This is to inform you that pendoc Documents Systems will not be offering restated
EGTRRA documents for the next restatement cycle; instead, EGTRRA restated
documents will be offered through ftwilliam.com instead. The September
’06 invoice will be pendoc’s last statement.
The restatement cycle is expected to begin in early 2008 for
defined contribution plans and in 2010 for defined benefit plans.
ftwilliam.com has a large and growing client
base. It offers high quality documents with an easy-to-use, online data-entry
system, not unlike pendoc’s Automatic Document Generator (ADG).
Their fees are less than what pendoc’s fees would have been. In addition to
retirement documents, ftwilliam.com offers welfare and nonqualified
documents as well as 5500, IRS and PBGC Forms software packages.
pendoc clients
will have access to ftwilliam.com documents at a special discounted fee
of $1,350 for the first year (or 4 monthly payments of $350). The special
discount will apply until January 1, 2008 when ftwilliam.com‘s regular
low fees will apply ($1,750 per year effective 1/1/07). ftwilliam.com’s
document package includes unlimited prototype and volume submitter documents,
and defined contribution as well as defined benefit plans.
The arrangement takes effect on January 1, 2007. Once you
have access to the ftwilliam.com documents, our documents will no longer
be updated and you should stop using pendoc’s documents for new plans. If you enroll
with ftwilliam.com before
January 1, 2007 you will be able to use their document system at no charge
until January 1, 2007.
pendoc will
continue to provide required amendments for plans already adopted for free
(except for a $10 per plan charge for mailing required amendments to prototype
plan users) until the ftwilliam.com EGTRRA restated documents become
available. Thus, pendoc
plans will retain reliance on pendoc’s IRS approval and opinion letters. Our
website will remain accessible during such time, presumably through 2010.
Since we are not offering restated EGTRRA documents, it will be necessary for the plan sponsors of all of the plans you currently have on our system to execute an IRS Form 8905 (see attachments). This form should be signed by all plan sponsors by January 31, 2007 and should be used for all restatements and new plans even if the plans are on the new ftwilliam.com system. We have attached copies of blank Forms 8905 that should be used if you intend to make use of the special offer with ftwilliam.com. If you will not be using ftwilliam.com, you must obtain the Form 8905 from your new document vendor.
If your clients sponsor a cash balance plan, it will be
necessary to restate these documents before the end of the applicable five year
cycle (the first cycle ends January 31, 2007). ftwilliam.com will
provide updated cash balance plan documents.
In order to make sure the transition goes smoothly, you may
still contact us with any questions. If you are interested using the
ftwilliam.com document system, you should sign up for a demo on their web site
at www.ftwilliam.com. Holly Roussel of ftwilliam.com
will contact you shortly to discuss the transition. You can reach her at
800-596-0714. If you would like to take advantage of the special offer, please
email us ASAP, and we will have ftwilliam.com activate your account with
the discounted pricing.
Feel free to contact us with your questions.