Compliance June 7, 2001

IRS Posts Draft Determination Letter Forms

July 6, 2001 (PLANSPONSOR.com) -The Internal Revenue Service has published draft revisions of determination letter application forms on the Employee Plans Corner section of its Web site.
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Draft revisions of Forms 5300, 5307, 5310, 6406 and Schedule Q and their related instructions are now online at http://www.irs.ustreas.gov/bus_info/ep/deter_ltrs.html. These forms are draft versions, and may not be used to file determination letter applications.

The IRS cautions that these forms are considered ‘drafts’ and, as such, remain subject to changes in format and content before final versions are available. However, practitioners can take a sneak peak at the current thinking.

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The forms available include:

  • Form 5300 and Instructions – Application for Determination for Employee Benefit Plan
  • Form 5307 and Instructions – Application for Determination for Adopters of Master or Prototype or Volume Submitter Plans
  • Form 5310 and Instructions – Application for Determination for Terminating Plan, which is used by the sponsor of a qualified plan which is terminating, with the exception of multi employer plans covered by Pension Benefit Guaranty Corporation (PBGC) insurance
  • Form 6406 and Instructions – Short Form Application for Determination for Minor Amendment of Employee Benefit Plan, used by adopters of minor amendments for plans with a current determination letter
  • Schedule Q (Form 5300) and Instructions – Elective Determination Requests, which is used in conjunction with Forms 5300, 5307 and 5310 to request determinations for certain coverage and nondiscrimination requirements

The Adobe Acrobat Reader software is required to view, print and search these files.

– Nevin Adams                             editors@plansponsor.com

Reader Responses June 6, 2001

Survey Says: How Do YOU Spell "Relief?"

SURVEY SAYS: As we noted yesterday, our "acronymically challenged" legislators have given us a tax bill with a less than scintillating --or pronounceable -- name, EGTRRA ? short for the Economic Growth and Tax Relief Reconciliation Act of 2001. Various commentators, consultants and others have already adopted what THEY think the proper pronunciation is --but we wanted to know what YOU think.
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Roughly a third (34%) opted for what seems to be the most commonly used, EGG-TRAH , but nearly 30% opted for “other” (more on that in a minute). More than 18% preferred EGG-TERRA , while 14% had “better things to do.” Roughly 4% opted for “egg salad, by the way.

Now, as for those other choices, EGG-TRAY was the most popular, drawing roughly half of the “other” category. EXTRA and/or EGSTRA was a close second, with the ubiquitous “egstra ,egstra read all about it”. Also suggested were EGSTRACT, ECTRA 2001, DEFTRA, TaRRA 2001, EE-GOTT-TRA, GIBIOM, E-GAHT-TRA, EE-GREET-TA and EG-CETERA. One reader even suggested we call it :Portman/Cardin!

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VERBATIMS:

I am not sure if you heard or not but the technical corrections are supposedly going to be called ERATA. So:if we call it the EGG-TERRA ERATA it sounds kind of kinky or like a foreign language!

Editor’s Note: –or something out of Jurassic Park III

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I prefer (a) EGG-TRAY….because like a carton of eggs, this thing (currently) has an expiration date.

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EE-GOTT-TRA: Because:

1. That’s what the acronym actually spells – why complicate things.

2. It sounds like something from a bad 1950s movie, as in: Godzilla vs. EGATRRA.

Editor’s Note: Hey, we LIKED Godzilla –at least the old ones!

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I prefer to call it the Obfuscation and Confusion Enhancement, Government Enlargement and Tax PAyer-Hostile Act to Eliminate Growth bill.

OCEGETPHAEG = pronounceable, if you speak Kyrgystani [I think]

The results may not be too far off from my new name.

Editor’s Note: Or, as we like to call it, business as usual

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In keeping with the pronunciation of ‘YOO’ SERRA’ with the accent on the first syllable, it should be ‘EGG’ TERRA, also with the accent on the first syllable. These things have to be carefully thought out, like: “tefra-defra-rea”; which, if you put them all together, sounds like a disease. Clearly, we don’t have enough work to do. I wish this market would turn around.

Editor’s Note: speaking from the perspective of a former life, TEFRA, DEFRA, REA put together WAS a “disease”?

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Seems to me it’s a jumble should be reformed to GRREAT…especially since it will probably help insure my employment for a few more years!

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The Economic Growth And Tax Relief Reconciliation Act of 2001should be referred to as: E-Gaht’-Trah

This is the only acceptable pronunciation in my view, and I will not rest until the term “Egg-Tra” -is dead and buried!

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MORE VERBATIMS

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I prefer the EGG-TRA form for now. It is at least concise and not confused with any other act in place now. In our Plan the new law will only help the 2% who are at the deferral/contribution limits under current rules.

ERISA counsel quote to amend the Plan to take advantage of the new laws gave me the idea for the new name. I would call it SLATWAC (slat-wac). Stands for “Short Lived Act That Will Add Cost”

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I like Egg-trah since it rhymes with Hippa.

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I vote for (a) EGG-TRAH – as in EGG-TRAH, EGG-TRAH, read all about it!

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(e) perhaps not better, but definitely more.

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As with all of the socialist legislation coming out of our 

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