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BULLETIN: Retirement Plans Newsletter

Supplement to the November 30, 2010 Edition

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[Official Guidance]
Text of IRS Notice 2010-77: Extends Until 2011 Certain PPA 2006 Amendment Deadlines for Cash Balance and Other Defined Benefit Plans (PDF)

5 pages. Excerpt: "This notice further extends the deadline for amending qualified defined benefit plans to meet certain requirements of the Internal Revenue Code that were added by the Pension Protection Act of 2006 . . . and subsequently modified by the Worker, Retiree, and Employer Recovery Act of 2008 . . . and the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 . . . . This is a further extension of the deadline for adopting certain defined benefit plan amendments as previously extended in Notice 2009-97 . . . . The deadline is now extended to the last day of the first plan year that begins on or after January 1, 2011. This extension applies to:

1. The deadline for amending single-employer defined benefit plans to meet the requirements of 401(a)(29) and 436, relating to funding-based limits on benefits and benefit accruals under single-employer plans; and

2. The deadline for amending cash balance and other applicable defined benefit plans, within the meaning of 411(a)(13)(C), to meet the requirements of 411(a)(13) (other than 411(a)(13)(A)) and 411(b)(5), relating to vesting and other special rules applicable to these plans.

The notice provides that the additional extension of time to amend also applies for the purpose of a plan's eligibility for the relief from the requirements of 411(d)(6) described in Notice 2009-97."
(U.S. Internal Revenue Service)

Benefits in General; Executive Compensation

[Official Guidance]
Text of IRS Notice 2010-80: Modification to the Relief and Guidance on Corrections of Certain Failures of a Nonqualified Deferred Compensation Plan to Comply with § 409A(a) (PDF)

17 pages. Excerpt: "This notice modifies certain provisions of Notice 2008-113 . . . and Notice 2010-6 . . . . Specifically, this notice:

[1] Clarifies that the types of plans eligible for relief under Notice 2010-6 include a nonqualified plan linked to a qualified plan or another nonqualified plan, provided that the linkage does not affect the time and form of payments under the plans;

[2] Expands the types of plans eligible for relief under Notice 2010-6 to include certain stock rights that were intended to comply with the requirements of 409A(a) of the Internal Revenue Code (rather than be exempt from the requirements of 409A(a));

[3] Provides an additional method of correction under Notice 2010-6 for certain failures involving payments at separation from service subject to the requirement to submit a release of claims or similar document; and provides transition relief permitting the correction of such failures that were in effect on or before December 31, 2010 (including relief from the service provider information reporting requirements);

[4] Provides relief from the service provider information reporting requirements under Notice 2010-6 for corrections made under the transition relief ending December 31, 2010; and

[5] Provides relief from the requirement that service recipients provide certain information to service providers under Notice 2008-113 for corrections made in the same taxable year as the failure occurs."
(U.S. Internal Revenue Service)

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