document?

Considering that Citibank probably has some culpability for not monitoring the continuing qualification of the plans for which they are trustee, it is pretty heavy handed to place full responsibility on the shoulders of these individuals who assumed that Citibank was taking care of this and who do not have the resources that Citibank has.

Thanks for any input.

[John Feldt ERPA CPC QPA]

We have not needed to go back as far as a TEFRA/DEFRA/REA document yet, but we were able to get documents (adoption agreements and basic documents) in Word format for TRA'86 and GUST from Corbel. I would guess that the other major document providers would also be able to provide - I'd start with the document provider you use now for your current plan documents.

[Guest STERNBE@HOTMAIL.COM]

I am having a similar problem. I have an old "Keogh" one person plan that was set up with Citibank in 1981. Citibank is the trustee and the plan uses the Citibank prototype. I have not contributed since 1996. I have copies of a Citibank form called "Profit Sharing Keogh Plan Employers Adoption Agreement" that I signed back in 1991 and 1996.

When I wanted to rollover the Keogh to an IRA, Citibank tells me that the Account is frozen because they don't have a signed copy of the EGTRRA restatement and it is frozen by the IRS until the matter is corrected via VPC. They claim that they sent me the EGTRRA packet 3 times and I just ignored it. I am positive it is not true. Interestingly, I have a copy of every Keogh form I signed from CITIBANK from 1981 through 1996. I have all statements from 1981 through 2014. (All on paper not in digital form.)

The IRS has been very helpful in explaining the VPC process except that they want both GUST and EGTRRA restatements and amendments plus $750.

I went back to Citibank over 3 weeks ago and thus far they have only provided me with EGTRRA forms. They have not been able to come up with any forms related to GUST, neither completed/signed copies nor BLANK forms. I asked them to provide me with Employer EIN and they have not responded yet. Fortunately I found only one form from the 1990s that had my EIN. (I could always go back to my Fed Tax returns which I also still have.)

Where can I get the GUST blank forms????? Please help.