- 2 -
in effect when the employees retired or separated from
service. PP paid a COLA for 1992 through 1994. In
October 1995, PP’s plan was amended to eliminate the
COLAs paid under the plan to pre-1991 retirees.
Held: The 1995 amendment, although it removed
COLAs that had been provided to pre-1991 retirees, did
not violate the anticutback provision of sec.
411(d)(6), I.R.C.
Stephen M. Rosenblatt and W. Mark Smith, for petitioner.
Sandra M. Jefferson and Elizabeth S. Henn, for respondent.
OPINION
LARO, Judge: Petitioner petitioned the Court for a
declaratory judgment under section 7476. The case is before the
Court for decision on the basis of the stipulated administrative
record. Rule 217(b)(1).1
We must decide whether petitioner’s pension plan, the Sheet
Metal Workers’ National Pension Fund, Plan A and Plan B (the
Plan),2 failed to qualify under section 401 for its plan year
ended December 31, 1995, and thereafter. We hold that it did
qualify under section 401 and, hence, that its trust was exempt
from Federal income taxation under section 501.
1 Rule references are to the Tax Court Rules of Practice and
Procedure. Unless otherwise indicated, section references are to
the Internal Revenue Code in effect for the years in issue.
2 Although the terms of Plan A and Plan B are set forth in
two separate documents, those terms are substantially identical.
We treat the plans as a single plan for purposes of this opinion.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011