Extension of Submission Deadline for Certain Pre-Approved Plans

Announcement 2012-3 extends to April 2, 2012 the deadline to submit on-cycle applications for opinions and advisory letters for certain pre-approved defined contribution plans. Document Excerpt  The extension provided by this announcement applies to the deadline for submitting on-cycle applications for opinion and advisory letters for mass submitter lead plans, word-for-word identical plans, master and […]

Cycle B Cumulative List

Notice 2011-97 is the Cumulative List for Cycle B plan filers. Document Excerpt This notice contains the 2011 Cumulative List of Changes in Plan Qualification Requirements (2011 Cumulative List) described in section 4 of Rev. Proc. 2007-44, 2007-2 C.B. 54. The 2011 Cumulative List is to be used by plan sponsors and practitioners submitting determination […]

Policy on Premium Changes Based on Recharacterization of Contributions

The PBGC releases a policy statement on accepting and responding to amended premium filings based on recharacterizations of contributions. Document Excerpt This policy statement addresses PBGC’s policy on accepting and responding to amended premium filings based on recharacterization of contributions. Recharacterization of contributions refers to a situation in which contributions originally designated as being for […]

Extension of Transition Relief for Certain Group Trusts and Plans

Notice 2012-06 extends the transition relief provided in Rev. Rul. 2011-1 and Rev. Rul. 2008-40 for certain group trusts and plans that qualify under the Puerto Rican Internal Revenue Code and that participate in group trusts and certain retirement plans that benefit Puerto Rican residents. Document Excerpt  This notice extends and expands the transition relief […]

Upcoming Changes to Determination Letter Program

Announcement 2011-82 announces several changes to the determination letter program. Document Excerpt This announcement describes several important changes to the Employee Plans determination letter program that will take effect in 2012. These changes eliminate features of the determination letter program that are of limited utility to plan sponsors in comparison with the burdens they impose. […]

Interest Rates for January Lump Sums

The PBGC has released the applicable interest rates for lump sums payable in January, 2012. Document Excerpt The immediate interest rate for valuing lump sum payments for the month of January 2012 is 1.25%. The deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. (The immediate interest rate for December 2011 […]

Temporary Relief for IRA Owners for Entering Into Certain Collateralization Agreements

Announcement 2011-81 provides temporary relief for entering into what is viewed as fairly common cross collateralization agreements but not for the actual enforcement by collection on the account. Document Excerpt  The DOL has advised the Internal Revenue Service (IRS) that DOL is considering further action with respect to the issues described above, including consideration of a […]

Final Rule: Allocation of Assets; Interest Assumptions

The PBGC amends its final rule on the interest rate used for valuing and paying benefits under terminating single-employer plans covered by the PBGC. Document Excerpt This final rule amends the Pension Benefit Guaranty Corporation’s regulations on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans to prescribe interest assumptions under […]

Technical Update 11-1

PBGC issues Technical Update 11-1 which extends the reportable events guidance of Technical Update 10-4 through the 2012 plan year. Document Excerpt This Technical Update 11-1 provides Pension Benefit Guaranty Corporation (“PBGC”) guidance for plan years beginning in 2012 on compliance with the reportable events requirements of section 4043 of the Employee Retirement Income Security […]

Updated Weighted Average Rates

 Notice 2011-100 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code as in effect for plan years beginning before 2008. Document Excerpt This notice provides guidance as to the corporate bond weighted average interest rate and the […]

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