GUST restatement vs. amendment

[Guest lisbetf]

If you have an individually designed plan document, were you required to restate the plan document by 12/31/2002, or could you just add an amendment for GUST?

[Everett Moreland]

You were not required to restate, just to adopt a GUST amendment.

The IRS wants the plan to be submitted as a restatement, but the submitted restatement can be constructed from the plan and amendments; the restatement need not have been adopted.

[Mike Preston]

lisbetf, was this a trick question? If it is an individually designed plan, the deadline for amendment and restatement was 2/28/2002, wasn't it? Not 12/31/2002? Or am I misunderstanding your post?

[Guest lisbetf]

I thought it was a trick question as well. The ERISA attorney for one of my clients has adopted a GUST amendment prior to 12/31/02, but did not prepare a restated document. I was unaware you could just adopt an amendment. I was under the impression the entire document had to be restated. Hence my post. :confused:

[Guest Therese]

The deadline was 2/28/2002 for individually designed plans that would otherwise have had that or an earlier deadline (i.e. plans with plan years beginning on or before 3/1). Plans with later anniversaries had until the last day of the 2001 plan year.

We restated our clients' plans, but I have seen some plans that just did an amendment. When you file for determination the IRS wants to see a whole plan as amended because it's easier to review, but I believe you can just make up a working copy of the plan that incorporates the adopted amendments.