How is a SEP plan amended for EGTRRA?
If a prototype plan was used, the employer should have received an amended plan from the financial institution that provided it with the plan. If for some reason the employer didn’t receive a new plan document, the financial institution should be contacted. While the financial institution provides many administrative services for the plan, it is the responsibility of the employer – the plan sponsor – to ensure that the plan is kept up-to-date with current law. If a model plan was used, an updated model plan should have been adopted by the end of 2002. See Form 5305-SEP..
