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Retirement Plans Newsletter

November 26, 2010

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[Official Guidance]
Text of IRS Notice 2010-84: Guidance on In-Plan Roth Rollovers; Extended Deadline for Amendments (PDF)
12 pages; Q&A format, including examples. Excerpt: "[T]o give [401(k)] plan sponsors sufficient time to adopt plan amendments and thereby enable plan participants to make in-plan Roth rollovers before the end of the 2010 plan year, the Service is extending the deadline for adopting a plan amendment described in Q&A-17 . . . to the later of the last day of the plan year in which the amendment is effective or December 31, 2011, provided that the amendment is effective as of the date the plan first operates in accordance with the amendment. . . . [Q&A 17:] The extension of time . . . applies to any plan amendment that is adopted pursuant to § 2112 of SBJA. Thus, for example, if a . . . plan is amended to permit in-plan Roth rollovers, the [extension] applies to a plan amendment that permits elective deferrals under the plan to be designated as Roth contributions, a plan amendment that provides for the acceptance of rollover contributions by the designated Roth account, and the plan amendment that permits in-plan Roth rollovers . . . ."
(Internal Revenue Service)

[Official Guidance]
Text of IRS Notice 2010-83 on Multiemployer Pension Plan Funding Rules Under PRA 2010: Special Amortization Rule, Special Asset Valuation Rule (PDF)
24 pages. Excerpt: "The following questions and answers address issues relating to the special amortization rule and special asset valuation rule under § 431(b)(8) . . . Extended Amortization Period for Eligible Net Investment Losses . . . Asset Valuation Rules . . . Solvency Test . . . Restrictions on Plan Amendments Increasing Benefits . . . Decision to Apply the Special Funding Rules . . . Notification to Participants, Beneficiaries, and the PBGC . . . Certification of Status under § 432 . . . Form 5500 Requirements. "
(Internal Revenue Service)

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Director, Pension Administration
for Third Party Administrator
in CT

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for Alliance Benefit Group of Michigan, Inc.
in MI

DC/DB Administrator
for Nicholas & Hicks, Inc.
in CA

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