"Retirement plans intended to be qualified only under the provisions of the Puerto Rico Internal Revenue Code of 2011... are generally not subject to the provisions of the U.S. Internal Revenue Code ... or the jurisdiction of the IRS (PR-Only Plans). Consequently, the IRS interpretations in RR 2013-17 are not applicable to PR-Only Plans. Nevertheless, PR-Only Plans are subject to the provisions of Title I of ERISA and to the jurisdiction of the DOL. Consequently, TR 2013-04 is fully applicable to PR-Only plans for purposes of Title I of ERISA (e.g., spousal consent requirements, beneficiary designations). On the other hand, it would appear that the current definitions of 'spouse' and 'marriage' under Puerto Rico law (i.e., no same-sex marriages and no domestic partnerships or civil unions) continue to apply with respect to those provisions and requirements of the PR Code which are not subject to ERISA (e.g., hardship withdrawals)."

MORE >>