IRS actions favorably affect qualified retirement plans

Article Abstract:

The IRS set regulations covering nondiscrimination and minimum requirements for qualified retirement plans on Sep 12,1991. However, it received many complaints about the complex nature of the rules. To remedy the situation, it studied the regulations and came up with two revenue procedures. The first procedure simplified the process of compliance while the second eliminated the ten-year phase-in to changes in benefit structures.

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IRS extends and simplifies the nondiscrimination regulations

Article Abstract:

The IRS has postponed the effective date of the nondiscrimination regulations until the first day of the 1994 plan year. The regulations cover several areas such as minimum coverage, permitted disparity, separate lines of business, the definition and limitation of compensation. The IRS has also suggested modifications to the general nondiscrimination test withregards to defined benefit pension plans.

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PBGC issues final retirement plan termination regulations

Article Abstract:

The Pension Benefit Guaranty Corporation (PBGC) has released several final regulations regarding standard and distress terminations of single employer plans. The final regulations consolidate the Single Employer Pension Plan Amendments Act of 1986 and the Pension Protection Act. PBGC has also released revised termination forms and instructions that include the final regulations requisites.

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