2012 Reference List (Changes In Qualification Requirements For Retirement Plans) | Pdf Fpdf Doc Docx | Official Federal Forms

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2012 Reference List (Changes In Qualification Requirements For Retirement Plans) | Pdf Fpdf Doc Docx | Official Federal Forms

2012 Reference List (Changes In Qualification Requirements For Retirement Plans)

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Plan name________________________________________________________ EIN____________ Plan number______ 2012 Reference List N/A 2012 Cumulative List (Notice 2012-76) New Provisions Notice 2012-6, 2012-3 I.R.B. 293, extends and expands the transition relief provided under Revenue Ruling 2011-1 for certain group trusts, certain retirement trusts that qualify under the Puerto Rico Internal Revenue Code that participate in group trusts, and certain qualified retirement plans that benefit Puerto Rico residents. The notice also provides additional time for governmental retiree benefit plans described in § 401(a)(24) to be amended to satisfy the applicable requirements of Revenue Ruling 2011-1. Notice 2012-29, 2012-18 I.R.B. 872, provides that the IRS and Treasury intend to modify the normal retirement age regulations to clarify that governmental plans that do not provide for in-service distributions before age 62 do not need to have a definition of normal retirement age and to modify the age-50 safe harbor rule for qualified public safety employees. The notice also provides that the IRS and Treasury intend to amend the normal retirement age regulations to extend the effective date for governmental plans to annuity starting dates that occur in plan years beginning on or after the later of (1) January 1, 2015, or (2) the close of the first regular legislative session of the legislative body with the authority to amend the plan that begins on or after the date that is 3 months after the final regulations are published in the Federal Register. Revenue Ruling 2012-4, 2012-8 I.R.B. 386, describes whether a qualified defined benefit pension plan that accepts a direct rollover of an eligible rollover distribution from a qualified defined contribution plan maintained by the same employer satisfies §§ 411 and 415 in a case in which the defined benefit plan provides an annuity resulting from the direct rollover. Notice 2012-61, 2012-42 I.R.B. 479, provides that certain provisions in the 2010 final hybrid plan regulations will not be effective for plan years beginning before January 1, 2014. Plan Section Reference Date Amendment Signed 1 2 3 4 5 Final Regulations under § 411(d)(6), which provide an additional limited exception to the anti-cutback rules in the case of a plan sponsor who is a debtor in a bankruptcy proceeding, were published on November 8, 2012 (77 Fed. Reg. 66915). Page 1 of 2 American LegalNet, Inc. www.FormsWorkFlow.com Plan name________________________________________________________ EIN____________ Plan number______ 2012 Reference List N/A 2012 Cumulative List (Notice 2012-76) New Provisions Revenue Ruling 2012-3, 2012-6 I.R.B. 383, describes how the qualified joint and survivor annuity ("QJSA)") and the qualified preretirement survivor annuity ("QPSA") rules, described in §§ 401(a)(11) and 417, apply when a deferred annuity contract is purchased under a profit sharing plan. MAP-21 §§ 40241 and 40242 amend IRC § 420 to extend the provisions relating to transfers of excess pension assets to retiree health accounts and to expand those provisions to allow transfers to retiree group term life insurance accounts. Plan Section Reference Date Amendment Signed 6 7 8 Treasury Regulation Section 1.436-1 provides guidance on the application of § 436, which provides a series of limitations on the accrual and payment of benefits under underfunded single employer defined benefit plans. 9 Notice 2011-3, 2011-2 I.R.B. 263, provides guidance on the special rules relating to the relaxation of § 436 rules that were included in the funding relief for single employer defined benefit pension plans under PRA 2010. Notice 2011-96, 2011-52 I.R.B. 915, provides a sample plan amendment that plan sponsors may adopt to satisfy § 436 regarding limitations on the accrual and payment of benefits. The notice also extends both the deadline to amend a plan to satisfy § 436 and the period during which such an amendment is eligible for relief from the anticutback requirements of § 411(d)(6). Notice 2012-70, 2012-51 I.R.B. 712, extends the deadline, as set forth in Notice 2011-96, to amend a defined benefit plan to satisfy the requirements of § 436 and provides associated relief from the requirements of § 411(d)(6). 10 11 Page 2 of 2 American LegalNet, Inc. www.FormsWorkFlow.com

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