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Recent Interest Rate Notices Updates for the corporate bond weighted average interest rates; the 24-month average segment rates; the funding transitional segment rates; and the minimum present value transitional rates. Rev. Rul. 2012-3 (annuity spousal protections) How the qualified joint and survivor annuity (QJSA) and qualified preretirement survivor annuity (QPSA) rules apply when a deferred annuity contract is purchased under a profit-sharing plan. Rev. Rul. 2012-4 (annuity based on dc rollover) Whether a defined benefit plan that accepts a direct rollover from a defined contribution plan maintained by the same employer satisfies IRC sections 411 and 415 when it provides an annuity resulting from the direct rollover. REG-110980-10 (partial annuity – minimum present value) Notice of proposed rulemaking and notice of public hearing relating to modification to minimum present value requirement for partial annuity distribution options under defined benefit pension plans. 77 Fed. Register 5454 (February 2, 2012). REG-115809-11 (longevity annuity contracts) Notice of proposed rulemaking and notice of public hearing on longevity annuity contracts. 77 Fed. Register 5443 (February 2, 2012). Notice 2012-6 (group trusts – Puerto Rico and govt plan transfers) Transition relief is extended and expanded for certain group trusts, retirement trusts that qualify under the Puerto Rico Internal Revenue Code, and qualified retirement plans that benefit Puerto Rico residents. Announcement 2012-7 (correction to Rev. Proc. 2012-8) Correction to a typographical error in section 6.07(5) of Rev. Proc. 2012-8. Announcement 2012-3 (opinion/advisory letter application deadline) Deadline to submit on-cycle applications for opinion and advisory letters for pre-approved defined contribution plans for the plans' second six-year remedial amendment cycle is extended to April 2, 2012. Revenue Ruling 2012-5 (Covered Compensation Tables) This revenue ruling provides tables of covered compensation under IRC section 401(l)(5)(E) and the Income Tax Regulations, thereunder, for the 2012 plan year. Notice 2011-97 (cumulative list) 2011 Cumulative List of Changes in Plan Qualification Requirements to be used by plan sponsors and practitioners submitting determination, opinion, or advisory letter applications for plans between February 1, 2012 and January 31, 2013. Announcement 2011-81 (IRAs) Temporary relief for IRAs owners who have signed certain indemnification agreements or granted certain security interests in their accounts. ANPRM REG-157714-06 (governmental plans) This document describes rules that the IRS and Department of Treasury are considering proposing relating to the determination of whether a plan is a governmental plan within the meaning of IRC section 414(d) and would provides general guidance relating to governmental plan determinations. ANPRM REG-133223-08 (Indian tribal government plans) This document describes rules that the IRS and Department of Treasury are considering proposing relating to the determination of whether a plan is a governmental plan within the meaning of IRC section 414(d) and provides guidance relating to whether a plan of an Indian tribal government is a governmental plan. Notice 2011-96 (underfunded plans) Provides a sample plan amendment that plan sponsors may adopt to satisfy sec. 436 of the IRC regarding limitations on the accrual & payment of benefits under certain underfunded single employer defined benefit plans. It also extends both the deadline to amend a plan to satisfy sec. 436 & the period during which such an amendment is eligible for relief from the 411(d)(6) anti-cutback requirements. News Release IR-2011-103 (cost-of-living adjustments) Cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. Revenue Procedure 2011-49 (opinion and advisory letters) This rev. proc. modifies and supersedes Rev. Proc. 2005-16. The second six-year remedial amendment cycle for pre-approved defined contribution plans began on February 1, 2011 and ends on January 31, 2017. IRS is accepting opinion and advisory letter applications for pre-approved defined contribution plans for the second six-year remedial amendment cycle. |
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Page Last Reviewed or Updated: February 07, 2012