2014 Form 5307, Required Practioner's Statement?

[Briandfox]

I am having trouble with item 3g column (ix) for the current IRS Form 5307.

What is "The Required Practioner Statement" that should be attached?

1. Is this refering to amendments where the Prototype Sponsor adopted the amendment on behalf of all adopting employers, and states somethin to the effect of:

"Except with response to any election made by the Employer in____, the protoype sponsor, on behalf of all adopting employers, hereby adopts this Amendment on ________"?

2. How do we judge the adequacy of these statements?

I have one that just says:

"Except with respect to amendments made by the Employer to this adoption agreement, this amendment is hereby adopted by the prototype sponsoring organization on behalf of all adopting employers on.

[sponsor's signature and Adoption Date are on file with Sponsor]

3. If any amendment was signed by the employer and not the prototype Plan sponsor, do we indicate "NO" or "NA" in item 3g of column (ix)?

There are no instructions for the current Form 5307 that indicate how 3g(ix) should be answered.

Thanks

[Belgarath]

I believe it refers to this - naturally not explained in the 3g instructions, which would be too easy, but on the second page of the 5307 instructions...and I'd answer it "yes" and attach the statement. If it ain't what they want, they will ask for what they want.

A written representation
(signature optional) made by the VS
sponsor under penalty of perjury, that
explains that the plan and trust
instrument are not word-for-word
identical to the approved specimen plan
and describes the location, nature and
effect of each deviation from the
language of the approved specimen
plan

[Briandfox]

We have a nature and effect statement that is generated automatically by the SunGard document system.

However, that appllies to the current 1/1/2015 PPA restatement.

There is no such statement for the 10 amendments that we are listing that have prior effective dates to the 2015 document and apparantly we are supposed to indicate yes or no for each amendment.

I still have no idea what 3g(ix) is asking to be indicated.

[Belgarath]

I still think that's what it is. You have an approved EGTRRA document, to which a bunch of amendments were made - you are now submitting for a new D-letter, and you have to do the statement regarding those amendments. Also take a look at the "procedural requirements" checklist, #8 - see below. This statement is required, and I believe that is what 3g(ix) is referring to. But don't take my word for it, contact the IRS and ask them. Of course, good luck with getting a response within the next 6 months...you might also consider contacting Sungard and asking them - their support is very good.

A list of modifications (For each modification of the approved specimen, is a separate written representation made by the VS practitioner that explains how the plan or trust instrument differs from the approved specimenplan and explains the effect of the modification of the approved specimen plan attached?);

[Briandfox]

I spoke to an IRS agent who was reviewing a submission we had on the prior 5307 form and asked the agent for guidance on the new form.

He said he didn't know and suggested that we attempt some good faith response.

I am a bit weary of that because these submission just seem to be getting at oppurtunities for referals to audit cap or other sanctions or penalties for minutia that wouldn't even be inquired about on audit.

[Belgarath]

What an enlightening response! If you only a bit weary, I admire your patience.