Section 411(d)(6) Protected Benefits; Correction, 55108 [06-7862]

Download as PDF 55108 Federal Register / Vol. 71, No. 183 / Thursday, September 21, 2006 / Rules and Regulations paragraphs (a)(1), (a)(3)(iii), (a)(4), or (a)(5) and (a)(6), respectively, of this section does not apply to the indicated species that were harvested, landed ashore, and sold prior to the effective date of the closure and were held in cold storage by a dealer or processor. * * * * * I 11. In § 622.44, paragraphs (c)(2), (c)(3), (c)(4), and (c)(5) are revised to read as follows: § 622.44 Commercial trip limits. rmajette on PROD1PC67 with RULES1 * * * * * (c) * * * (2) Golden tilefish. (i) Until 75 percent of the fishing year quota specified in § 622.42(e)(2) is reached—4,000 lb (1,814 kg). (ii) After 75 percent of the fishing year quota specified in § 622.42(e)(2) is reached—300 lb (136 kg). However, if 75 percent of the fishing year quota has not been taken on or before September 1, the trip limit will not be reduced. The Assistant Administrator, by filing a notification of trip limit change with the Office of the Federal Register, will effect a trip limit change specified in this paragraph, (c)(2)(ii), when the applicable conditions have been taken. (iii) See § 622.43(a)(5) for the limitations regarding golden tilefish after the fishing year quota is reached. (3) Snowy grouper. (i) During the 2006 fishing year, until the quota specified in § 622.42(e)(1)(i) is reached—275 lb (125 kg). (ii) During the 2007 fishing year, until the quota specified in § 622.42(e)(1)(ii) is reached—175 lb (79 kg). (iii) During the 2008 and subsequent fishing years, until the quota specified in § 622.42(e)(1)(iii) is reached—100 lb (45 kg). (iv) See § 622.43(a)(5) for the limitations regarding snowy grouper after the fishing year quota is reached. (4) Red porgy. (i) From May 1 through December 31—120 fish. (ii) From January 1 through April 30, the seasonal harvest limit specified in § 622.36(b)(5) applies. (iii) See § 622.43(a)(5) for the limitations regarding red porgy after the fishing year quota is reached. (5) Greater amberjack. Until the fishing year quota specified in § 622.42(e)(3) is reached, 1,000 lb (454 kg). See § 622.43(a)(5) for the limitations regarding greater amberjack after the fishing year quota is reached. * * * * * I 12. In § 622.45, paragraph (d)(8) is added to read as follows: § 622.45 * * Restrictions on sale/purchase. * VerDate Aug<31>2005 * * 14:49 Sep 20, 2006 Jkt 208001 (d) * * * (8) No person may sell or purchase a snowy grouper, golden tilefish, greater amberjack, vermilion snapper, black sea bass, or red porgy harvested from or possessed in the South Atlantic by a vessel for which a valid Federal commercial or charter vessel/headboat permit for South Atlantic snappergrouper has been issued for the remainder of the fishing year after the applicable commercial quota for that species specified in § 622.42(e) has been reached. The prohibition on sale/ purchase during these periods does not apply to such of the applicable species that were harvested, landed ashore, and sold prior to the applicable commercial quota being reached and were held in cold storage by a dealer or processor. * * * * * [FR Doc. 06–7940 Filed 9–18–06; 2:59 pm] BILLING CODE 3510–22–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9280] RIN 1545–BE10 Section 411(d)(6) Protected Benefits; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. AGENCY: SUMMARY: This document contains corrections to final regulations that were published in the Federal Register on August 9, 2006 (71 FR 45379) that provide guidance on certain issues under section 411(d)(6) of the Internal Revenue Code (Code), including the interaction between the anti-cutback rules of section 411(d)(6) and the nonforfeitability requirements of section 411(a). EFFECTIVE DATE: This correction is effective August 9, 2006. FOR FURTHER INFORMATION CONTACT: Pamela R. Kinard, at (202) 622–6060 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background The final regulations that are the subject of this correction are under section 411(d)(6) of the Code. Need for Correction As published, the final regulations (TD 9280), contain errors that may prove to be misleading and are in need of clarification. PO 00000 Frm 00022 Fmt 4700 Sfmt 4700 List of Subjects in 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. Correction of Publication Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments: I PART 1—INCOME TAXES Paragraph 1. The authority citation for part 1 continues to read in part as follows: I Authority: 26 U.S.C 7805 * * * I Par. 2. Section 1.411(d)–3 is amended by revising paragraph (a)(3)(i), second sentence and (a)(4) Example 4 (ii), second sentence to read as follows: § 1.411(d)–3 benefits. Section 411 (d)(6) protected (a) * * * (3) * * * However, such an amendment does not violate section 411(d)(6) to the extent it applies with respect to benefits that accrue after the applicable amendment date. (4) * * * Example 4 * * * (ii) * * * A method of avoiding a section 411 (d)(6) violation with respect to account balances attributable to benefits accrued as of the applicable amendment date and earnings thereon would be for Plan D to provide for the vested percentage of G and each other participant in Plan E to be no less than the greater of the vesting percentages under the two vesting schedules (for example, for G and each other participant in Plan E to be 20% vested upon completion of 3 years of service, 40% vested upon completion of 4 years of service, and fully vested upon completion of 5 years of service) for those account balances and earnings. * * * * * Cynthia Grigsby, Senior Federal Liaison Officer, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. 06–7862 Filed 9–20–06; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9280] RIN 1545–BE10 Section 411(d)(6) Protected Benefits; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correction to final regulations. AGENCY: E:\FR\FM\21SER1.SGM 21SER1

