IRS Extends GUST Deadline to February

November 14, 2001 (PLANSPONSOR.com) ? The Internal Revenue Service on Wednesday extended the GUST remedial plan amendment period from December 31, 2001 to February 28, 2002.

Also, according to IRS Revenue Procedure 2001-55, the GUST remedial amendment period for plans directly affected by the September 11 terrorist attacks has been extended another six months to June 30, 2002.

Plans showing “substantial hardship” as a result of the attacks can get an even longer postponement, the IRS said.

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Read the IRS Announcement  

Read more about the IRS update list of frequently asked questions and answers about the plan amendment and filing process (including GUST Amendments) at http://www.irs.ustreas.gov/bus_info/ep/determs.html

See the IRS list of M&P and VS plans submitted for GUST opinion or advisory letters at http://www.irs.ustreas.gov/bus_info/ep/mplist.html

Nicholas-Applegate Lays Off 49 Workers Including 18 Money Managers

October 2, 2002 (PLANSPONSOR.com) - Grappling with what it said were overlapping personnel responsibilities and the continuing effects of a "brutal" market, a San Diego, California investment firm is laying off 18 money managers and consolidating some of its trading teams.

Rick Shaughnessy, a spokesman for Nicholas-Applegate Capital Management, said the layoffs — which totaled 49 including non-trading employees — were part of a firmwide reorganization.

On the investment side of the company, Shaughnessy said officials felt many products overlapped and several of the trading teams duplicated responsibilities. For example, Shaughnessy said the company had maintained separate teams for international equity, emerging markets and Pacific Rim, but decided all three needed to be combined.

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He said Nicholas-Applegate had also been running teams for large- and mid-cap institutional and teams with the same focus only for managed account customers. Those groups have also been consolidated down to two, he said.

Most of the money manager layoffs are because of the trading team consolidations, Shaughnessy said.

Effective dates on layoffs from the now 328-member firm are staggered starting October 15 and going until April 30, 2003, Shaughnessy said.

Although part of the driver for the reorganization was a goal of improving corporate focus and efficiency, Shaughnessy said the stubborn bear markets that have claimed numerous casualties at investment houses across the country made the slimming down necessary.

“You can’t take away that context,” Shaughnessy told PLANSPONSOR.com. “The market has been brutal for 2 ½ years and that has definitely caused our assets and our revenues to decline. We set out to achieve an appropriate scale to our business given our asset and revenue base.”

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