Should a profit sharing plan (effective 1/1/98) being submitted to the

[Guest Cal]

Should a profit sharing plan (effective 1/1/98) being submitted to the IRS for Determination Letter contain the GUST amendments? If so, where can one find model language for these amendments?

[Guest nellans]

You can still submit for a ruling without regard to GUST-required changes under Rev. Proc. 99-23, but this may be moot. A favorable letter is good only for the plan year for which it is issued, and since the plan will have to be modified to incorporate the GUST changes within the next year, it might be prudent to wait until these changes have been made. It would be risky to take the approach that this plan (if a stand-alone design) would automatically retain its compliance if the GUST amendment was the only change. If the plan will be restated under a prototype document which has the GUST changes, then you are probably OK to submit now.

[Alf]

LRMs are available on this site that have sample language for most of the new law changes that were effective pre-1999. Of course, you can file the plan "as is," ask for GUST review, and the IRS will (should) send you a listing of the items in your plan that need to be revised.