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Home My WebLink About850825.tiff Department of the Treasury Internal Revenue Service 1100 COMMERCE ST . CODE 431 In reply refer to: 75140054 DALLAS . TX 75242 SEP . 23 . 1985 LTR 835AU 84-6OO0813P Y 01172 WELD COUNTY % DONALD R MAZANEC OHE UNITED BANK CENTER 1700 LINCOLN STREET STE 3303 DENVER, CO 80203 District Office Code and Case Serial Humber : 845135010 EP Name of Plan : Weld County Retirement Plan Application Form: 5300 Date Amended : Dec 26 1984 Employer Identification Humber : 84-6000813 Plan Number : 001 File Number : 840001884 Dear Applicant: Based on the information supplied, we have made a favorable determination on your application identified above . Please keep this letter in your permanent records . Continued qualification of the plan will depend on its effect in operation under its present form. (See sestion 1 . 401-1 (b) ( 3) of the Income Tax Regulations . ) The status of the plan in operation will be reviewed periodically . The enclosed document describes some events that could occur after you receive this letter that would automatically nullify it without specific notice from us . The document also explains how operation of the plan may affect a favorable determination letter, and contains information about filing requirements . This letter relates only to the status of your plan under the Internal Revenue Code . It is not a determination regarding the effect of other Federal or local statutes . PEo/10 850425 Department of the Treasury Internal Revenue Service 75140054 SEP . 23, 1985 LTR 835AU 84-6000813P Y 01173 WELD COUNTY •1. DONALD R MAZANEC ONE UNITED BANK CENTER 1700 LINCOLN STREET STE 3303 DENVER, CO 80203 Your plan does not consider total compensation for purposes of figuring benefits . The provision may, in operation, discriminate in favor of employees who are stockholders , officers , or highly compensated . If this discrimination occurs , your plan will not remain qualified . (See Rev . Rul . 69-503, 1969-2 C . S . 94 . ) If you have any questions , please contact E P Tech Assistor at 214-767-1204 . tincere r yours, Glenn Cagle District Director Enclosures : Publication 794 LMSA 645 t - U.S. Department of Labor Labor-Management Services Administration ,,, Washington, D.C. 20216 Reply to the Attention of: LBI a To: Administrators of Employee Pension and Welfare Benefit Plans The Employee Retirement Income Security Act of 1974 (ERISA) requires administrators of employee pension benefit plans (pension, profit sharing and other plans that provide retirement income to employees or result in a deferral of income by employees for periods extending to the termination of covered employment or beyond) , and employee welfare benefit plans (medical, surgical, hospital, sickness, accident, disability, death, unemployment, vacation, training, scholarship funds, prepaid legal services, etc. ) to meet certain reporting and disclosure requirements. Within 120 days after a new plan comes into existence, plan administrators are to file a summary plan description (SPD) with the Secretary of Labor. A summary plan description also must be provided to each plan participant and beneficiary within 120 days after the establishment of a plan. However, certain fully insured welfare plans with fewer than 100 participants are exempt from the requirement to file a summary plan description with the Secretary. For further information about the summary plan description and other reporting and disclosure requirements of ERISA, contact the nearest Area Office of the Labor Department' s Labor-Management s Administration (see list on reverse side) . Jeffrey N. Clayton Administrator Pension and Welfare Benefit Programs LMSA 645 (12/15/82) A M Department of the TreasuryIntro Introduction the classification test under section rv � P 410(bX1)(8), but the plan fails to meet the cov- � Internal Revenue Service This publication points out some operational erage requirements in operation,the letter will features that may affect the qualified status of no longer apply to the plan. The letter will your employee benefit plan, and provides infor- cease to apply when the defect in coverage mation on the reporting requirements for your arises. Publication 794 plan. Rev. March 1985 A plan is considered as meeting these re- quirements for the whole plan year if it meets How to Use a Favorable the requirements on at least one day of each Favorable Determination Letter quarter of that year. A favorable determination letter gives the em- 2) Allocation of forfeitures. If employee turn- Determination ployer a basis for deducting contributions to an over results in the allocation of forfeitures prin- employee benefit plan. Whether a plan qualifies cipally to officers, shareholders, and highly is determined from the information in the writ- compensated employees, a favorable determi- Letter ten plan document and the supporting informa- nation letter will cease to apply. lion submitted by the employer.A favorable determination letter indicates that the terms of 3) Amendments to the plan.A favorable deter- the plan conform to the requirements of section mination letter may no longer apply if there is a 401(a)of the Internal Revenue Code. The actual change in a statute, a regulation,or a revenue operation of the plan determines whether it will ruling applicable to the qualification of the plan. continue to qualify. If the determination letter no longer applies to Generally, a plan qualifies in operation if it is the plan,the plan must be amended to comply maintained according to the terms on which the with the new requirements to maintain its quali- favorable determination letter was issued. How- fied status. However,the determination letter ever, conditions may develop in operation that will continue to apply for years before the effec- do not follow the written plan document,and five date of the statute, regulation, or revenue they may jeopardize the plan's qualification. ruling. Generally, if a regulation changes,an amend- Conditions Adversely Affecting ment must be adopted by the end of the first a Favorable Determination Letter plan year beginning after the adoption date of the regulation. Generally, if a revenue ruling Examples of common operational features changes,the amendment must be adopted by that adversely affect a favorable determination the end of the first plan year beginning after the are: publication date of the revenue ruling. The • 1) Not meeting coverage requirements. If a amendment must be effective not later than the a9 e9 first day of the first plan year beginning after plan satisfies the coverage requirements of sec- the revenue ruling is published.. However, if Lion 410,when the favorable determination let- certain requirements are satisfied,the amend- ter is received, by meeting either the ment may be adopted retroactively after the percentage test under section 410(b)(1)(A)or close of that year. For further information on re- troactive amendments, see Rev. Rul. 82-66, W pL 1982-1 C.B.61. TAXES 7 °�' - Reporting Requirements a Most plan administrators or employers who maintain an employee benefit plan must file an annual return/report with the Internal Revenue • . � iiii. Service. The following forms should be used for -f ' ::` i>'+ this purpose: , ,,i _'r:,l..i- ,�. _ F.,I:In Form 5500 — for a pension benefit plan with f `1 ? 100 or more participants at the beginning of the• _ plan year. ii r. $ r i �, !I st ga= �' • • . I Form 5500-C and Form 5500-R — for a • $$$ • )a ,..if f F.r pension benefit plan with fewer than 100 par- • $ $ - I A ticipants at the beginning of the plan year. Form $$$$ f,;;f • ittl �C !,p 5500-K,will be eliminated after the 1983 plan s r s ? //I f year filing is completed. Keogh(H.R. 10)plans It�r are required to file an annual return even if the tales.. - . • .r 40/I only participants are owner-employees.This • s - ""' e2 new requirement applies to both defined contri- bution and defined benefit plans. t. ii When to file. Form 5500 must be filed annually. W I . Form 5500-C must be filed for 0)the initial plan .a t �' year, (ii)the year a final return/report would be ' '' filed, and(iii)at three-year intervals. Form 5500-R must be filed in the years when 5500-C 6:1. �% • v is not filed. However, 5500-C will be accepted %.�, in place of 5500-R. For more information, see Publication 1048, Filing Requirements for Em- I ployee Benefit Plans. L .� it vislA 1 a Disclosure.The Internal Revenue Service will process the returns and provide the Department f' of Labor and the Pension Benefit Guaranty Cor- - • poration with the necessary information and copies of the returns on microfilm for disclosure nurnncec Hello