Cure period for missed loan payments, new guidance for defined benefit plans and updated forms
Internal Revenue Service (IRS) sent this bulletin at 10/13/2017 03:23 PM EDT
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Issue Number: October 2017Thank you for subscribing to the Employee Plans News. In this edition: Cure period under Code Section 72(p) for missed loan prepayments – IRS Chief Counsel Advice Memorandum 201736022 gives two examples on making up missed installment loan payments. Defined benefit plans Procedures for automatic approval for certain changes in funding method – For single-employer defined benefit plans subject to the minimum funding requirements of Internal Revenue Code (IRC) Section 430 (Revenue Procedure 2017-56). Updated procedures for obtaining IRS approval for a change in funding method – Guidance includes procedures for defined benefit plan sponsors to revoke certain interest rate elections (Rev. Proc. 2017-57). Updated Static Mortality Tables – Use these tables to determine minimum present value under IRC Section 417(e)(3) and ERISA Section 205(g)(3) for certain distributions in 2018 (Notice 2017-60).
Final regulations - mortality tables for determining present value – Provide mortality tables that single-employer defined benefit plan sponsors must use to determine minimum required contribution and guidance about construction of substitute mortality tables (T.D. 9826).
New procedures to request to use plan-specific substitute mortality tables – Certain defined benefit plans must follow these procedures for plan years beginning on or after Jan. 1, 2018 (Rev. Proc. 2017-55).
Updated forms
Form 4972, Tax on Lump-Sum Distributions – Qualified plan participants born before Jan. 2, 1936, can use this form to calculate taxes on lump-sum distributions.
Form 8881, Credit for Small Employer Pension Plan Startup Costs – Eligible small employers can claim a credit for establishing or administering certain retirement plans for their employees. Find answers to many retirement plan questions on IRS.gov at Retirement Plans and Retirement Plan Forms and Publications. If you need help with an account-specific question, basic information about retirement plan forms or the status of pending applications, call our Customer Account Services at 877-829-5500. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list Employee Plans News. Please do not reply to this message. |