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IRS Proposes Limited Exception to Anti-Cutback Rules for Plan Sponsor in Bankruptcy
Wolters Kluwer Law & Business / CCH July 9, 2012
"The proposed regulations would permit a single-employer plan that is covered under ERISA Section 4021 to be amended to eliminate an optional form of benefit that includes a 'prohibited payment,' provided that four conditions are satisfied on the later of the date the amendment is adopted or effective.... [A] judicial determination must be made, after notice to each affected party (including each plan participant, each employee organization representing plan participants, and the PBGC) and a hearing, that the amendment is necessary to avoid termination of the plan in a distress or involuntary termination before the plan sponsor emerges from bankruptcy."
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