Individually designed plans may obtain determination letters that do not include GATT, USERRA, SBJPA or TRA '97
Article Abstract:
The IRS in Revenue Procedure 98-53 states that individually designed qualified retirement plans may update their plans and make requests for favorable determination letters without adjusting for changes made necessary by relevant treaties and tax legislation. Those adjustments do not have to be included in such letter requests before the expiration of the remedial amendment period. GATT, the Uniformed Services Employment and Reemployment Rights Act, the Small Business Job Protection Act of 1996, and the Taxpayer Relief Act of 1997 contain provisions for which the plans must eventually provide.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
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New determination letter program opens for section 401(a) and section 403(b) plans with unified remedial amendment period for TRA '97, SBJPA, USERRA and GATT
Article Abstract:
The IRS issued Revenue Procedure 98-14 which provides guidance to administrators of public and individually designed private retirement plans. IRS determination letters can be solicited by administrators which will determine the plans' compliance with qualification changes made by statutory authorities. Guidance is also provided regarding remedial amendments and safe harbors under IRC section 401(a)(4).
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
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IRS provides guidance on GATT, SBJPA changes to section 415 limits
Article Abstract:
Changes made to IRC section 415 by GATT and the Small Business Job Protection Act of 1996 are the subject of IRS Revenue Ruling 98-1. The ruling supersedes Revenue Ruling 95-29 and concerns the limits on defined benefit plans' accrued or payable benefits. The issues which the ruling addresses include effective dates, anti-cutback rules, and effect on funding.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
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