Charles P. Stepnowski - Page 1

                                   124 T.C. No. 12                                    

                               UNITED STATES TAX COURT                                

                        CHARLES P. STEPNOWSKI, Petitioner v.                          

               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.,                    

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