Trustees signing PPA Restatement

[Tinman]

Trying to find some concrete specifications on this - if a plan has three trustees and only one has signed the PPA document by April 30, 2016, is the plan considered executed? Or do all three have to sign before the document is considered compliant?

[Lou S.]

I think it depends on whether the Trustees are allowed to act independently or must sign in concert. That is probably buried somewhere in your document.

[david rigby]

Who is the authority to adopt or amend the plan?

If it's the BOD, it might not be important for any Trustees to sign.

[Tinman]

Here's what the BPD states:

8.1 AMENDMENT

(a) General rule on Employer amendment. The Employer shall have the right at any time to amend this Plan subject to the limitations of this Section. However, any amendment that affects the rights, duties or responsibilities of the Trustee (or Insurer) or Administrator may only be made with the Trustee's (or Insurer's) or Administrator's written consent. Any such amendment shall become effective as provided therein upon its execution. The Trustee (or Insurer) shall not be required to execute any such amendment unless the amendment affects the duties of the Trustee (or Insurer) hereunder.

That leads me to believe that ALL trustees would need to sign (if the amendment is something that affects their duties) - would you say I'm interpreting that correctly?

[Peter Gulia]

If one assumes, hypothetically, that those of the trust's terms that are different than the preceding document's terms are ineffective, might the remaining plan and trust terms be sufficient to state a plan that meets all conditions of Internal Revenue Code section 401(a)?

[Tinman]

There is not a separate trust document in this case.