IRS Notice 2009-93 – Truncating Social Security Numbers on Paper Payee Statements

Part III --- Administrative, Miscellaneous, and Procedural

IRS Notice 2009-93 – Truncating Social Security Numbers on Paper Payee Statements

Notice 2009-93 creates a pilot program allowing filers of information returns to truncate an individual payee's nine-digit identifying number on paper payee statements for calendar years 2009 and 2010 if the filers meet the requirements set forth in this notice.

Notice 2009-93 will be published in Internal Revenue Bulletin 2009-51 on December 21, 2009.

Related Links:

• IRS Notice 2009-93, 2009-51 I.R.B. (December 21, 2009) – IRS Notice 2009-93 – Truncating Social Security Numbers on Paper Payee Statements [PDF]
• IRS Notice 2009-93, 2009-51 I.R.B. (December 21, 2009) – IRS Notice 2009-93 – Truncating Social Security Numbers on Paper Payee Statements [HTML]
• 2009-51 I.R.B. (December 21, 2009)

IRS Notice 2009-92 – Guidance on the Application of § 409A(a) to Changes to Nonqualified Deferred Compensation Plans to Comply with an Advisory Opinion of the Office of the Special Master for TARP Executive Compensation

Part III --- Administrative, Miscellaneous, and Procedural

IRS Notice 2009-92 – Guidance on the Application of § 409A(a) to Changes to Nonqualified Deferred Compensation Plans to Comply with an Advisory Opinion of the Office of the Special Master for TARP Executive Compensation

Notice 2009-92 provides that a delay or acceleration of the payment of nonqualified deferred compensation in order to comply with an advisory opinion issued by the Office of the Special Master for TARP Executive Compensation, pursuant to the Emergency Economic Stabilization Act of 2008 and regulations thereunder, including conditioning payment on satisfaction of a requirement related to the Troubled Asset Relief Program (TARP), such as repayment of the financial assistance granted under TARP, will not cause the plan to fail to meet the requirements of § 409A.

Related Links:

• IRS Notice 2009-92, 2009-52 I.R.B. (December 28, 2009) – IRS Notice 2009-92 – Guidance on the Application of § 409A(a) to Changes to Nonqualified Deferred Compensation Plans to Comply with an Advisory Opinion of the Office of the Special Master for TARP Executive Compensation [PDF]
• IRS Notice 2009-92, 2009-52 I.R.B. (December 28, 2009) – IRS Notice 2009-92 – Guidance on the Application of § 409A(a) to Changes to Nonqualified Deferred Compensation Plans to Comply with an Advisory Opinion of the Office of the Special Master for TARP Executive Compensation [HTML]
• 2009-52 I.R.B. (December 28, 2009)
  

IRS Notice 2009-97 – Extension of Deadline to Adopt Certain Retirement Plan Amendments

Part III --- Administrative, Miscellaneous, and Procedural

IRS Notice 2009-97 – Extension of Deadline to Adopt Certain Retirement Plan Amendments

Notice 2009-97 extends the deadline for amending qualified retirement plans to meet certain requirements of the Internal Revenue Code that were added by the Pension Protection Act of 2006 (PPA '06), Pub. L. 109-280, and subsequently modified by the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA), Pub. L. 110-458. The deadline is extended to the last day of the first plan year that begins on or after January 1, 2010.

Notice 2009-97: Extension of Limited PPA Amendments for Limited Plan Types — 12/14/2009 discusses how the Notice does not delay the amendment deadline for all most provisions:

Although this delay may be helpful for individually drafted plans that are unsure about language to use in PPA Amendments, Notice 2009-97 will not likely be of assistance for most retirement plans. Plans that make use of the Notice's extended deadlines will still need to be amended for a number of PPA provisions by the end of the 2009 plan year and will then need to amend by the end of the 2010 plan year for those provisions with a delayed amendment deadline.

