Submission Deadline May 1, 2016 or April 30, 2016

[Briandfox]

Hello all-

Since April 30, 2016 falls on a Saturday, does that mean we have until May 1, 2016 (the next business day) to submit PPA Plan restatements to the IRS via Form 5307?

Thanks

[Griswold]

It's just the date to adopt by. If you've changed the VS plans and want a determination letter, then yes, April 30th. That's what the website says, anyway.

[401 Chaos]

Can anyone provide more information on this. I know with the individually designed plan deadlines on a 5-year cycle the IRS had a chart or FAQ that expressly noted that the submission deadline was Feb. 1, 2016 (because January 31 was on a Sunday) but I have not seen anything as clear on the April 30 deadline. Is the extension to the next business day clearly only good to extend submission and not adoption? What if an IDP was adopted Feb. 1 rather than January 31?

https://www.irs.gov/Retirement-Plans/Submission-Procedures-for-Individually-Designed-Plans-5-Year-Remedial-Amendment-Cycle

[401 Chaos]

Wouldn't 7503 seem to say you have until Monday, May 2nd to actually adopt the plan as well as submit the 5307?

§ 7503 Time for performance of acts where last day falls on Saturday, Sunday, or legal holiday.

When the last day prescribed under authority of the internal revenue laws for performing any act falls on Saturday, Sunday, or a legal holiday, the performance of such act shall be considered timely if it is performed on the next succeeding day which is not a Saturday, Sunday, or a legal holiday. For purposes of this section, the last day for the performance of any act shall be determined by including any authorized extension of time; the term “legal holiday” means a legal holiday in the District of Columbia; and in the case of any return, statement, or other document required to be filed, or any other act required under authority of the internal revenue laws to be performed, at any office of the Secretary or at any other office of the United States or any agency thereof, located outside the District of Columbia but within an internal revenue district, the term “legal holiday” also means a Statewide legal holiday in the State where such office is located.

[Peter Gulia]

Does the IRS's recent publication of procedures for correcting a failure to adopt "by the April 30, 2016 Deadline" suggest that someone in the IRS thought about the section 7503 point?

https://www.irs.gov/Retirement-Plans/VCP-Submission-Kit-Failure-to-adopt-a-new-Pre-Approved-Defined-Contribution-Plan-by-the-April-30-2016-Deadline

Or is it equally plausible that the IRS published that guidance without saying whether the date is April 30 or May 2?

[thepensionmaven]

What about Volume Submitter docs?