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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
The IRS is working to finalize regulatory guidance on contribution and benefit limits under Code Sec. 415, tax-sheltered annuities under Code Sec. 403(b), and phased retirement arrangements, according to Martin L. Pippins, Manager of the IRS Employee Plans Technical Guidance and Quality Assurance Group. Pippins spoke at the 2006 Great Lakes Benefits Conference, co-sponsored by the IRS and the American Society of Pension Professionals and Actuaries (ASPPA), on May 15, 2006 in Chicago.
Pippins said the IRS is working on finalizing comprehensive Code Sec. 415 guidance, which he expects will be released "in the next few months." He said that some of the issues that need to be clarified in the final 415 rules are post-severance compensation, multiple annuity starting dates, and nonresident alien compensation.
Regulations under Code Sec. 403(b) are "closer" to being finalized, according to Pippins. He said that the comprehensive guidance is "moving toward clearance" and might be out before the end of June. Bob Architect, Senior Tax Law Specialist at the IRS, said that he expects the 403(b) regulations to be published by June 30, 2006, or perhaps sooner. He said that the final regulations will apply for tax years, not plan years, that start after December 31, 2006. However, churches that sponsor 403(b) plans and collective bargaining situations may have later effective dates. The regulations will diminish the extent to which 403(b) plans differ from other salary reduction arrangements, he said.
Final regulations on phased retirement are also expected soon, Pippins said. He noted that a major issue for the IRS in finalizing these rules is where to set the minimum retirement age. The retirement age "can't be set too low," he said, because it would conflict with the premature distribution rules of Code Sec. 72(t).
Majorie Hoffman, an IRS Senior Technician Reviewer for the Office of Division Counsel/Associate Chief Counsel (Tax Exempt/Government Entities), said that IRS is hoping to finalize regulations on the anti-cutback rules of Code Sec. 411(d)(6) by June 30. She also said that the IRS is working on finalizing regulations under Code Sec. 404(k), involving dividend deduction rules for ESOPs, and the Code Sec. 414(q) rules involving highly compensated employees. It is "unlikely" that regulatory guidance under 414(q) will be issued by June 30, Hoffman said. Comprehensive regulations on cafeteria plans are "far along," Hoffman said, although she was not certain they would be issued by June 30.
For more information on this and related topics, consult the CCH Pension Plan Guide.
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