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GUST restatement vs. amendment


Guest lisbetf
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Guest lisbetf

If you have an individually designed plan document, were you required to restate the plan document by 12/31/2002, or could you just add an amendment for GUST?

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lisbetf, was this a trick question? If it is an individually designed plan, the deadline for amendment and restatement was 2/28/2002, wasn't it? Not 12/31/2002? Or am I misunderstanding your post?

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Guest lisbetf

I thought it was a trick question as well. The ERISA attorney for one of my clients has adopted a GUST amendment prior to 12/31/02, but did not prepare a restated document. I was unaware you could just adopt an amendment. I was under the impression the entire document had to be restated. Hence my post. :confused:

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Guest Therese

The deadline was 2/28/2002 for individually designed plans that would otherwise have had that or an earlier deadline (i.e. plans with plan years beginning on or before 3/1). Plans with later anniversaries had until the last day of the 2001 plan year.

We restated our clients' plans, but I have seen some plans that just did an amendment. When you file for determination the IRS wants to see a whole plan as amended because it's easier to review, but I believe you can just make up a working copy of the plan that incorporates the adopted amendments.

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