Common use of Employer Reliance Using A Nonstandardized Adoption Agreement Clause in Contracts

Employer Reliance Using A Nonstandardized Adoption Agreement. An Employer establishing a Plan using a Nonstandardized Adoption Agreement in conjunction with this Basic Plan Document #01 may rely on that Plan’s opinion letter as described below if the Employer’s Plan is identical to the approved Prototype Plan with a currently valid favorable opinion letter, the Employer has selected only options permitted under the terms of the approved Prototype Plan, and the Employer has followed the terms of the Plan [also see paragraph 15.9(c)(3) below]. The Employer may forego filing IRS Form 5307 and rely on the Prototype Plan’s favorable opinion letter with respect to the qualification requirements, except as provided in section (1) through (4) and paragraph 15.9(c) below.