124 T.C. No. 12 UNITED STATES TAX COURT CHARLES P. STEPNOWSKI, Petitioner v. COMMISSIONER OF INTERNAL REVENUE AND HERCULES INCORPORATED, Respondents Docket No. 8383-03R. Filed April 26, 2005. Hercules amended its defined benefit plan in 2001. The amendment to the plan’s lump-sum payment option replaced the interest rate assumption that had previously been used to calculate the present value of a participant’s accrued benefit with the annual interest rate on 30-year Treasury securities. Hercules filed a request for a determination that the amended plan met all of the qualification requirements that were in effect under sec. 401(a), I.R.C. P, as an interested party, sent a letter to the IRS regarding Hercules’ determination request. P asserted that the amendment to the plan’s lump-sum payment option violated the anti-cutback rule of sec. 411(d)(6), I.R.C. The IRS issued a favorable determination letter to Hercules. P filed a Petition for Declaratory Judgment (Retirement Plan) pursuant to sec. 7476(a), I.R.C.,Page: 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