Compliance August 28, 2003

IRS Blows Back GUST Deadline

August 28, 2003 (PLANSPONSOR.com) - Plan sponsors that still have not applied for a determination letter for pre-approved master and prototype plans by applicable GUST filing dates now have more time.
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>The Internal Revenue Service (IRS) has issued Revenue Procedure 2003-72 that extended the deadline for plans whose GUST remedial amendment period ends on or after September 30, 2003 and before January 1, 2004.   To take advantage of this, all one needs to do is file the determination letter application with a $250 compliance fee by the new deadline of January 31, 2004.

GUST extensions are nothing new to the IRS.   Originally, plans were required to adopt GUST amendments and to apply for a determination letter by the last day of the first plan year after January 1, 2001. The IRS extended the deadline until February 28, 2002 and until June 30, 2002 for companies affected by the September 11 terrorist attacks.   This was then followed by a major push back of nearly a year placing the new date for compliance at September 30, 2003 (See GUST Amendment Deadline Extended ).

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