Compliance August 28, 2003

IRS Blows Back GUST Deadline

August 28, 2003 (PLANSPONSOR.com) - Plan sponsors that still have not applied for a determination letter for pre-approved master and prototype plans by applicable GUST filing dates now have more time.
Reported by

>The Internal Revenue Service (IRS) has issued Revenue Procedure 2003-72 that extended the deadline for plans whose GUST remedial amendment period ends on or after September 30, 2003 and before January 1, 2004.   To take advantage of this, all one needs to do is file the determination letter application with a $250 compliance fee by the new deadline of January 31, 2004.

GUST extensions are nothing new to the IRS.   Originally, plans were required to adopt GUST amendments and to apply for a determination letter by the last day of the first plan year after January 1, 2001. The IRS extended the deadline until February 28, 2002 and until June 30, 2002 for companies affected by the September 11 terrorist attacks.   This was then followed by a major push back of nearly a year placing the new date for compliance at September 30, 2003 (See GUST Amendment Deadline Extended ).

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Deals and People August 27, 2003

Jacklin Installed as Mellon Capital Head

August 27, 2003 (PLANSPONSOR.com) - Mellon Financial Corp. has turned to Charles Jacklin to be president of its Mellon Capital Management subsidiary.
Reported by

Formerly Mellon Capital’s chief investment strategist, Jacklin will run all investment and operations areas, Mellon said in an announcement. He will report to Thomas Loeb, Mellon Capital’s chairman and CEO.

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Jacklin held several senior positions at Mellon Capital from 1994 through April 2001 when he left to pursue other interests, including community and volunteer roles. He remained actively involved with Mellon Capital as an outside director on the firm’s board.

As chief investment strategist, Jacklin was responsible for the firm’s investment strategy and research. Before that, he was director of Mellon Capital’s Asset Allocation Strategies, responsible for portfolio management in domestic, international and global asset allocation strategies.

During 1990-1991, Jacklin served as senior staff economist for Financial Markets and Banking for the President’s Council of Economic Advisors in Washington, DC. Previously, he taught finance in the graduate programs at Stanford University and at the University of Chicago.

Mellon Capital is a San Francisco-based investment manager specializing in global quantitative investment strategies for institutional investors. The firm had $92 billion in assets under management as of June 30, 2003.

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