GUST Restatements - Anyone know current status?

[mwyatt]

Does anyone have any idea or heard any rumors as to when the IRS will open up the determination letter process for GUST amendments/restatements including post-1998 language. We're trying to gear up for having to restate all of our plans next year and the more time available the better off we'll all be.

[Dowist]

Just speculation, but I'm guessing that there will be another extension - there's too much to be done by the IRS before it can begin accepting the amendments (such as opening up the prototype program and reviewing and approving prototypes).

[Guest SSCARO]

At a recent CORBEL seminar, it was said that it is likely to be the middle of next year before regs are issued and the prototype approval program will be reopened.

It has also been speculated that even though the tax-reduction bill will be vetoed there is likely to be a compromise bill of some kind this year. If that is the case, the pension provisions of the tax reduction bill are likely to be included, and the remedial amendment period could once again be extended to accomodate those changes.

[mwyatt]

This was just released at Corbel' website:

http://www.corbel.com/news/indnews091799.asp

The gist is that the program for prototype sponsors may open up by the end of December. Looks like things may be on track for 2000 after all.