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IRS Requires Amendments to Plan Compensation Definitions Due to Qualified Transportation Fringes
Internal Revenue Service [IRS]
[Official Guidance] June 4, 2001
Excerpt: Qualified plans must be operated in accordance with the CRA amendments [which change the definition of compensation under IRC section 414(s) and 415 to reflect the amount of the compensation reduction elected for qualified transportation fringes] for plan and limitation years beginning on or after January 1, 2001. Plan amendments that are needed as a result of the CRA amendments must be adopted within the GUST remedial amendment period.
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