Prototype Amendment provided by Sponsor

[Guest gmann]

Here are the facts:

The Prototype document has been submitted, and the Opinion Letter is pending.

Last week. the Prototype Sponsor forwards an amendment (they called it their GUST II amendment) to my client. This amendment only adds three provisions, and requests that my client adopt the amendment by 2/28.

The Prototype Sponsor's letter acknowledges that this amendment will cause my client's plan to become individually designed.

My initial thought is to recommend against adopting this amendment. The Service will likely require the items set forth in the amendment to be added to the plan document anyway, and once the Opinion Letter is issued, my client can then adopt the plan and be protected under the Sponsor's Opinion Letter.

Phones calls to the Sponsor have not be returned.

I appreciate any suggestions. Thanks.

[Guest gmann]

I'll answer my question.

After further review of the amendment, it contains one model CRA amendment and two EGTRRA amendments, each of which do not have to be adopted til the end of the GUST RAP, which for my prior adopting client is 12 months from the issue date of the Opinion letter. The Sponsor is obviously unaware that my client previously adopted their plan.

When all is done, I will recommend a change in sponsors.