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CCH® PENSION AND BENEFITS — 12/10/08

IRS semiannual regulatory agenda includes further guidance on 409A

The IRS has released its semiannual regulatory agenda for Fall 2008, which includes pension and benefit regulations that are currently under development or review.

Proposed rule stage

Among the items in the IRS’s proposed rule stage are:

• Regulations regarding the measurement of income inclusion and calculation of applicable taxes under Code Sec. 409A;
• Proposed rules will cover the qualifications required for enrollment, continuing education requirements for enrolled actuaries, professional standards for the performance of actuarial services under ERISA, the grounds for disciplinary action against an enrolled actuary, and the procedures to be followed in taking disciplinary actions; and
• Proposed regulations would provide guidance relating to the definitions of a bona fide severance pay plan under Code Sec. 457(e)(11) and substantial risk of forfeiture under Code Sec. 457(f) (1)(B) , affecting nonqualified deferred compensation plans of State and local governments and tax-exempt entities.

Final rule stage

The items in the IRS’s final rule stage include the following:

• Final regulations will provide guidance on the determination of benefit liabilities and assets for purposes of the funding requirements that apply to single-employer defined benefit pension plans;
• Other final regulations will provide guidance on the application of the accrual rules for defined benefit plans in cases where plan benefits are determined on the basis of the greater of two or more separate formulas; and
• Regulations will provide guidance on the determination of minimum required contributions for purposes of the funding requirements that apply to single employer defined benefit pension plans.

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