5307 Instructions For Form 5307 {5307}

Instructions for Form 5307 (Rev. June 2014) Application for Determination for Adopters of Modified Volume Submitter (VS) Plans Section references are to the Internal Revenue Code unless otherwise noted. Department of the Treasury Internal Revenue Service Public Inspection What's New The form and the instructions have undergone revisions in the format and information required. Review these documents before completing the application. Some of the revisions were made in accordance with Announcement 2011-82, 2011-52 I.R.B. 1052, available at www.irs.gov/irb/ 2011-52_IRB/ar20.html, which eliminated demonstrations regarding coverage and nondiscrimination requirements and limited Form 5307 applications. Note. Rev. Proc. 2014-6, 2014-1 I.R.B. 198, available at http://www.irs.gov/pub/ irs-irbs/irb14-01.pdf, contains the guidance under which the Determination Letter (DL) program is administered. It is updated annually and can be found in the Internal Revenue Bulletin (I.R.B.). The application should be filed in accordance with Rev. Proc. 2007-44, 2007-28 I.R.B. 54, available at www.irs.gov/pub/irs-irbs/irb07-28.pdf (as revised by Ann. 2011-82), and Rev. Proc. 2014-6, as updated, available at http://www.irs.gov/pub/irs-irbs/ irb14-01.pdf. Review these documents before completing the application. Form 5307 is open to public inspection if there are more than 25 plan participants. The total number of participants must be shown on line 4e. See the instructions for line 4e for a definition of participant. of other participants that may be allocated to the participant's account. A DB plan is any plan that is not a DC plan. Termination of Plan General Instructions Purpose of Form An adopter of a Volume Submitter (VS) plan files Form 5307 to request a DL from the IRS for the qualification of a modified defined benefit (DB) or a defined contribution (DC) plan and the exempt status of any related trust. Who May File File Form 5307, Application for Determination for Adopters of Modified Volume Submitter (VS) Plans, if this is a VS plan that has made limited modifications to an approved specimen plan (that does not create an individually designed plan). Note. Adopters of Master and Prototype (M&P) plans may not use Form 5307 and must file Form 5300 if a DL is requested. Adopters of VS plans that do not meet the above conditions must also file on Form 5300. If the plan is terminated, file Form 5310, Application for Determination Upon Terminating Plan. If benefit accruals or contributions have ceased, the plan and trust will not be considered terminated until an official action to terminate has occurred. Note. A DB plan cannot be amended to become a DC plan. If a sponsor of a DB plan attempts to amend the plan to become a DC plan, or if the merger of a DB plan with a DC plan results solely in a DC plan the DB plan is considered terminated. File Form 5307 at the address indicated below: Internal Revenue Service P.O. Box 12192 Covington, KY 41012-0192. Requests shipped by express mail or a delivery service should be sent to: Internal Revenue Service 201 West Rivercenter Blvd. Attn: Extracting Stop 312 Covington, KY 41011 Where To File Future Developments For the latest information related to Form 5307 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/form5307. A taxpayer can authorize the IRS to disclose and discuss the taxpayer's return and/or return information with any person(s) the taxpayer designates in a written request. Use Form 2848, Power of Attorney and Declaration of Representative, if the representative is qualified to sign, or Form 8821, Tax Information Authorization, for this purpose. See Pub. 947, Practice Before the IRS and Power of Attorney, for more information. Disclosure Request by Taxpayer In certain circumstances, an application for a DL for a VS plan must be filed on Form 5300: requests regarding 414(m), requests regarding 414(n), partial termination requests, multiple employer plans, money purchase, target benefit and defined benefit pension plans with a normal retirement age earlier than age 62, or a procedure requested by the IRS. See Form 5300 and instructions. Type of Plan A DC plan is a plan that provides an individual account for each participant and for benefits based only on: 1. The amount contributed to the participant's account, and 2. Any income, expenses, gains and losses, and any forfeitures of accounts Cat. No. 11833J Private Delivery Services. In addition to the United States mail, you can use certain private delivery services designated by the IRS to meet the "timely mailing as timely filing/paying" rule for tax returns and payments. These private delivery services include only the following: DHL Express (DHL): DHL Same Day Service, DHL Next Day 10:30 am, DHL Next Day 12:00 pm, DHL Next Day 3:00 pm, and DHL 2nd Day Service. Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First. United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air American LegalNet, Inc. www.FormsWorkFlow.com Jun 10, 2014 A.M., UPS Worldwide Express Plus, and UPS Worldwide Express. The private delivery service can tell you how to get written proof of the mailing date. The application must be signed by the employer, plan administrator, or authorized representative. Note. Stamped signatures are not acceptable. Incomplete applications may be returned to the applicant. For this reason, it is important that an appropriate response be entered for each line item (unless instructed otherwise). In completing the application: N/A (not applicable) is accepted as a response only if an N/A block is provided. If a number is requested, a number must be entered. If an item provides a choice of boxes to mark, mark only one box unless instructed otherwise. If an item provides a box to mark, written responses are not acceptable. The IRS may, at its discretion, require a plan restatement or additional information any time it is deemed necessary. The application has formatted fields that will limit the number of characters entered per field. All data input will need to be entered in Courier 10 point font. Alpha characters should be entered in all capital letters. Enter spaces between any words. Spaces do count as characters. All date fields are entered as an eight-digit field (MM/DD/YYYY). All applications must contain an original