With the latest extension of the RAP, is it correct to say that you can amendment a plan, say sometime in January, as long as you pay the "fine" and apply for a determination letter by 1/31/2004? Or do you still have to amend by 12/31/03 and then apply by 1/31/04?

Thanks,

Ronnie

That's allowable, but depending upon how nitpicky you want to get, you can technically have a little more time to actually ADOPT the amendment, assuming a favorable determination letter is filed for timely and is ultimately issued. See Section 7(.02) of Revenue Procedure 2003-72. I haven't looked at it for a couple of months, but as I recall, it allows you to submit for determination using a proposed document/amendments, then you actually have something like 90 days to actually adopt the amendments AFTER the determination letter is issued. But if my memory serves me wrong, someone will undoubtedly give you other input.

Ronnie, what kind of amendment are you talking about?

Volume - submitter plan, Corbel.

I agree that if you file with a proposed restatement, you have 90 days after the issuance of a favorable letter to actually adopt it.

One point on this. You can adopt (or submit based on the above) by January 31, 2004 and pay the $250 sanction if you were entitled to an extension of the GUST RAP in the first place. In other words, if your deadline was the later of the 2001 plan year or 2/28/02, then you can't use the new streamlined procedure with the lower sanction. You would need to follow the traditional EPCRS process with the higher sanction. If you were entitled to a later deadline (e.g., Sept. 30, 2003 for most plans), then you have until January 31, 2004 to update the plan and file.