Agencies

[Federal Register Volume 71, Number 183 (Thursday, September 21, 2006)]
[Rules and Regulations]
[Page 55108]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-7862]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9280]
RIN 1545-BE10


Section 411(d)(6) Protected Benefits; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

-----------------------------------------------------------------------

SUMMARY: This document contains corrections to final regulations that 
were published in the Federal Register on August 9, 2006 (71 FR 45379) 
that provide guidance on certain issues under section 411(d)(6) of the 
Internal Revenue Code (Code), including the interaction between the 
anti-cutback rules of section 411(d)(6) and the nonforfeitability 
requirements of section 411(a).

EFFECTIVE DATE: This correction is effective August 9, 2006.

FOR FURTHER INFORMATION CONTACT: Pamela R. Kinard, at (202) 622-6060 
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of this correction are 
under section 411(d)(6) of the Code.

Need for Correction

    As published, the final regulations (TD 9280), contain errors that 
may prove to be misleading and are in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendments:

PART 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

    Authority: 26 U.S.C 7805 * * *


0
Par. 2. Section 1.411(d)-3 is amended by revising paragraph (a)(3)(i), 
second sentence and (a)(4) Example 4 (ii), second sentence to read as 
follows:


Sec.  1.411(d)-3  Section 411 (d)(6) protected benefits.

    (a) * * *
    (3) * * * However, such an amendment does not violate section 
411(d)(6) to the extent it applies with respect to benefits that accrue 
after the applicable amendment date.
    (4) * * *

    Example 4 * * * 
    (ii) * * * A method of avoiding a section 411 (d)(6) violation 
with respect to account balances attributable to benefits accrued as 
of the applicable amendment date and earnings thereon would be for 
Plan D to provide for the vested percentage of G and each other 
participant in Plan E to be no less than the greater of the vesting 
percentages under the two vesting schedules (for example, for G and 
each other participant in Plan E to be 20% vested upon completion of 
3 years of service, 40% vested upon completion of 4 years of 
service, and fully vested upon completion of 5 years of service) for 
those account balances and earnings.
* * * * *

Cynthia Grigsby,
Senior Federal Liaison Officer, Legal Processing Division, Associate 
Chief Counsel (Procedure and Administration).
[FR Doc. 06-7862 Filed 9-20-06; 8:45 am]
BILLING CODE 4830-01-P
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