Nothing provides a Year in Review list for plan documents like the annual IRS Cumulative List. Yesterday, the IRS released Notice 2011-97 containing the 2011 Cumulative List. It’s primary purpose is to provide the guidance which must be included in the Cycle B plan documents. It is also a good reminder from the IRS of guidance released during the year which impacts plan documents.
New to this year’s Cumulative List:
- Rev. Rul. 2011-1, 2011-2 I.R.B. 251, revises the generally applicable rules for group trusts and, if certain requirements are met, permits the participation in group trusts of custodial accounts under Code section 403(b)(7), retirement income accounts under Code section 403(b)(9), and governmental retiree benefit plans under Code section 401(a)(24). This revenue ruling also modifies the transition relief provided in Rev. Rul. 2008-40.
- Notice 2011-19, 2011-11 I.R.B. 550, provides that the terms readily tradable on an established securities market and readily tradable on an established market mean employer securities that are readily tradable on an established securities market within the meaning of Treas. Reg. 1.401(a)(35)-1(f)(5) for purposes of Code sections 401(a)(22), 401(a)(28)(C), 409(h)(1)(B) and 409(l). Notice 2011-19 is effective for plan years that begin on or after January 1, 2012, except for certain plans that have a delayed effective date.
- Notice 2011-85, 2011-44 I.R.B. 605, extends the deadline for adopting an interim or discretionary amendment under Code section 411(a)(13) (other than section 411(a)(13)(A)). Notice 2011-85 also announces that the Treasury Department and the Service intend to amend the 2010 final hybrid plan regulations to postpone the effective/applicability date of Treas. Reg. 1.411(b)(5)-1(d)(1)(iii), (d)(1)(vi), and (d)(6)(i) to plan years that begin on or after a date to be specified in those regulations that is not earlier than January 1, 2013. This notice also extends the deadline for adopting an interim or discretionary amendment under Code section 411(b)(5).
- Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010), Pub. L. No. 111-192, section 211(a)(2) added section 431(b)(8) to the Code, which provides two special funding rules available to multiemployer plans.
- Notice 2010-83, 2010-51 I.R.B. 862, provides guidance with respect to the special funding rules under Code section 431(b)(8).
