Retirement Plans Newsletter

BULLETIN
Supplement to
July 12, 2017

BenefitsLink.com logo EmployeeBenefitsJobs.com logo
Get Health & Welfare News | Advertise | Unsubscribe | Previous Issues | Search
 

[Official Guidance]

Text of IRS Rev. Proc. 2017-43: Application Procedures for Approval of Benefit Suspensions for Certain Multiemployer Defined Benefit Pension Plans Under Section 432(e)(9) (PDF)
43 pages. "This revenue procedure contains revised procedures for applications for a suspension of benefits under a multiemployer defined benefit pension plan that is in critical and declining status under Section 432(e)(9).... The procedures set forth in this revenue procedure must be followed for applications submitted on or after September 1, 2017.... This revenue procedure includes the following changes from Rev. Proc. 2016-27 ...

  • the projected withdrawal liability payments that are included as part of the projection of the plan's available resources, and as part of the support for the certification that the plan is projected to avoid insolvency ... must be separately identified as projected payments attributable to prior withdrawals and projected payments attributable to expected future withdrawals....
  • the requirement to provide sample calculations with respect to the guarantee-based limitation under Section 432(e)(9)(D)(i) and the disability-based limitation under Section 432(e)(9)(D)(iii) for an individual in each category or group that is treated differently under the suspension [is replaced] with a requirement that those sample calculations be provided only for an individual currently receiving benefits, a contingent beneficiary of an individual currently receiving benefits, and a future retiree....
  • specify the age categories for which sample calculations with respect to the age-based limitation under Section 432(e)(9)(D)(ii) (taking into account the guarantee-based limitation and, if applicable, the disability-based limitation) must be provided....
  • [clarification of] the different categories of individuals with respect to which sample notices must be provided as part of the application....
  • consolidate the descriptions of the actuarial assumptions used with respect to certain illustrations and projections included in the application ... [and] provide additional detail regarding those assumptions....
  • require the inclusion of a narrative statement of the reasons the plan is in critical and declining status....
  • a requirement to provide ... the accountant's report under section 103(a)(3) of ERISA....
  • minor clarifications to the Model Notice of Application for Approval of a Proposed Reduction of Benefits....
  • minor clarifications to the power of attorney and declaration of representative form....
  • clarifications to the application checklist[.]"
Internal Revenue Service [IRS]

Connect   LinkedIn logo   Twitter logo   Facebook logo

BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
(407) 644-4146

Lois Baker, J.D., President  loisbaker@benefitslink.com
David Rhett Baker, J.D., Editor and Publisher  davebaker@benefitslink.com
Holly Horton, Business Manager  hollyhorton@benefitslink.com

BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2017 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers; we were not involved in their production and are not responsible for their content.

Unsubscribe | Privacy Policy