GUST Restatement


DEFINITION of 'GUST Restatement'

As a result of changes to tax law in the United States, employers and retirement plan sponsors are required to complete new Adoption Agreements and restate their prototype qualified plans. In order for plans to maintain their qualified status, they must meet different statutory regulations.


GUST comes from the combination of: General Agreements on Tariffs and Trade (GATT), the Uniformed Services Employment Rights Act of 1994 (USERRA), the Small Business Job Protection Act of 1996 (SBA-96), and the Taxpayer Relief Act of 1997 (TRA-97).

  1. Tariff

    A tax imposed on imported goods and services. Tariffs are used ...
  2. Qualified Retirement Plan

    A plan that meets requirements of the Internal Revenue Code and ...
  3. Taxes

    An involuntary fee levied on corporations or individuals that ...
  4. General Agreement On Tariffs And ...

    A treaty created following the conclusion of World War II. The ...
  5. Trade

    A basic economic concept that involves multiple parties participating ...
  6. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
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