- 25 -
payment option does not provide for a distribution form described
in section 1.417(e)-1(d)(6), Income Tax Regs., the deadline
specified in section 1.417(e)-1(d)(10)(i), Income Tax Regs., is
not applicable to the amendment at issue in this case.
While there is no deadline specified in section 1.417(e)-1,
Income Tax Regs., for adopting plan amendments to which the
present value requirements of section 1.417(e)-1(d), Income Tax
Regs., actually apply, the Commissioner has issued a series of
revenue procedures in which the deadline to adopt such plan
amendments was set and then extended. The first of these revenue
procedures was Rev. Proc. 99-23, 1999-1 C.B. 920. Rev. Proc.
99-23, supra, provides, in pertinent part, as follows:
SECTION 1. PURPOSE
.01 This revenue procedure extends until the last
day of the first plan year beginning on or after
January 1, 2000, the remedial amendment period under
sec. 401(b) of the Code for amending plans that are
qualified under sec. 401(a) or sec. 403(a) for changes
made by the Small Business Job Protection Act of 1996,
Pub. L. 104-188 (“SBJPA”) and for other recent changes
in the law. * * *
* * * * * * *
.03 This revenue procedure also provides that the
extension of the remedial amendment period applies to
the time for adopting amendments of defined benefit
plans to provide that benefits will be determined in
accordance with the applicable interest rate rules and
applicable mortality table rules of sec. 1.417(e)-1(d)
of the Income Tax Regulations. However, such a plan
amendment must provide that, with respect to
distributions with annuity starting dates that are on
or after the effective date of the amendment but before
the adoption date of the amendment, the distribution
Page: Previous 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 NextLast modified: May 25, 2011