Christine Roberts Posted November 7, 2001 Share Posted November 7, 2001 Is it 12/31/01 (for calendar year plans), or the 2001 tax return deadline for employer sponsoring the plan? Link to comment Share on other sites More sharing options...
rcline46 Posted November 7, 2001 Share Posted November 7, 2001 12/31/2001 is the deadline for true individually designed plans to either restate (like esp ESOPs) or sign a certification they will adopt someone's (identified) VS or prototype, which they can rescind later. Link to comment Share on other sites More sharing options...
Bob R Posted November 13, 2001 Share Posted November 13, 2001 For non-governmental plans, it's the last day of the first plan year that begins in 2001. Unless you have a short plan year in 2001, the deadline will be 12/31/01 for a calendar year plan and will be in 2002 for non-calendar year plans. But .... watch the news for an extension of this general deadline. It's expected that the IRS will issue an extension due to the Sept. 11 events. That extension might only be for another month or so for entities that aren't in Manhattan. Link to comment Share on other sites More sharing options...
MGB Posted November 13, 2001 Share Posted November 13, 2001 Latest word is that the extension will be 60 days for all; 6 months for those affected. Should be official later today. Link to comment Share on other sites More sharing options...
stephen Posted November 13, 2001 Share Posted November 13, 2001 I heard a rumor at the ASPA conference that there could be a GUST extension. Leave it to MGB to keep us informed. Link to comment Share on other sites More sharing options...
Guest njd Posted November 14, 2001 Share Posted November 14, 2001 Did the extension for submitting individually designed plans go through yesterday? If so, where do I find confirmation of same. Is this a done deal, or just an informed rumor? An extension would definitely make the holidays more enjoyable! Link to comment Share on other sites More sharing options...
stephen Posted November 14, 2001 Share Posted November 14, 2001 I haven't heard anything yet. MGB what is going on? Link to comment Share on other sites More sharing options...
KJohnson Posted November 14, 2001 Share Posted November 14, 2001 TA-DA! It's too long to paste into one message so it all is not here. Rev. Proc 2001-55 - GUST DEADLINE EXTENDED Part III Administrative, Procedural, and Miscellaneous 26 CFR 601.201: Rulings and determination letters (Also, Part I, §§ 401; 1.401(B)-1.) Rev. Proc. 2001-55 SECTION 1. PURPOSE This revenue procedure extends the GUST "GUST" refers to the following: · the Uruguay Round Agreements Act, Pub. L. 103-465; · the Uniformed Services Employment and Reemployment Rights Act of 1994, Pub. L. 103-353; · the Small Business Job Protection Act of 1996, Pub. L. 104-188; · the Taxpayer Relief Act of 1997, Pub. L. 105-34; · the Internal Revenue Service Restructuring and Reform Act of 1998, Pub. L. 105-206; and · the Community Renewal Tax Relief Act of 2000, Pub. L. 106-554. remedial amendment period under § 401(B) of the Code for qualified retirement plans. First, the revenue procedure extends the GUST remedial amendment period for all plans to February 28, 2002, if the period would otherwise end before then. Second, the revenue procedure provides an additional extension to June 30, 2002, for plans that were directly affected by the September 11, 2001, terrorist attack on the United States (the "Terrorist Attack"). Finally, the revenue procedure provides that in cases of substantial hardship resulting from the Terrorist Attack the Service may, in its discretion, grant additional extensions of the GUST remedial amendment period to particular plans up to December 31, 2002. SECTION 2. BACKGROUND .01 Under § 401(B), plan sponsors have a remedial amendment period in which to adopt plan amendments for GUST. The end of the GUST remedial amendment period is the deadline for making all GUST plan amendments and other plan amendments specifically enumerated in Rev. Proc. 99-23, 1999-1 C.B. 920. The GUST remedial amendment period also applies with respect to all disqualifying provisions of new plans adopted or effective after December 7, 1994, and with respect to all plan amendments adopted after December 7, 1994, that would cause an existing plan to fail to be qualified. .02 Rev. Proc. 2000-27, 2000-26 I.R.B. 1272, provides that the GUST remedial amendment period for nongovernmental plans ends on the last day of the first plan year beginning on or after January 1, 2001. This is also the end of the remedial amendment period for the Tax Reform Act of 1986 (TRA '86) for nonelecting church plans. The GUST remedial amendment period for governmental plans, as defined in § 414(d), ends on the later of (i) the last day of the first plan year beginning on or after January 1, 2001, or (ii) the last day of the first plan year beginning on or after the "2000 legislative date" (that is, the 90th day after the opening of the first legislative session beginning after December 31, 1999, of the governing body with authority to amend the plan, if that body does not meet continuously). This is also the end of the TRA '86 remedial amendment period for governmental plans. .03 Rev. Proc. 2000-20, 2000-6 I.R.B. 553, as modified by Rev. Proc. 2000-27 and Notice 2001-42, 2001-30 I.R.B. 70, provides an extension of the GUST remedial amendment period for employers who, by the end of the GUST remedial amendment period (determined without regard to the extension), have adopted a pre-approved plan (that is, a master or prototype or volume submitter plan) or certified their intent to adopt such a plan. If the requirements for the extension are satisfied, the GUST remedial amendment period for the employer's plan will not end before the later of December 31, 2002, or the end of the 12th month beginning after the date on which the Service issues a GUST opinion or advisory letter for the pre-approved plan. .04 Rev. Proc. 2001-6, 2001-1 I.R.B. 194, contains the Service's procedures for issuing determination letters on the qualified status of employee plans under §§ 401(a), 403(a), 409 and 4975(e)(7) of the Code and the exempt status of related trusts or custodial accounts under § 501(a). .05 Section 1.401(B)-1(f) of the Income Tax Regulations provides that, at his discretion, the Commissioner may extend the remedial amendment period or may allow a particular plan to be amended after the expiration of its remedial amendment period and any applicable extension of such period. In