[15372]
November 20, 2002
TO: PENSION MEMBERS No. 55-02
PENSION OPERATIONS ADVISORY COMMITTEE No. 76-02
RE: IRS FURTHER EXTENDS GUST REMEDIAL AMENDMENT PERIOD FOR
PROTOTYPE PLANS
The Internal Revenue Service has issued Revenue Procedure 2002-73, which extends the
GUST remedial amendment period with respect to adopters of prototype and other pre-
approved plans to September 30, 2003, under certain circumstances. A copy of the revenue
procedure is attached.
Under section 19 of Revenue Procedure 2002-20, an employer may qualify for an
extension of the general remedial amendment period by either adopting or certifying its
intention to adopt a prototype plan by the end of the regular remedial amendment period. 1
Revenue Procedure 2002-73 modifies Revenue Procedure 2002-20 to extend the GUST remedial
amendment period for those employers that qualify for the extension under section 19 to the
later of (1) September 30, 2003, or (2) the end of the 12th month beginning after the date on
which the Service issues a GUST opinion letter for the plan.
The revenue procedure also extends the time for amending a plan to comply with the
Community Renewal Tax Relief Act of 2000 (CRA) until the later of (1) the end of the first plan
year beginning on or after January 1, 2002, (2) the end of the plan’s GUST remedial amendment
period, or (3) June 30, 2003.2
Kathy D. Ireland
Senior Associate Counsel
Attachment (in .pdf format)
1 Revenue Procedure 2002-20 extended the GUST remedial amendment period for those employers that satisfied the
conditions of section 19 to the later of (1) December 31, 2002, or (2) the end of the 12th month beginning after the date
on which the Service issues a GUST opinion letter. See Institute Memorandum to Pension Members No. 7-00 and
Pension Operations Advisory Committee No. 6-00, dated January 28, 2000.
2 The CRA amendments changed the “compensation” definition in sections 414(s)(2) and 415(c)(3) of the Internal
Revenue Code to reflect the amount of the compensation reduction elected for qualified transportation fringes that is
not includible in gross income by reason of section 132(f)(4) of the Code. See Institute Memorandum to Pension
Members No. 22-01 and Pension Operations Advisory Committee No. 37-01, dated June 5, 2001.