Last August, the IRS released a list of 10 possible long-range options for changing the employee plans determination letter process.
A few of the options included guidelines on maintaining the status quo, requiring immediate plan amendments whenever the qualification requirements are changed, and issuing determination letters on these amendments .
The issue of long-term changes to the program came in response to the anticipated increase of determination letter applications with the end of the remedial amendment period for making GUST amendments.
GUST refers to a series of laws enacted beginning in 1994. Plans were required to make GUST amendments to reflect such changes by the end of the remedial amendment period, which was extended until February 28.