Internal Revenue Bulletin: 2005-37
September 12, 2005
Minimum cost requirement; deductibility; section 101 of Medicare Prescription Drug, Improvement and Modernization Act of 2003 (MMA). This ruling holds that the employer subsidy for maintaining prescription drug coverage provided under section 1860D-22 of the Social Security Act, as added by section 101 of the Medicare Prescription Drug, Improvement and Modernization Act of 2003, is not taken into account in computing the applicable employer cost for purposes of determining whether the minimum cost requirement of § 420(c)(3) of the Code is satisfied.
This procedure amplifies Rev. Proc. 2005-3, 2005-1 I.R.B. 118, which sets forth areas of the Code in which the Service will not issue advance rulings or determination letters. The procedure provides that the Service will not issue advance rulings or determination letters involving the recovery of costs by any investor-owned public utility through a legislatively authorized securitization mechanism. Rev. Proc. 2005-3 amplified.
Qualification; determination letters; staggered remedial amendment periods. This procedure contains the Service’s procedures for issuing determination letters pursuant to section 401(a) of the Code with respect to a staggered remedial amendment period system both for plans that are and are not pre-approved. Rev. Proc. 2000-27 modified and superseded. Notice 2001-42, Rev. Procs. 2005-6 and 2005-16, and Announcement 2005-36 modified.
Nonbank trustees; section 1.408-2(e) of the regulations. This announcement contains a list of entities previously approved to act as nonbank trustees and nonbank custodians within the meaning of section 1.408-2(e) of the regulations. In addition, the announcement contains instructions on how errors in the list may be corrected. Announcement 2004-72 updated and superseded.
|More Internal Revenue Bulletins|