SEP Conversion?

[Tinman]

 

Can a sponsor "convert" their SEP from Form 5305 to a prototype document governed SEP?
 

 

[CuseFan]

I do not deal with these directly but have consulted with advisors and their clients, communicating their need to restate their SEP onto a prototype and get off the 5305 platform so they could adopt a defined benefit plan, and no one had come back to me saying they couldn't do that so I'm assuming this can be done.

[Bird]

I'm guessing the proper procedure would be to adopt a new SEP on the prototype, and then either leave the assets alone or roll them. I suspect the investment company sees the account and the document being linked...or not; I'd ask them.