2008 Schedule SB Instructions?

[carrots]

Do we have the 2008 Schedule SB instructions yet?

Question 21b, for example, asks for the code for the Applicable month for the Segment rates lookback - October (3 months) in this case.

Anyone know the code?

[Andy the Actuary]

Do we have the 2008 Schedule SB instructions yet?

Question 21b, for example, asks for the code for the Applicable month for the Segment rates lookback - October (3 months) in this case.

Anyone know the code?

From Sungard Relius software:

Line 21b. ERISA section 303(h)(2)(E) and Code section 430(h)(2)(E) provide that the segment rate(s) used to measure the funding target are those published by Treasury for the month that includes the valuation date (based on the average of the monthly corporate bond yield curves for the 24-month period ending with the month preceding that month). Alternatively, at the election of the plan sponsor, the segment rate(s) used to measure the funding target may be those published by Treasury for any of the four months that precede the month that includes the valuation date.

Enter the applicable month to indicate which segment rates were used to determine the funding target. Enter "0" if the rates used to determine the funding target were published for the month that includes the valuation date. Enter "1" if the rates were published for the month immediately preceding the month that includes the valuation date, "2" for the second preceding month, and "3" or "4," respectively, for the third or fourth preceding months. For example, if the valuation date is January 1 and the funding target was determined based on rates published for November, enter "2."

[abanky]

you know what's weird is that on the EBSA website, you can't get separate instructions for the SB or MB... but if you click the full instructions, you can scroll down to the instructions for the SB or MB

[WDIK]

I wish I could remember more exactly Jim Holland's comments at the Los Angeles Benefits Conference regarding instructions for the SB.

The impression that I got was that he was not happy about the instructions that were issued, but that there had to be some compromising done to be able to issue something and that there might be some additional clarification offered by IRS.