volume submitter

15:13 May 14, 2018

This question was closed without grading. Reason: Other

English to Spanish translations [PRO]
Law (general)

English term or phrase: volume submitter

Estoy haciendo una traducción de un acuerdo de compraventa donde aparece el concepto en cuestión según el siguiente contexto:
Each Company Benefit Plan that is intended to be qualified under Section XX of the Code is so qualified, has received a current and favorable determination letter from the XXX, or with respect to a master/prototype or volume submitter plan, can rely on an opinion or advisory letter from XX". Desde ya, muchas gracias por su ayuda.

MCLANG

Summary of reference entries provided

Volume submitter - A type of pre-approved retirement plan

Sabrina Cordone

Reference comments

6 hrs

Reference: Volume submitter - A type of pre-approved retirement plan

Reference information:
Volume Submitter (VS)
A VS plan is a specimen plan (sample plan) of a VS practitioner that its employer-clients adopt on an identical or substantially identical basis. The IRS issues advisory letters to VS practitioners on the acceptability of the specimen plans’ form. The practitioner then makes its plan or plans available for employers to adopt. A VS plan consists of:

a specimen plan document that offers choices over plan terms
a trust or custodial account
may also have an adoption agreement containing elective provisions
VS mass submitter
A “mass submitter” of a VS plan is a U.S. business that submits advisory letter applications on behalf of at least 30 unaffiliated practitioners each of which is sponsoring, on a word-for-word identical basis, the same specimen plan. A VS mass submitter will be treated as a VS mass submitter with respect to all of its specimen plans provided the 30 unaffiliated VS practitioner requirement is met with respect to at least one of its specimen plans. (per Revenue Procedure 2015-36, section 13.06)

Mass submitters usually have reduced procedural requirements and get expedited treatment from the IRS, because of the high volume of sponsors they represent, and the number of identical or near-identical plans they submit to the IRS. This makes it easier and more efficient for review purposes.

Reference: http://www.irs.gov/retirement-plans/types-of-pre-approved-re...

Sabrina Cordone
Argentina
Native speaker of:

Spanish
PRO pts in category: 8

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