Announcement 2011-8

This announcement contains a correction to Revenue Procedure 2011-8, 2011-1 I.R.B. 237, which contains an error in the user fee schedule that applies to a non-mass submitter of a master or prototype (M&P) plan. Rev. Proc. 2011-8 corrected.

Related Links:

• Announcement 2011-8
• Announcement 2011-8, 2011-5 I.R.B. 446

Notice 2011-7 - 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 January 2011; the 24-month average segment rates; the funding transitional segment rates applicable for January 2011; and the minimum present value transitional rates for December 2010.

Related Links:

• Notice 2011-7
• Notice 2011-7, 2011-5 I.R.B. 437

Rev. Rul. 2011-3 - 2011 covered compensation tables; permitted disparity

The covered compensation tables under section 401 of the Code for the year 2011 are provided for use in determining contributions to defined benefit plans and permitted disparity.

Related Links:

• Rev. Rul. 2011-3
• Rev. Rul. 2011-3, 2011-4 I.R.B. 326

Retirement News for Employers – January 12, 2011 Special Edition

The IRS released Retirement News for Employers – January 12, 2011 Special Edition. It contains the following articles:

• Qualified Charitable Distributions for 2010 and 2011
• New Requirements for Tax Return Preparers

Employee Plans News - Issue Number: 2011-1 – January 12, 2011

The IRS released Employee Plans News - Issue Number: 2011-1 – November 26, 2010. It contains the following articles:

• Qualified Charitable Distributions for 2010 and 2011
• New Requirements for Tax Return Preparers
• Exclusive Benefit Rule for Governmental Plans Participating in Group Trusts
• Upcoming Correction on User Fees

Notice 2011-3 - Funding Relief for Single-Employer Pension Plans under PRA 2010

Special rules relating to funding relief for single-employer pension plans under PRA 2010. This notice provides guidance on the special rules relating to funding relief for single-employer defined benefit pension plans (including multiple employer defined benefit pension plans) under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010).

Related Links:

• Notice 2011-3
• Notice 2011-3, 2011-2 I.R.B. 263
  

Notice 2011-2 - Guidance on the Application of Section 162(m)(6)

This notice provides guidance on the application of section 162(m)(6) of the Code. Section 162(m)(6) limits the allowable deduction for remuneration for services provided by individuals to certain health insurance providers. Section 162(m)(6) was enacted as part of the Patient Protection and Affordable Care Act (2010).

Related Links:

• Notice 2011-2
• Notice 2011-2, 2011-2 I.R.B. 260
  

Notice 2011-1 - Affordable Care Act Nondiscrimination Provisions Applicable to Insured Group Health Plans

This notice addresses the timing of the application of the Affordable Care Act provisions prohibiting insured group health plans from discriminating in favor of highly compensated individuals. It states that the Treasury Department and the IRS, as well as the Departments of Labor and Health and Human Services, have determined that compliance with these requirements should not be required (and thus, any sanctions for failure to comply do not apply) until after regulations or other administrative guidance of general applicability has been issued. The notice includes a request for public comments.

Related Links:

• Notice 2011-1
• Notice 2011-1, 2011-2 I.R.B. 259
  

Rev. Rul. 2011-1

This ruling modifies the rules for group trusts described in Rev. Rul. 81-100, 1981-1 C.B. 326, as clarified and modified by Rev. Rul. 2004-67, 2004-2 C.B. 28. The modifications revise the generally applicable rules for these group trusts and, if certain requirements are met, permit the participation in group trusts of custodial accounts under section 403(b)(7), retirement income accounts under section 403(b)(9), and governmental retiree benefit plans under section 401(a)(24). This ruling also modifies the transition relief provided in Rev. Rul. 2008-40, 2008-2 C.B. 166, relating to plans qualifying under section 1165 of the Puerto Rico Internal Revenue Code (Puerto Rico Code). In addition, this ruling provides related model language that may be used by group trusts to comply with these new provisions. Rev. Ruls. 81-100, 2004-67, and 2008-40 modified.

Related Links:

• Rev. Rul. 2011-1
• Rev. Rul. 2011-1, 2011-2 I.R.B. 251
  

Rev. Proc. 2011-8 - User fees for employee plans and exempt organizations

Up-to-date guidance for complying with the user fee program of the Service as it pertains to requests for letter rulings, determination letters, etc., on matters under the jurisdiction of the Office of the Division Commissioner, Tax Exempt and Government Entities Division, is provided. Rev. Proc. 2010-8 superseded.

Related Links:

• Rev. Proc. 2011-8
• Rev. Proc. 2011-8, 2011-1 I.R.B. 237
  

Rev. Proc. 2011-6 - Employee plans determination letters

Revised procedures are provided for issuing determination letters on the qualified status of employee plans under sections 401(a), 403(a), 409, and 4975 of the Code. Rev. Proc. 2010-6 superseded.

Related Links:

• Rev. Proc. 2011-6
• Rev. Proc. 2011-6, 2011-1 I.R.B. 195
  

Rev. Proc. 2011-5 - Technical advice

Revised procedures are provided for furnishing technical advice to area managers and appeals offices by the Office of the Division Commissioner, Tax Exempt and Government Entities, regarding issues in the employee plans area (including actuarial matters) and in the exempt organizations area. Rev. Proc. 2010-5 superseded.

Related Links:

• Rev. Proc. 2011-5
• Rev. Proc. 2011-5, 2011-1 I.R.B. 167
  

Rev. Proc. 2011-4 - Rulings and information letters; issuance procedures.

Revised procedures are provided for furnishing ruling letters, information letters, etc., on matters related to sections of the Code currently under the jurisdiction of the Office of the Division Commissioner, Tax Exempt and Government Entities. Rev. Proc. 2010-4 superseded.

Related Links:

• Rev. Proc. 2011-4
• Rev. Proc. 2011-4, 2011-1 I.R.B. 123

Rev. Proc. 2010-52

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.
 
Related Links:

• Rev. Proc. 2010-52
• Rev. Proc. 2010-52, 2010-52 I.R.B. 927

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.

Related Links:

• Notice 2010-93
• Notice 2010-93, 2010-52 I.R.B. 923

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:

• Notice 2010-90
• Notice 2010-90, 2010-52 I.R.B. 909

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."

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.

Related Links:

• Notice 2010-83
• Notice 2010-83, 2010-51 I.R.B. 862

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.

Related Links:

• Notice 2010-80
• Notice 2010-80, 2010-51 I.R.B. 853
  

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.

Related Links:

• Notice 2010-77
• Notice 2010-77, 2010-51 I.R.B. 851