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.02 Rev. Proc. 2000-27 (2000-26 I.R.B. 1272)
provides that the GUST remedial amendment period for
nongovernmental plans ends on the last day of the first
plan year beginning on or after January 1, 2001. * * *
* * * * * * *
.05 Section 1.401(b)-1(f) of the Income Tax
Regulations provides that, at his discretion, the
Commissioner may extend the remedial amendment period
or may allow a particular plan to be amended after the
expiration of its remedial amendment period and any
applicable extension of such period. In determining
whether such an extension will be granted, the
Commissioner shall consider, among other factors,
whether substantial hardship to the employer would
result if such an extension were not granted, whether
such an extension is in the best interest of plan
participants, and whether the granting of the extension
is adverse to the interests of the government.
SECTION 3. GENERAL EXTENSION OF REMEDIAL AMENDMENT
PERIOD TO FEBRUARY 28, 2002
.01 The GUST remedial amendment period is
extended to February 28, 2002, if the period would
otherwise end before then. This extension applies to
all GUST plan amendments, including all those plan
amendments specifically enumerated in Rev. Proc. 99-23.
* * * [Rev. Proc. 2001-55, 2001-2 C.B. at 552-553; fn.
ref. omitted.]
With the publication of Rev. Proc. 2001-55, supra, the
Commissioner extended the deadline for plan sponsors to adopt the
amendments enumerated in Rev. Proc. 99-23, 1999-1 C.B. 920, until
February 28, 2002. The amendments enumerated in Rev. Proc.
99-23, supra, included amendments of defined benefit plans to
provide that the present value of a participant’s accrued benefit
would be determined in accordance with the applicable interest
rate rules and applicable mortality table rules of section
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