Guest lisbetf Posted January 23, 2003 Share Posted January 23, 2003 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? Link to comment Share on other sites More sharing options...
Everett Moreland Posted January 24, 2003 Share Posted January 24, 2003 You were not required to restate, just to adopt a GUST amendment. The IRS wants the plan to be submitted as a restatement, but the submitted restatement can be constructed from the plan and amendments; the restatement need not have been adopted. Link to comment Share on other sites More sharing options...
Mike Preston Posted January 27, 2003 Share Posted January 27, 2003 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? Link to comment Share on other sites More sharing options...
Guest lisbetf Posted January 27, 2003 Share Posted January 27, 2003 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: Link to comment Share on other sites More sharing options...
Guest Therese Posted January 27, 2003 Share Posted January 27, 2003 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. Link to comment Share on other sites More sharing options...
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