IRS soon will obsolete some guidance about retirement plans

Today’s before-publication release of Eliminating Unnecessary IRS Internal Revenue Bulletin Guidance, IRS Notice 2026-58, includes a few items for employee-benefits advisers.

Among the 71 items of revoked guidance are:

Notice 96-8, Cash Balance Pension Plans, 1996-6 I.R.B. 23. This notice provides guidance concerning the requirements of sections 411(a) and 417(e) with respect to the determination of the amount of a single sum distribution from a cash balance plan. This guidance was obsoleted by section 701(b) of the Pension Protection Act of 2006, Public Law 109-280, 120 Stat. 780 (2006), which enacted section 411(a)(13) and (b)(5) of the Code.

Rev. Rul. 2003-6, Employee Stock Ownership Plans; Delayed Effective Date; Abuse, 2003-3 I.R.B. 286. This revenue ruling identifies as a listed transaction all transactions attempting to avoid the effective date of section 409(p) by using employee stock ownership plans formed on or before March 14, 2001.

Notice 2007-76, Qualified Transportation Fringes, 2007-40 I.R.B. 735. This notice delays the effective date of Revenue Ruling 2006-57, 2006-47 I.R.B. 911 (regarding the use of smartcards or other electronic media to provide qualified transportation fringes), to January 1, 2009.

Notice 2009-31, Election and Notice Procedures for Multiemployer Plans Under Sections 204 and 205 of WRERA, 2009-16 I.R.B. 856.  The notice provides guidance for sponsors of multiemployer defined benefit plans relating to the elections described in sections 204 and 205 of the WRERA, and on the notice required to be provided if a plan sponsor makes an election under section 204.  The election period has closed.

Notice 2009-42, Extension of Date for Multiemployer Plans to Elect Relief Under Sections 204 and 205 of WRERA, 2009-20 I.R.B. 1011. The notice provides guidance to multiemployer plans making elections described in sections 204 and 205 of the Worker, Retiree, and Employer Recovery Act of 2008, Public Law 110-458, 122 Stat. 5092 (2008) (WRERA). This guidance only relates to actions that could be taken in 2008 and 2009.

Rev. Proc. 2009-43, Revocation of Elections by Multiemployer Defined Benefit Pension Plans to Freeze Funded Status Under Section 204 of WRERA, 2009-40 I.R.B. 460. The revenue procedure provides that the IRS will automatically approve a revocation request if certain requirements are met, including a deadline for making a decision to revoke; notice to employees and other interested parties; and consistent treatment of participating employers during the plan year. The revocation period has closed.

https://www.irs.gov/pub/irs-drop/n-26-58.pdf

Thank you sir!