I would absolutely not agree to eliminate at GIEP for the reasons others have articulated. We made a similar mistake ourselves years ago when my dd14 was grade skipped. She had a 504 prior to the skip for sensory issues and slower processing speed. The new school, while keeping the "general intellectual ability" GT id, gt class placement, and an ALP (our variant of a GIEP) said that we could eliminate the 504 and just write the same accommodations into her ALP. We agreed.
Fast forward three years and she was changing schools for high school. The old test results were now too old for a new 504 and the high school said that it was not possible to include accommodations in an ALP at all: it was meant to address strengths only not areas needing support. We eventually got things worked out okay for dd but there were a lot of unnecessary hoops to jump through.
Like someone else mentioned, I'd at least insist on keeping the GIEP and writing the enrichment/accommodation as having him accelerated.
Does what lucounu mentioned here apply in your instance?
This is interesting:
http://www.giftedpage.org/newsite/wp-content/uploads/2012/09/FAQs_Gifted_Ed_PDE_August2012.pdfThat info for laypersons seems to indicate that at least for a child with an IQ under 130 who is considered gifted due to multiple other factors, including working above grade level, being advanced in grade level might technically make them un-gifted in the eyes of the law, loony as it may seem. I didn't do any research into the actual statutory or regulatory law involved, though. One would want to consult with a Pennsylvania educational attorney to get a legal opinion.
If it does, I guess that I'd be inclined to accept adequate placement over a GIEP (i.e. - I'd take the 2nd grade placement if you are sure that it is the right thing in the long run and give up the GIEP.)