GUST Restatement Submitted to IRS in Proposed Form

[Wessex]

Outside counsel for a plan sponsor submitted the GUST restatement of its individually designed, calendar-year plan in proposed form on February 28, 2002 and asserts that under Rev. Proc. 2002-6 the deadline for actually adopting the plan will be 91 days after the IRS issues a favorable determination letter.

Rev. Proc. 2002-6 (which covers determination letters in general, not just for GUST) does not say that; it does, however, provide that determination letter requests may be submitted on "proposed" transactions." The regulations under Section 401(B) provide for the 91 day extension, but I don't think it is applicable here. I think the deadline was February 28, 2002 for adopting the restatement (not just submitting the restatement), and the 91 days will be for adopting an amendment to reflect any changes that the IRS may request before issuing the determination letter.

For TRA '86, the IRS specifically allowed for submission in proposed form if the document was submitted by December 31, 1994, but if the plan was signed by December 31, 1994, it could be timely submitted as late as March 31, 1994 (I think, if I'm remembering correctly).

Does anyone have any insight as to whether the proposed approach would be permissible for GUST?