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CCH® PENSION AND BENEFITS — 8/21/08

IRS proposed rule permits governmental plans to comply with required minimum distribution rules using “good faith interpretation” of the statute

The IRS has issued a proposed rule permitting governmental plans to comply with the required minimum distribution rules under Code Sec. 401(a)(9) by using a “reasonable good faith interpretation” of the statute. Under the Pension Protection Act of 2006 (P.L. 109280; PPA), the Secretary of the Treasury was instructed to issue such regulations under which a governmental plan shall be treated as having complied with Code Sec. 401(a)(9) if the plan complied with a “reasonable good faith interpretation” of section 401(a)(9).

The regulations are proposed to be applicable for all years to which Code Sec. 401(a)(9) applies. Written or electronic comments and requests for a public hearing must be received by October 8, 2008.

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