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Text of Seventh Circuit Opinion: 17% Aggregate Reduction in Work Force Did Not Constitute Partial Termination of Retirement Plan (PDF)
U.S. Court of Appeals for the Seventh Circuit Link to more items from this source
Dec. 29, 2014
"The Internal Revenue Service has adopted our suggested 20 percent presumption, Rev. Rul. 2007-43, but has not specified a percentage (such as our 10 percent) below which there would be a conclusive presumption that no partial termination had occurred.... The district judge had thus to decide whether the series of reductions in the number of plan participants should be considered a single partial termination. Examining the documentation that the plaintiff contends amounted to a restructuring plan that tied all the subsequent terminations together, the judge determined that there had been no such plan -- that the decisions to sell particular subsidiaries had been made sequentially, on the basis of economic conditions in the particular market in which each subsidiary operated, and that these conditions had varied from market to market." [Matz v. Household Int'l Tax Reduction Inv. Plan, Nos. 14-1683 and 14-2507 (7th Cir. Dec. 24, 2014)]

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