Internal Revenue Bulletin: 2010-51
December 20, 2010
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.
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.
Funding relief for multiemployer defined benefit plans under PRA 2010. This notice provides guidance in the form of questions and answers for sponsors of multiemployer defined benefit plans with respect to the special funding rules under section 431(b)(8), as added by section 211(a)(2) of the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010).
Section 2112 of the Small Business Jobs Act of 2010 (“SBJA”) added section 402A(c)(4) to the Code, effective for distributions made after September 27, 2010, to permit plans that include a qualified Roth contribution program to allow individuals to roll over amounts from their accounts other than designated Roth accounts to their designated Roth accounts in the plan. This notice provides guidance under section 402A(c)(4) relating to rollovers from section 401(k) plans to designated Roth accounts in the same plan (“in-plan Roth rollovers”). The guidance in this notice also generally applies to rollovers from section 403(b) plans to designated Roth accounts in the same plan.
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