Now what?

[Guest Boilerburm]

I have a prospect meeting next week, and the thought just struck me - what are the client's options if they have not signed a letter of intent to adopt someone's prototype? I know that you do receive the extension of time to 12/31/02 (calendar year plan) if you continue with the same entity that sponsored your pre-GUST prototype, but I am curious about the effect of switching in this "interim" period.

TIA

[jpod]

Maybe this is too simplistic, but the prospect still has until midnight tomorrow to certify (if it's deadline is Feb. 28 and not later). If you point this out to the client before the deadline runs out, won't you have a better chance of turning this prospect into an actual client?

[Mike Preston]

If they are currently on a document from a document provider that submitted for approval before 12/31/2000, then they are extended to at least 12/31/2002 and there is nothing they need to sign to get it, nor is there any requirement to actually use the current document provider's new document.

But I agree that the best course of action is to just send them a cert and let them sign it by 2/28 at midnight.

[Guest Boilerburm]

Thanks for the thoughts. Really, the question is more of a general theoretical one: AFTER midnight tonight, what is going to happen when I (as I am sure I will) run into a prospect who does not have any extended reliance and is not updated for GUST?

[Mike Preston]

The plan will be a "GUST non-amender". The current procedure on correcting plan defects will need to be followed in order to requalify the plan.