As part of acquiring the AccuDraft business from Thomson Reuters, Document Agility has now received its re-titled IRS Approval Letters for the PPA DC plans and the EGTRRA DB plan using the Document Agility name. All Approval Letters have kept the same letter serial number as they had previously, and the re-titling is simply a change in sponsoring entity that has no effect on qualification.
The re-titled letters are available in the Resource Center on the AccuDraft website under the "IRS Approval Letters" heading of the "Pension Resources" section.
What this means for clients who are word-for-word adopters or minor-modifiers
If you are a word-for-word adopter or minor-modifier of one of our PPA DC plans or our EGTRRA DB plan, you don't need to do anything to continue to rely on the qualified status of your plans. The change in sponsoring entity for the "lead" plan, on which you word-for-word adoption is based, has no effect on qualification status. You do not need to take any action in order to continue to rely on your plans' letters. This applies both to plans you've already created and plans that you create going forward.
What this means for clients using the plans in Document Agility's name
If you are not a word-for-word adopter or minor-modifier, you don't need to do anything to continue to rely on the qualified status of plans in our name. The change in sponsoring entity for our plan has no effect on qualification status. This applies both to plans you've already created and plans that you create going forward.
When will the re-titling changes be reflected in the DocsEngine and AccuDraft Pro systems?
As a result of re-titling our approval letters, certain content in our plans has been updated to reflect Document Agility as the sponsoring entity. If you are a word-for-word adopter or a minor modifier for certain plans, these changes will not apply to you, as your firm's name will continue to be displayed on adoption agreements as it was previously.
The following plan documents are re-titled to use Document Agility Inc as the pre-approved sponsor on the Adoption Agreements and in various locations within the Base Plan Documents:
- PPA NS Proto 401(k) - PPA NS Proto Profit Sharing - PPA NS Proto Money Purchase - PPA Volume DC (Adoption Agreement) - PPA Volume DC (Contract) - EGTRRA Defined Benefit
These changes will be reflected in the content on the DocsEngine system as of 12:01am on May 26, 2016. Any documents you create after this point will contain references to Document Agility Inc as described above. For the AccuDraft Pro system an update will be released on May 26, 2016 which contains these changes.
I'm busy working on my blog posts. Watch this space!