Internal Revenue Bulletin: 2004-16
April 19, 2004
Employee Retirement Income Security Act of 1974 (ERISA); participant; working owner. The Supreme Court holds that the working owner of a business may qualify as a “participant” in a pension plan covered by ERISA if the plan covers one or more employees other than the business owner and his or her spouse. Raymond B. Yates, M.D., P.C. Profit Sharing Plan et al. v. Hendon, Trustee.
Proposed regulations under section 411(d)(6) of the Code provide guidance on the conditions under which a plan amendment may eliminate or reduce an early retirement benefit, a retirement-type subsidy, or an optional form of benefit with respect to a participant’s benefits attributable to service before the plan amendment. The regulations also provide guidance on how the notice requirements of section 4980F apply with respect to such plan amendments. A public hearing is scheduled for June 24, 2004.
Remedial amendment period; disqualifying provisions; December 31, 2001. This procedure extends the remedial amendment period under section 401(b) of the Code with respect to certain disqualifying provisions of all new plans put into effect after December 31, 2001, until the end of the remedial amendment period for the Economic Growth and Tax Relief Reconciliation Act of 2001.
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