IRS Memorandum On Applying 415(c) to DROPs

The IRS has an internal administrative memorandum advising agents how the Section 415(c) limits should be applied to DROPs in governmental plans.

Document Excerpt

 This memorandum provides direction to Employee Plans (EP) employees reviewing governmental defined benefit (DB) plans with deferred retirement option plan (DROP) features, setting forth administrative guidelines for applying the benefit and contribution limits of § 415 of the Internal Revenue Code (Code) to such plans.


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