david rigby Posted March 27, 2002 Posted March 27, 2002 At the 2002 Enrolled Actuaries Meeting, when asked about the 30-year treasury rate, the IRS representatives stated they were working on it and that they expect to have a rate for February 2002 soon (my paraphrase). They seemed to understand the sense of urgency. I expected that we would get a February rate within a week. It is now 15 days. Anyone heard anything else? I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
pmacduff Posted March 27, 2002 Posted March 27, 2002 Just got this memo from ASPA today via e-mail. I put it in Word, hope everyone can access.
AndyH Posted March 27, 2002 Posted March 27, 2002 Excerpt: "The rate of interest on 30-year Treasury Securities for February 2002 is 5.40 percent"
MGB Posted March 28, 2002 Posted March 28, 2002 Does anyone have an opinion on this quandary? You are not supposed to incorporate code sections by reference in a plan except section 415. Therefore, most plans describe the 30-year constant maturity yield as the rate for their lump sums. The new notice only states the rate to use under 417(e). It does not say that the 30-year constant maturity yield is deemed to be this rate for all purposes in a plan. Does this mean that all plans need to be amended to take out the 30-year constant maturity yield reference? If so, what would you put in its place? (Other than a reference to the applicable rates under 417(e).)
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