PPA Regs Delayed, Guidance Issued


The IRS delayed implementation and provided transitional guidance for proposed regulations under new provisions of the Pension Protection Act of 2006 that relate to funding requirements and benefits of single-employer defined-benefit pension plans. Prop. Treas. Reg. §§ 1.430(f)-1 and 1.430(h)(3)-2, which address maintaining certain funding balances and use of substitute mortality tables, respectively, were originally proposed to apply to plan years beginning on or after Jan. 1, 2008.

In Notice 2008-21, the IRS announced a one-year delay in their effective date. For plan years beginning during 2008, taxpayers should note that they may use mortality tables that are sub­stitutes for the standard tables of IRC § 430(h)(3)(A) only if those tables are approved pursuant to Revenue Pro­cedure 2007-37. The guidance also covers other interim considerations including a transition rule for calculation of benefit limitations under IRC § 436.

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.