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.,
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