IRS Updates Procedures for Requesting a change in Funding Method

Revenue Procedure 2017-57 updates guidance setting forth procedures for obtaining approval of the IRS for a change in funding method.

Document Excerpt

The purpose of this revenue procedure is to update Rev. Proc. 2000-41, 2000-2 C.B. 371, to take into account the enactment of subsequent legislation. This revenue procedure sets forth the procedure for obtaining approval of the Internal Revenue Service (IRS) for a change in the funding method used for a defined benefit plan, as provided by § 412(d)(1) of the Internal Revenue Code (“Code”) and section 302(d)(1) of the Employee Retirement Income Security Act of 1974, Public Law 93-406 (88 Stat. 829 (1974)), as amended (ERISA). This revenue procedure also sets forth the procedure for obtaining approval of the IRS to revoke an election relating to interest rates pursuant to § 430(h)(2)(D)(ii) or § 430(h)(2)(E) of the Code and the corresponding sections of ERISA.


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