determining whether such an extension will be granted, the Commissioner shall consider, among other factors, whether substantial hardship to the employer would result if such an extension were not granted, whether such an extension is in the best interest of plan participants, and whether the granting of the extension is adverse to the interests of the government. SECTION 3. GENERAL EXTENSION OF REMEDIAL AMENDMENT PERIOD TO FEBRUARY 28, 2002 .01 The GUST remedial amendment period is extended to February 28, 2002, if the period would otherwise end before then. This extension applies to all GUST plan amendments, including all those plan amendments specifically enumerated in Rev. Proc. 99-23. In addition, this extension applies with respect to all disqualifying provisions of new plans adopted or effective after December 7, 1994, and with respect to all plan amendments adopted after December 7, 1994, that would cause an existing plan to fail to be qualified. .02 The TRA =86 remedial amendment period for governmental plans and nonelecting church plans is also extended to February 28, 2002, if the period would otherwise end before then. .03 This extension also applies to the time by which an employer must either adopt a pre-approved plan or certify its intent to adopt such a plan in order to be eligible for the extension of the GUST remedial amendment period under Rev. Proc. 2000-20, as modified. SECTION 4. EXTENSION OF REMEDIAL AMENDMENT PERIOD TO JUNE 30, 2002, FOR PLANS DIRECTLY AFFECTED BY THE TERRORIST ATTACK .01 The extension of the remedial amendment period provided by this section applies only to plans directly affected by the Terrorist Attack, as defined in sections 4.02 and 4.03 of this revenue procedure. .02 For purposes of the revenue procedure, a plan will be considered to be directly affected by the Terrorist Attack if any of the following were located at the time of the attack in the area of the New York City borough of Manhattan bounded on the north by 14th Street: the principal place of business of any employer that maintains the plan; the office of the plan or the plan administrator; the office of the primary recordkeeper serving the plan; or the office of an attorney, enrolled actuary, certified public accountant or other advisor retained by the plan (or by the employer with respect to issues involving the plan). A plan will also be considered to be directly affected by the Terrorist Attack if any individual required under the terms of the plan or corporate rules to approve plan amendments, the plan administrator, or an attorney, enrolled actuary, certified public accountant or other advisor retained by the plan (or by the employer with respect to issues involving the plan) was injured or killed or is missing as a result of the Terrorist Attack. .03 A plan sponsor of a plan that is not described in section 4.02 may ask the Service to designate the plan as directly affected by the Terrorist Attack if the plan sponsor's ability to amend the plan and file a determination letter application has been severely impaired as a direct result of the Terrorist Attack. Upon a showing of such directly related, severe impairment, as determined by the Service in its discretion, the Service will designate the plan as directly affected by the Terrorist Attack. The plan sponsor's request should be sent to the following address: Manager, EP Determinations Attention: RAP Extension Coordinator 550 Main Street Room 5106 Cincinnati, Ohio 45202 The request must be made by the later of December 31, 2001, or the 60th day preceding the end of the plan's GUST remedial amendment period (determined without regard to the extensions under this revenue procedure). The request must explain how the Terrorist Attack has directly and severely impaired the ability to amend the plan and file a determination letter . Link to comment Share on other sites More sharing options...
Guest njd Posted November 14, 2001 Share Posted November 14, 2001 Good news sure travels fast! Thank you MGB for giving us the advance notice and thank you KJohnson for posting the rev proc for us. I'm going home at a decent hour tonight! Link to comment Share on other sites More sharing options...
MGB Posted November 14, 2001 Share Posted November 14, 2001 Rev. Proc. 2001-55 Feb 28, all plans. June 30, those directly affected (MUCH stricter definition than previous relief). December 31, "really" affected (IRS discretion upon a request). Link to comment Share on other sites More sharing options...
MGB Posted November 14, 2001 Share Posted November 14, 2001 Sorry, I was posting at the same time as KJohnson, didn't see his. Link to comment Share on other sites More sharing options...
MarZDoates Posted November 14, 2001 Share Posted November 14, 2001 Does this mean that the "letter of intent to adopt volume submitter document" does not need to be signed before February 28, 2002?:confused: QPA, QKA Link to comment Share on other sites More sharing options...
david rigby Posted November 14, 2001 Share Posted November 14, 2001 Whole thing: http://www.benefitslink.com/IRS/revproc2001-55.shtml I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice. Link to comment Share on other sites More sharing options...
MGB Posted November 15, 2001 Share Posted November 15, 2001 MarZ, Your question is backwards; rather than "does not need to be signed until", you mean "needs to be signed before" (instead of being signed before 12/31). Yes, the deadline is for signing the letter of intent is also extended. Link to comment Share on other sites More sharing options...
MGB Posted November 15, 2001 Share Posted November 15, 2001 MarZ, To clarify my previous post, the extension to February 28 does apply. The extension to June 30 or later does not apply. Link to comment Share on other sites More sharing options...
MarZDoates Posted November 15, 2001 Share Posted November 15, 2001 MGB, thank you for your clarification and you are correct in that I did not word my question correctly. DUH! Must have had a brain gliche. Well, it had (after all) been a long day. Thanks again. Mary QPA, QKA Link to comment Share on other sites More sharing options...
jstorch Posted November 15, 2001 Share Posted November 15, 2001 Rev. Proc. 2001-55 only specifically mentions the remedial amendment period. Is it correct that the "deadline" for filing for a GUST determination letter similarly is extended through Treas. Reg. § 1.401(B)-1(e)(3)? Link to comment Share on other sites More sharing options...
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