The relevant PPA/Internal Revenue provisions with an extended amendment deadline include:

• Internal Revenue Code final 436 regulations (published October 2009; affecting defined benefit plans): Benefit Restrictions (Prohibited Payments) and Benefit Accruals for Single Employer Plans. Funding based limits apply to (i) unpredictable/contingent benefits, (ii) accelerated benefit distribution, and (iii) benefit accruals. Participants must receive notice of funding based limitations within 30 days.
  
• Internal Revenue Code section 411(a)(13) and 411(b)(5) (regulations not yet published; affects Cash Balance plans): Employer contributions must vest within three years of service. Affected plans may not cease benefit accruals because Participant attains a certain age.
  
• Internal Revenue Code section 401(a)(35) (final regulations not yet published; affects plans invested in publicly traded employer securities):Plans invested in publicly traded employer securities will need to meet the diversification requirements set out in IRC 401(a)(35).

Related Links:

• IRS Notice 2009-97, 2009-52 I.R.B. (December 28, 2009) – IRS Notice 2009-97 – Extension of Deadline to Adopt Certain Retirement Plan Amendments [PDF]
• IRS Notice 2009-97, 2009-52 I.R.B. (December 28, 2009) – IRS Notice 2009-97 – Extension of Deadline to Adopt Certain Retirement Plan Amendments [HTML]
• 2009-52 I.R.B. (December 28, 2009)

IRS Notice 2009-98 – 2009 Cumulative List of Changes in Plan Qualification Requirements

Part III --- Administrative, Miscellaneous, and Procedural

IRS Notice 2009-98 – 2009 Cumulative List of Changes in Plan Qualification Requirements

Notice 2009-98 sets forth a list of changes referred to in Rev. Proc. 2007-44, 2007-2 C.B. 54, pertaining to the statutory, regulatory, and guidance changes needed for certain requests to the Service for opinion, advisory, and determination letters for the 12-month period beginning February 1, 2010.

The 2009 Cumulative List is to be used primarily by plan sponsors of individually designed plans that are in Cycle E. An individually designed plan is in Cycle E if it is a single employer plan where the last digit of the employer identification number of the plan sponsor is 5 or 0, or it is a § 414(d) governmental plan for which an election has been made by the plan sponsor to treat Cycle E as the initial EGTRRA remedial amendment cycle for the plan…In accordance with IRS Revenue Procedure 2007-44 – Rulings and determination letters, the Service will start accepting determination letter applications for Cycle E plans beginning on February 1, 2010. The 12-month submission period for Cycle E plans will end January 31, 2011.

The Service will not consider in its review of any determination letter application, for the submission period that begins February 1, 2010, any:

1. guidance issued after October 1, 2009;
2. statutes enacted after October 1, 2009;
3. qualification requirements first effective in 2011 or later; or
4. statutory provisions that are first effective in 2010, for which there is no guidance identified in this notice.
   

I. PURPOSE
II. BACKGROUND
III. APPLICATION OF 2009 CUMULATIVE LIST
IV. SPECIAL RULES FOR THE HEROES EARNINGS ASSISTANCE AND RELIEF TAX ACT OF 2008
V. SPECIAL RULES FOR THE WORKER, RETIREE, AND EMPLOYER RECOVERY ACT OF 2008
VI. 2009 CUMULATIVE LIST OF CHANGES IN PLAN QUALIFICATION REQUIREMENTS HEROES EARNINGS ASSISTANCE AND RELIEF TAX ACT OF 2008 PROVISIONS
VII. WORKER, RETIREE, AND EMPLOYER RECOVERY ACT OF 2009 PROVISION

Related Links:

• IRS Notice 2009-98, 2009-52 I.R.B. (December 28, 2009) – IRS Notice 2009-98 – 2009 Cumulative List of Changes in Plan Qualification Requirements [PDF]
• IRS Notice 2009-98, 2009-52 I.R.B. (December 28, 2009) – IRS Notice 2009-98 – 2009 Cumulative List of Changes in Plan Qualification Requirements [HTML]
• 2009-52 I.R.B. (December 28, 2009)
• IRS Revenue Procedure 2007-44 – Rulings and determination letters