What is the deadline for off calendar year plans after the extension of the GUST remedial period on November 19, 2002?
Rev. 01/27/03

All off calendar year prototype plans must be amended and restated for GUST by the September 30, 2003 deadline.

What is the effective date to use for off-calendar year prototype plans for the GUST restatement?
Rev. 6/28/02

The effective date to use for off-calendar year prototype plans for the GUST restatement is the first day of the plan year during which the GUST amendment is actually executed. That may be either the 2001 or the 2002 plan year. All off-calendar year plans must be restated for GUST by 12-31-2002. For example, for a prototype plan with an off calendar plan year starting 8/1, the effective date for the GUST restatement would be either 8/1/01 or 8/1/02 depending on when the GUST amendment was actually executed. For example, in the case of the 7-31 plan year end, if the GUST restatement occurred prior to 7-31-02, the GUST restatement date would be 8-1-01; but if the restatement occurred after 8-1-02, the restatement date would be 8-1-02. The only exception to the 12-31-2002 deadline is if the plan sponsor also sponsors a Defined Benefit (DB) plan, in which case the GUST restatement deadline for all of that sponsor’s plans is 12 months from the date of the DB determination letter. The DB Favorable Determination Letter was issued August 20, 2002 which means that the GUST restatement deadline for sponsors of our DB plans is August 31, 2003. However, if they wait until some allowable point in 2003, they may have cut back issues in violation of Code Section 411(d)(6), especially if the plan’s top-heavy status changes due to the law change.