Adjustments annuities and retirement plans were required to make because of changes in American legislation. The term comes from four laws and international agreements: the General Agreement on Tariffs and Trade, Uniformed Services Employment and Reemployment Rights Act of 1996, Small Business Job Protection Act of 1996, and Taxpayer Relief Act of 1997. However, GUST restatement must also comply with the IRS Restructuring and Reform Act of 1998 and Community Renewal Tax Relief Act of 1997. GUST restatements may require a number of revisions to the foundational agreements of annuities and retirement plans. For example, the Community Renewal Act changed the definition of compensation to include some transportation benefits. This could affect a plan's maximum allowable contribution. Plans were required to make the necessary changes and inform plan participants that they had done so.
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