SEP documents provided by the big houses

Just kind of thinking out loud here -

Ever have a client ask if they can add a DB plan when they already have a SEP, and then you have to tell them the 5305 Model SEP document precludes a second plan?

A lot of times these sole proprietors have NO idea what sort of SEP documentation they set up years ago - so I was wondering it might be "obvious" that a custodian like Fidelity, Schwab, Merrill Lynch, etc. would or would not clearly be using a proprietary SEP document.

So I wonder - is there a reasonably accurate list anyone maintains that would say "THESE guys definitely use their own SEP documents, but THIS custodian issues its customers the 5305, so be careful?"

--bri

The IRS issued opinion letters for protoype SEPs, but I have not been able to find a published list.  FYI, the IRS has temporarily suspended is prototype IRA opinion letter program.  https://www.irs.gov/pub/irs-drop/a-22-06.pdf

If you do a search for the "name of a financial institution" + "SEP" + "5305" you will get a fair amount of information about their offerings.  For example:

"merrill" "sep" "5305" brings up a link to https://olui2.fs.ml.com/publish/content/application/pdf/GWMOL/SEPandSEPPlusAgreement.pdf

21 hours ago, Bri said:

Just kind of thinking out loud here -

Ever have a client ask if they can add a DB plan when they already have a SEP, and then you have to tell them the 5305 Model SEP document precludes a second plan?

A lot of times these sole proprietors have NO idea what sort of SEP documentation they set up years ago - so I was wondering it might be "obvious" that a custodian like Fidelity, Schwab, Merrill Lynch, etc. would or would not clearly be using a proprietary SEP document.

So I wonder - is there a reasonably accurate list anyone maintains that would say "THESE guys definitely use their own SEP documents, but THIS custodian issues its customers the 5305, so be careful?"

--bri

In my experience, those that have their own prototype SEP also offer the IRS Model Form 5305 SEPs. Employers can pull the IRS model from the IRS website.

Schwab

Pershing

No- I don't have a list. But it does sounds like a good idea