Mercer Select US - IRS to automatically approve new 2010 pension discount rate elections

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IRS to automatically approve new 2010 pension discount rate elections

Pension plan sponsors’ new discount rate elections for 2010 plan years will be automatically approved -- regardless of elections made in earlier years -- under forthcoming final regulations, according to a Sept. 25 IRS newsletter. With this guidance, pension plan sponsors can finalize 2009 discount rate elections in time to obtain funding certifications, due Sept. 30 for calendar-year plans. The newsletter indicates final regulations under Code Sections 430 and 436 will apply for plan years beginning after 2009 and will not permit the use of the full yield curve with a lookback month. Other sections of the newsletter explain key provisions of Sept. 24 guidance on the waiver of 2009 required minimum distributions from IRAs and defined contribution plans. (Select News, 25 Sep 2009)

IRS to automatically approve new 2010 pension discount rate elections

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