Pershing

Important Reminder—April 30 Deadline for EGTRRA Restatement

Issue 13, 2010

The Internal Revenue Service (IRS) is requiring qualified retirement plan (QRP) sponsors to restate their prototype QRP documents to reflect updates required by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).

The restatement process requires QRP sponsors to update their prototype QRP documents, such as adoption agreements, basic plan documents and summary plan descriptions, if applicable. The following standardized and nonstandardized QRPs are affected, including those that are no longer receiving employer contributions:

The IRS has set a deadline of April 30, 2010 for the restatement of QRP documents required as a result of updates for EGTRRA. Please remind your clients of this deadline.

We Will Help You Help Your Clients

Pershing has hired Ascensus Inc.—the largest independent QRP record keeper—to help us manage this initiative on your behalf.

Ascensus mailed EGTRRA restatement kits to your firm’s clients who maintained a Pershing prototype QRP since 2004, and has since sent two reminder letters to QRP sponsors who have not yet returned their restated documents.

To help ensure that these clients meet the IRS’ April 30 deadline, contact your firm’s home office for a list of your impacted clients who either have not yet responded or who responded with incomplete or incorrect information.

Please take the time to follow up with those clients and remind them of the importance of providing their restated documents to Ascensus as soon as possible before the April 30 deadline.

Clients failing to restate their plans by the IRS deadline could face plan disqualification, which will remove the tax benefits to the employer and plan participants, and change the plan accounts to a taxable status.

To help you and your clients through this process, Pershing has arranged for Ascensus to dedicate a group of QRP specialists to answer questions and provide support in completing the required restatement documents. You may contact Ascensus at (866) 775-9118, weekdays from 9:00 a.m. to 5:00 p.m. (ET).

Restatement Documents on NetX360™

While the required restatement kits have been mailed to your firm’s QRP clients, we understand that some may be unable to locate their original documents. You may download and forward portable document format (PDF) files of these documents from Pershing’s ‘EGTRRA Restatement’ link, located in Retirement Products under Financial Solutions on the homepage of Resources in NetX360™. NOTE: Different documents apply to different plan types. If forwarding to clients, please ensure that you send the documents appropriate for that client’s plan.

QRP clients must complete, sign and date the documents and mail to Ascensus Document Compliance Service at:

For Professional Use Only.