Magazine article The CPA Journal

IRS Extends Remedial Amendment Period for Plan Qualification Changes

Magazine article The CPA Journal

IRS Extends Remedial Amendment Period for Plan Qualification Changes

Article excerpt

The IRS has announced a one-year extension for employers to amend their qualified plans to reflect recent legislative and statutory changes. Thus, employers have until the end of the 2000 plan year to amend their pension plans, profit sharing plans, and 401(k) plans. The IRS originally advised that plan sponsors only had until the end of the 1999 plan year to adopt amendments to comply with changes made by the Uruguay Round Agreement Act, the Uniformed Services Employment and Reemployment Rights Act, the 1996 Small Business Job Protection Act, and the 1997 Taxpayer Relief Act.

The IRS extended the period for employers to amend their defined benefit plans to provide that benefits will be determined in accordance with the applicable interest rate rules and mortality table rules.

The IRS also extended by one year (to the end of the 2000 plan year) the period of extended reliance for certain plans that received favorable determination letters under the Tax Reform Act of 1986. …

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