Updated Suspension of Benefit provisions for Plans in Critical and Declining Status

Revenue Procedure 2017-43 provides updated guidance for multiemployer plans in critical or declining status applying for Treasury approval of suspension of benefits.

Document Excerpt

This revenue procedure contains revised procedures for applications for a suspension of benefits under a multiemployer defined benefit pension plan that is in critical and declining status under ยง 432(e)(9). These procedures replace the procedures set forth in Rev. Proc. 2016-27, 2016-19 I.R.B. 725, and are intended to facilitate the review of an application for a suspension of benefits in light of the experience of the Department of the Treasury (Treasury Department) in processing applications. The procedures set forth in this revenue procedure must be followed for applications submitted on or after September 1, 2017.

Link
https://www.irs.gov/pub/irs-drop/rp-17-43.pdf

About Us

Benefits Forward is a news site for professionals in the field of employee benefits. Our goal is to provide the latest information about the benefits field and to host a community discussion regarding related issues.

Seminars, Conferences & Other Events

  • Sorry, there are no articles in this category.

Need Help Correcting Plan Errors?

Contact us for either consultation on how you can Self Correct or to propose cost effective correction methods using VCP. Or contact us to submit under VCP on your behalf or on behalf of your client. Contact us by email.