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Eliminating Prohibited Payment Options in Bankruptcy: IRS Proposes Exception to Anti-Cutback Rule
Deloitte via BenefitsLink 
June 26, 2012
"[T]he proposed regulations address the constraint imposed by Code section 436(d)(2) which -- as added by the Pension Protection Act of 2006 -- requires single-employer defined benefit plans to provide that no prohibited payment will be made while the plan sponsor is in bankruptcy.... To resolve the competing interests, the regulations propose a limited exception to the anti-cutback rule by which a plan sponsor in bankruptcy would be permitted to amend the plan to eliminate a single-sum distribution (or other optional form providing for accelerated payment) if certain conditions are satisfied."
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