GUST Remedial Amendment Period Without RP 2000-20 Certification

[Guest merlin]

I have just gotten a new taget benefit client.The plan was established effective 1/1/94,signed 12/28/94 using a standardized prototype sponsored by Lafayette Life. Lafayette Life sponsors a standardized prototype that rec'd a GUST Opinion Letter on 8/27/01, so their GUST RAP runs out 12/31/02. The prior TPA has not yet done the GUST restatement for his now ex-client. My understanding of Rev. Proc 2001-42 is that the Lafayette Life connection is equivalent to a certification,and that I can restate this client's plan using my Corbel vs document with a RAP that ends 4/30/03,rather than 12/31/02. Am I correct?

[KJohnson]

I haven't gone back to look at the guidance, but my understanding is you are stuck with Lafayette's RAP.

Using the Lafayette Life Protptype is the equivalent of getting a Lafayette life certification. You are stuck with their RAP of 12/31. However, I believe that there is some guidance that says that you get the latest RAP of any document they submitted. Therefore if Lafayette Life has a DB Plan or some other plan out there that didn't get its letter until later on, you might have some more breathing room.

I would look at Announcement 2001-12 for examples of how this works. This is pre the 12/31/02 extension, but the examples are still valid on how the extentsion works if you use someone elses's prototype/certificaiton for the extension and then restate on another document.

[Blinky the 3-eyed Fish]

While I will caveat this that I am not an expert, my understanding is not the same as yours. Without the signed certification by 2/28/02 (assuming this is a calendar year plan), the deadline in this case would be 12/31/02. Only by having a signed certification of intent to adopt the Corbel document would the deadline extend to 4/30/03.

Looks like KJohnson beat me to the punch.