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Deadline to Adopt Updated Plan Documents
Prototype and volume submitter document providers were recently required to update their plan documents to comply with certain tax legislation. Employer adopters of prototype and volume submitter defined contribution plans have until April 30, 2010 to adopt the provider’s updated plan document. If your company has not yet adopted an updated prototype or volume submitter document, you should contact the provider immediately to begin the process in order to ensure that your company’s plan remains qualified.

Reliance on Prototype or Volume Submitter Provider’s IRS Letter
One of the advantages of adopting a prototype or volume submitter plan document is that in many cases, the adopting employer can rely on the provider’s IRS opinion letter as to the plan’s qualified status instead of obtaining its own IRS determination letter.

In general, an employer that adopts any prototype or volume submitter plan document can rely on the prototype provider’s IRS opinion letter regarding the plan language, if the employer has chosen only those design options that are available under the plan.