Tips for Master and Prototype Plan Sponsors

The IRS provides tips for sponsors of master and prototype plans regarding their responsibilities to plan adopters.

Document Excerpt

M&P plan sponsors must meet their responsibilities that include making diligent efforts to ensure that adopting employers:  

  1. complete and sign new adoption agreements and signature pages when necessary (for example, when the plan has been restated, or when the plan sponsor changes adoption agreement choices);
  2. are aware of and receive all plan documents and amendments (including an IRS-approved copy of the plan, subsequent amendments and the most recent opinion letter); and
  3. timely amend their plan for law changes to remain qualified.

Additionally, M&P sponsors have recordkeeping responsibilities and must give the IRS a list of their adopting employers upon request.

Link http://www.irs.gov/retirement/article/0,,id=242802,00.html

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