GUST restatement issue

[eilano]

Employer was on a volume submitter money purchase plan document prior to 7/1/01. Employer then adopted a pre-GUST prototype non-standardized money purchase plan document on 7/1/01 effective for the plan year beginning 1/1/01. Since the remedial amendment period for GUST was extended until September 2003, wouldn't the employer have until then to amend their document for GUST?

[Alf]

Yes, if the plan qualifies for the prototype extension. Although knowing that they were in a VS and adopted a prototype makes it likely that the extension applies, you should confirm that the propotype sponsor qualifes. Also, the prototype restatement process is not as easy as you would expect, so I would advise you to begin the process with the prototype sponsor and not wait any longer.