GUST amendments for terminated plans

[maverick]

Going back thru the old files, I discovered several plans that have been terminated (assets = $0) without being amended to pick up GUST provisions, some going back to 1997 and 1998. Is it too late to have the former plan sponsor sign something like the Ohio Key District's GUST wording? I doubt that we'll be able to bill for this work, but I'm just wondering if this is a "better late then never" situation.

Thanks for the help. Tom

[jpod]

Maybe others feel differently, but I think it's too late to amend for GUST. I assume that these plans did not file 5310s in connection with the termination, in which case they should consider EPCRS. If your firm was involved in the decision to terminate and you did not advise the plans to amend for GUST, you should consider retaining legal counsel and/or contacting your E&O carrier.

On the other hand, there may be relief from adverse tax consequences depending upon the applicable statute of limitations, except for people who rolled over to IRAs or other plans.