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Guest krijowri
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Guest krijowri

This is a stupid question, but I have searched high and low and cannot find anything that directly answers this question: Were SEPs required to be amended for GUST? If so, please provide me with a cite to specific materials. Thanks!

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Guest krijowri
Check out Q & A 5-95 in the Simple Sep SARSEP Answer Book.

I have already looked at that. It only refers to USERRA, which was part of GUST, of course, but is that the only piece of GUST legislation that is applicable? Furthermore, that Q&A is only dealing with whether plans had to be further amended for the final regs under USERRA.

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Check out Q & A 5-95 in the Simple Sep SARSEP Answer Book.

I have already looked at that. It only refers to USERRA, which was part of GUST, of course, but is that the only piece of GUST legislation that is applicable? Furthermore, that Q&A is only dealing with whether plans had to be further amended for the final regs under USERRA.

I believe if there was any requirement to re-adopt for GUST, Gary Lesser and Sue Diehl would have mentioned it. Ihave great respect for both of them.

JEVD

Making the complex understandable.

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Guest krijowri

Perhpas, but I do not feel comfortable assuming that GUST restatements weren't required just because a book ommitted discussion of it...

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I'll try.

"GUST" refers to the laws that contain the provisions that are required to be incorporated into retirement plans.

• Uruguay Round Agreements Act, Pub. L. 103-464 ("GATT");

• Uniformed Services Employment and Reemployment Rights Act of 1994, Pub. L. 103-353 ("USERRA");

• Small Business Job Protection Act of 1996, Pub. L. 104-188 ("SBJPA");

• Taxpayer Relief Act of 1997, Pub. L. 105-34 ("TRA '97");

• 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.

[see neat chart at PAI's site at GUST Chart (regarding first four items).]

Now to answer your question (as best I can). I do not keep track of all the GUST deadlines (see list below). However, for USERRA (and the Code Section 72 changes relating to a penalty exception for an early distribution because of an IRS levy) there wasn't much that I recall that would have much of an affect on a SEP plan document; more so, however, with a SARSEP document. [uSERRA is mainly covered in Chapter 5 of the SEP...Answer book].

Model Forms. To the extent the model SEP (Form 5305-SEP) was required to be updated it was. The most recent version of the model SEP (Form 5305-SEP) was issued in December 2004 does not require that it be executed by an employer that had previously adopted a SEP using the model form. However, an employer initially establishing a SEP should use the December 2004 version of the model SEP. I do not recall there being any GUST amendment the IRS deemed necessary to include.

Prototype (etc) Forms. The Simplified Employee Pension (SEP) Listing of Required Modifications and Information Package (SEP-LRM) [3-2002] contained samples of plan provisions that satisfy certain specific requirements of the Internal Revenue Code, as amended through the Job Creation and Worker Assistance Act of 2002 (Pub. L. 107-147). So presumably, it contains all of the required provisions that are needed for master and prototype (etc) plans (and I don't recall there being any).

Perhaps the IRS has required that such matters be contained in the SEP or IRA disclosure statement, but I have not been following that item. Maybe someone will enlighten us on recent developments in that area. [see DOL. Reg. § 2520.104-48 and -49(a)(3)]

Hope this helps.

[GUST SUBMISSION DATES. The exact GUST submission dates are contained in several Revenue Procedures- see Rev. Proc. 2007-49 IRS ALERTS PLAN SPONSORS TO CONSEQUENCES OF SUBMITTING LATE APPLICATIONS FOR REVIEW. Rev. Proc. 2007-44 IRS UPDATES REMEDIAL AMENDMENT PERIODS FOR QUALIFIED PLANS. Rev. Proc. 2007-6 EMPLOYEE PLAN DETERMINATION LETTER PROCEDURES REVISED. Rev. Proc. 2006-27 IRS UPDATES COMPREHENSIVE EMPLOYEE PLAN CORRECTION GUIDANCE. Rev. Proc. 2006-6 EMPLOYEE PLAN DETERMINATION LETTER PROCEDURES REVISED. Rev. Proc. 2005-66 IRS ESTABLISHES REMEDIAL AMENDMENT PERIODS FOR QUALIFIED PLANS. Rev. Proc. 2005-16 IRS ISSUES GUIDANCE FOR PREAPPROVED PLANS. Rev. Proc. 2005-6 EMPLOYEE PLAN DETERMINATION LETTER PROCEDURES REVISED. Rev. Proc. 2004-25 IRS EXTENDS REMEDIAL AMENDMENT PERIOD FOR PLANS. Rev. Proc. 2004-6 EMPLOYEE PLAN DETERMINATION LETTER PROCEDURES REVISED. Rev. Proc. 2003-72 IRS EXTENDS DEADLINES FOR AMENDING QUALIFIED RETIREMENT PLANS. Rev. Proc. 2003-44 IRS ISSUES UPDATED COMPREHENSIVE EMPLOYEE PLAN CORRECTION GUIDANCE. Rev. Proc. 2003-6 EMPLOYEE PLAN DETERMINATION LETTER PROCEDURES REVISED. Rev. Proc. 2002-73 IRS EXTENDS DEADLINES FOR AMENDING QUALIFIED RETIREMENT PLANS. Rev. Proc. 2002-47 IRS ISSUES UPDATED COMPREHENSIVE EMPLOYEE PLAN CORRECTION GUIDANCE. Rev. Proc. 2002-35 STREAMLINED PROCEDURE AVOIDS DISQUALIFICATION FOR PLANS NOT AMENDED FOR GUST. Rev. Proc. 2002-29 IRS RELEASES MODEL PLAN AMENDMENTS FOR COMPLYING WITH MRD REGS. Rev. Proc. 2002-21 IRS PROVIDES RELIEF FROM DISQUALIFICATION FOR PEO PLANS. Rev. Proc. 2002-6 EMPLOYEE PLAN DETERMINATION LETTER PROCEDURES REVISED. Rev. Proc. 2001-55 GUST REMEDIAL AMENDMENT PERIOD EXTENDED. Rev. Proc. 2001-17 IRS ISSUES UPDATED COMPREHENSIVE EMPLOYEE PLAN CORRECTION GUIDANCE. Rev. Proc. 2001-6 EMPLOYEE PLAN DETERMINATION LETTER PROCEDURES REVISED. Rev. Proc. 2000-27 IRS OPENS DETERMINATION LETTER PROCESS FOR INDIVIDUALLY DESIGNED PENSION PLANS. Rev. Proc. 2000-20 IRS RELEASES UNIFIED MASTER AND PROTOTYPE QUALIFIED PLAN PROGRAM. Rev. Proc. 99-23 IRS EXTENDS REMEDIAL AMENDMENT PERIOD FOR PLAN AMENDMENTS.]

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