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IRS to Issue New Rules for Determining Status of Governmental Entities and Benefit Plans (PDF)
Hanson Bridgett LLPLink to more items from this source
[Guidance Overview]
Jan. 8, 2015

"[T]he IRS has put a high priority on moving this issue forward -- and we likely can expect something soon.... There are two basic issues that are involved in determining if a plan is a governmental plan that the IRS attempted to confront in the [2011 advance notice of proposed rulemaking (ANPR)]: (i) what is a governmental agency, and (ii) what is a governmental retirement plan.... Whether a particular entity is an agency or instrumentality of a state or political subdivision is determined by the facts and circumstances. The ANPR lists both 'main factors' and 'other factors' to consider.... It is clear from the ANPR that an entity need not meet every one of the factors to be a governmental entity. The ANPR is remarkably silent on how to work with them, however."

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