Individually designed plans

[Guest Scrappy]

If an individually designed plan were amended for GUST by December 31, 2001, is there a deadline to submit to the IRS? Or does the plan have to be submitted?

If a new individually designed plan was established in 2001 (in compliance with GUST), does that plan have to be submitted?

[QDROphile]

No plan has to be submitted for a determination letter. But be sure to get a picture of the auditor's face when the auditor asks for the determination letter and you tell him the plan does not have one.

[Lynn Campbell]

I firmly believe that all individually designed plans should have a determination letter to protect the client (and the TPA). I am not sure what the deadline would be for an IRS submission of these Plans. I am sure others can help with that info? Thanks.

[g8r]

As pointed out, there is no deadline because filing is optional in your situation. However, it is advisable. And, in order to get a retroactive letter covering GUST, the submission should have been made by the later of 2/28/2002 or the last day of the plan year beginning in 2001. However, for the plan established in 2001, I think you could use the general remedial amendment period and file by the due date (plus extensions) of the employer's fiscal year beginning in 2001. For a calendar year plan, that would give you longer than 2/28/02. Of course, regardless of the plan year/fiscal year, the deadline for getting a retroactive letter has passed. You could file now, but you'd only get a prospective letter and you'd need to be prepared to explain to the IRS reviewer why you weren't required to get a letter earlier.