This document describes the procedure by which the plan sponsor of a multiemployer pension plan may request and obtain approval of an extension of an amortization period in accordance with section 431(d) of the Code. Rev. Proc. 2008-67 superseded. Rev. Proc. 2010-4 modified.
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Monday, December 27, 2010
Rev. Proc. 2010-52
Notice 2010-93 - Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
Weighted average interest rate update; corporate bond indices; 30-year Treasury securities; segment rates. This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in December 2010; the 24-month average segment rates; the funding transitional segment rates applicable for December 2010; and the minimum present value transitional rates for November 2010.
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Notice 2010-90 - 2010 Cumulative List of Changes in Plan Qualification Requirements
This notice contains the 2010 Cumulative List of Changes in Plan Qualification Requirements (2010 Cumulative List) described in section 4 of Rev. Proc. 2007-44, 2007-2 C.B. 54. The 2010 Cumulative List is to be used by plan sponsors and practitioners submitting determination, opinion, or advisory letter applications for plans during the period beginning February 1, 2011, and ending January 31, 2012.
Related Links:Wednesday, December 22, 2010
Public Hearing on DOL Proposed Definition of Fiduciary Regulation
The DOL has announced a public hearing on the DOL Proposed Regulation – Definition of the Term "Fiduciary": WASHINGTON – The U.S. Department of Labor's Employee Benefits Security Administration today announced it will hold a public hearing on March 1, 2011 and if necessary, March 2, 2011, in Washington, D.C. on the proposed rule amending the definition of the term "fiduciary." The proposed rule was published in the Oct. 22, 2010 Federal Register for public comment. The department expects to issue a formal notice with details on the public hearing and the submission of requests to testify in early January 2011. The department will not consider requests to testify in advance of the publication of the formal notice in the Federal Register. To ensure that all interested persons have the opportunity to prepare and submit comments on the proposed rule, EBSA will be accepting public comments until Feb. 3, 2011, two weeks after the close of the Jan. 20, 2011 comment period provided in the proposed regulation. "We recognize the significance of the proposed rule for plans, participants, beneficiaries and many plan service providers and therefore believe the steps we are announcing today will ensure broad consideration of all the issues and interests in this regulation," said EBSA Assistant Secretary Phyllis C. Borzi. "For this process to work efficiently, however, all comments must be submitted no later than February 3."
Monday, December 20, 2010
IRS Notice 2010-83 - Funding Relief For Multiemployer Defined Benefit Plans Under PRA 2010
This notice provides additional relief for nonqualified deferred compensation plans covered under section 409A. This notice also expands the types of plans eligible for relief under Notice 2010-6, provides an additional method of correction and transition relief under Notice 2010-6 for certain plan document failures relating to payments at separation from service, and modifies the correction reporting requirements in Notice 2008-113 and Notice 2010-6. Notices 2008-113 and 2010-6 modified.
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IRS Notice 2010-80 - Modification to the Relief and Guidance on Corrections of Certain Failures of a Nonqualified Deferred Compensation Plan to Comply with § 409A(a)
This notice provides additional relief for nonqualified deferred compensation plans covered under section 409A. This notice also expands the types of plans eligible for relief under Notice 2010-6, provides an additional method of correction and transition relief under Notice 2010-6 for certain plan document failures relating to payments at separation from service, and modifies the correction reporting requirements in Notice 2008-113 and Notice 2010-6. Notices 2008-113 and 2010-6 modified.
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Notice 2010-77 - Extension of Deadline to Adopt Certain Retirement Plan Amendments
This notice further extends the deadline for amending qualified defined benefit plans to meet certain requirements of the Code that were added by the Pension Protection Act of 2006 (PPA '06) and subsequently modified by the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA) and the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010). The deadline for adopting an interim or discretionary plan amendment under sections 401, 436, and 411 is extended to the last day of the first plan year that begins on or after January 1, 2011. A plan must continue to satisfy the operational compliance requirements of section 1107 of PPA '06 as a condition of the extension of the deadline for adopting plan amendments provided by this notice. Notice 2009-97 and Rev. Proc. 2007-44 modified.
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Monday, December 6, 2010
IRS Notice 2010-78 –2011 Limitations Adjusted As Provided in Section 415(d), etc.
Part III --- Administrative, Miscellaneous, and Procedural Related Links:
2011 cost-of-living adjustments; retirements plans, etc. This notice sets forth certain cost-of-living adjustments effective January 1, 2011, applicable to the dollar limitations on benefits and contributions under qualified retirement plans. The limitations that are adjusted by reference to § 415(d) generally will remain unchanged for 2011. Other limitations applicable to deferred compensation plans are also unchanged for 2011. This notice also contains cost-of-living adjustments for several pension-related amounts in restating the data in IR-2010-108 issued October 28, 2010. The limitation for defined contribution plans under § 415(c)(1)(A) remains unchanged for 2011 at $49,000.The limitation under § 402(g)(1) on the exclusion for elective deferrals described in § 402(g)(3) remains unchanged at $16,500.The annual compensation limit under §§ 401(a)(17), 404(l), 408(k)(3)(C), and 408(k)(6)(D)(ii) remains unchanged at $245,000.The dollar limitation under § 416(i)(1)(A)(i) concerning the definition of key employee in a top-heavy plan remains unchanged at $160,000.The dollar amount under § 409(o)(1)(C)(ii) for determining the maximum account balance in an employee stock ownership plan subject to a 5-year distribution period remains unchanged at $985,000, while the dollar amount used to determine the lengthening of the 5-year distribution period remains unchanged at $195,000.The limitation used in the definition of highly compensated employee under § 414(q)(1)(B) remains unchanged at $110,000.The dollar limitation under § 414(v)(2)(B)(i) for catch-up contributions to an applicable employer plan other than a plan described in § 401(k)(11) or 408(p) for individuals aged 50 or over remains unchanged at $5,500. The dollar limitation under § 414(v)(2)(B)(ii) for catch-up contributions to an applicable employer plan described in § 401(k)(11) or 408(p) for individuals aged 50 or over remains unchanged at $2,500.The deductible amount under § 219(b)(5)(A) for an individual making qualified retirement contributions remains unchanged at $5,000.
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