Guest hussac Posted February 19, 2002 Posted February 19, 2002 We restated an individually-designed plan for GUST and submitted it to the IRS with Form 5300 and a fully completed Schedule Q. Today we received an inquiry from the agent handling the case, asking if we want a "GUST III letter". We know what a "GUST II" determination letter is, but what is a "GUST III" letter, and should we want it?
Guest hussac Posted February 20, 2002 Posted February 20, 2002 Never mind. We were finally able to reach the IRS agent. The answer, however, boggles the mind. The agent said that giving a "GUST III" determination letter means that the provisions of CRA 2000 were considered. I wasn't aware that CRA 2000 wasn't included in normal GUST restatements. We have had to include the "Code Section 132(f)(4) deferrals" language in the compensation definition for all of our submitted plans, and certainly were not given a choice about it.
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