Subscribe (Free) to
Daily or Weekly Newsletters
Post a Job

Featured Jobs

Loan & Distribution Specialist

AimPoint Pension
(Remote)

AimPoint Pension logo

Regional Vice President of Sales

The Retirement Plan Company
(Remote / AL / FL / GA / MS)

The Retirement Plan Company logo

Business Development Director

AimPoint Pension
(Remote / Pompano Beach FL / AL / GA)

AimPoint Pension logo

Director of 3(16) Operations

Compass
(Remote / NH / Hybrid)

Compass logo

Defined Benefit Combo Cash Balance Compliance Consultant

Loren D. Stark Company (LDSCO)
(Remote)

Loren D.  Stark Company (LDSCO) logo

Retirement Plan Administrator

Bates & Company, Inc.
(Remote / Winter Park FL)

Bates & Company, Inc. logo

View More Employee Benefits Jobs

Free Newsletters

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile app icon
LinkedIn icon     Twitter icon     Facebook icon

Text of Private Letter Ruling 201532036: Desired Amendment to Governmental DB Plan Tripped Up by 401(k) Rule (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Aug. 7, 2015
"Plan B is a cost-sharing, multiple employer, defined benefit plan that is intended to constitute a qualified plan under section 401(a), and a governmental plan within the meaning of section 414(d). The governing provisions of Plan Bare statutorily promulgated by the legislature of State A.... Under Statute D, an individual who is a Tier 1 member of Plan B on July 1, 2013 will have a one-time, irrevocable election, during a 90-day period ... to either: [1] increase their employee contributions from 4% to 5% of compensation (effective January 1, 2014), and from 5% to 6% (effective January 1, 2015), and increase their multiplier from 1.75% to 1.85% ... or [2] continue to make an employee contribution of 4% of compensation and have their multiplier drop from 1.75% to 1.4%.... [T]he elections would not constitute one-time irrevocable elections within the meaning of Section 1.401(k)-1(a)(3)(v). In order to be a one-time irrevocable election under [that Section], the election must be made no later than an employee's first becoming eligible under any plan ... of the employer. In this case, the employees are already participating in Plan B[.]" [May 4, 2015; released Aug. 7, 2015)]

Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title).
An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above).
© 2024 BenefitsLink.com, Inc.