[14144]
November 15, 2001
TO: PENSION MEMBERS No. 34-01
PENSION OPERATIONS ADVISORY COMMITTEE No. 70-01
RE: IRS EXTENDS GUST REMEDIAL AMENDMENT PERIOD
The Internal Revenue Service has issued Revenue Procedure 2001-55, which extends the
“GUST” remedial amendment period for all plans to February 28, 2002, if the period would
otherwise end before that date. In addition, the revenue procedure provides an extension to
June 30, 2002, for plans that were directly affected by the September 11, 2001, terrorist attack.
The revenue procedure also allows the Service, in its discretion, to grant additional extensions
up to December 31, 2002, in cases of substantial hardship resulting from the terrorist attack.
For purposes of the revenue procedure, a plan will be considered “directly affected” by
the terrorist attack if any of the following were located at the time of the attack in the area of
Manhattan bounded on the north by 14th Street: (1) the principal place of business of any
employer that maintains the plan; (2) the office of the plan or the plan administrator; (3) the
office of the primary recordkeeper serving the plan; or (4) the office of an attorney, enrolled
actuary, certified public accountant or other advisor retained by the plan (or by the employer
with respect to issues involving the plan). A plan also will be considered “directly affected” if
any individual required to approve plan amendments, the plan administrator, or an individual
described in (4) above was injured or killed or is missing as a result of the terrorist attack. In
addition, the revenue procedure allows a plan that would not otherwise qualify as directly
affected to ask the Service to designate the plan as such if the plan sponsor’s ability to amend
the plan and file a determination letter application has been “severely impaired” as a direct
result of the terrorist attack.
The general extension of the remedial amendment period to February 28, 2002, also
applies to the time by which an employer must either adopt a prototype plan or certify its intent
to adopt such a plan in order to be eligible for the extension of the GUST remedial amendment
period under Revenue Procedure 2000-20, as modified.1 According to the revenue procedure,
1 See Institute Memoranda to Pension Members No. 23-01 and Pension Operations Advisory Committee No. 42-01,
dated June 29, 2001, and Institute Memoranda to Pension Members No. 7-01 and Pension Operations Advisory
Committee No. 11-01, dated February 2, 2001.
2
however, the further extension for plans directly affected by the terrorist attack does not apply
in this context.
Kathy D. Ireland
Associate Counsel
Attachment (in .pdf format)
Note: Not all recipients receive the attachment. To obtain a copy of the attachment, please visit our members website
(http://members.ici.org) and search for memo 14144, or call the ICI Library at (202) 326-8304 and request the
attachment for memo 14144.