Limitations on Benefits and Contributions Under Qualified Plans; Correction, 28854 [E7-9877]
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Federal Register / Vol. 72, No. 99 / Wednesday, May 23, 2007 / Rules and Regulations
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Background
By direction of the Commission.
Donald S. Clark,
Secretary.
[FR Doc. E7–9966 Filed 5–22–07; 8:45 am]
I Par. 2. Section 1.415(b)–1 is amended
by revising paragraph (c)(5)(i)(A), and
the second sentence of paragraph (c)(6)
Example 6, paragraph (iv). The revisions
read as follows:
BILLING CODE 6750–01–P
The final regulations that are the
subject of this document are under
sections 401(a), 401(a)(4), 401(a)(9),
401(k), 402, 414(s), 415, 416, 457, and
924 of the Internal Revenue Code.
Need for Correction
As published, final regulations (TD
9319) 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.
§ 1.457–5 Individual limitation for
combined annual deferrals under multiple
eligible plans.
*
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 as follows:
I
Authority: 26 U.S.C. 7805 * * *
§ 1.415(b)–1
plans.
DEPARTMENT OF THE TREASURY
*
*
*
*
(c) * * *
(5) * * *
(i) * * *
(A) The benefit is paid in a form to
which section 417(e)(3) does not apply.
*
*
*
*
*
(6) * * *
26 CFR Part 1
[TD 9319]
RIN 1545–BD52
Limitations on Benefits and
Contributions Under Qualified Plans;
Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendments.
AGENCY:
This document contains
corrections to final regulations (TD
9319) that were published in the
Federal Register on Thursday, April 5,
2007 (72 FR 16878) regarding the
limitations of section 415, including
updates to the regulations for numerous
statutory changes since comprehensive
final regulations were last published
under section 415.
DATES: These correcting amendments
are effective May 23, 2007.
FOR FURTHER INFORMATION CONTACT:
Vernon S. Carter at (202) 622–6060 or
Linda S. F. Marshall at (202) 622–6090
(not toll-free numbers).
SUPPLEMENTARY INFORMATION:
cprice-sewell on PROD1PC71 with RULES
SUMMARY:
VerDate Aug<31>2005
15:35 May 22, 2007
Jkt 211001
Limitations for defined benefit
*
Internal Revenue Service
paragraph (c)(1) of this section, any
nontransferred benefits provided under
plans maintained by the predecessor
employer with respect to a participant
whose benefits have been transferred to
the transferee plan.
*
*
*
*
*
I Par. 5. Section 1.457–5(d), Example 2,
paragraphs (ii) and (iii) are amended by
revising the third sentence of (ii) and all
of (iii) to read as follows:
Example 6. * * *
(iv) * * * With respect to the single-sum
distribution, the annual amount of the
actuarially equivalent straight life annuity
commencing at the same age determined
using the plan’s actuarial factors is equal to
$45,000. * * *
*
*
*
*
*
I Par. 3. Section 1.415(d)–1 is amended
by revising its heading to read as
follows:
§ 1.415(d)–1
Cost-of-living adjustments.
*
*
*
*
*
I Par. 4. Section 1.415(f)–1 is amended
by revising the last sentence of
paragraph (d)(1) to read as follows:
§ 1.415(f)–1
Aggregating plans.
*
*
*
*
*
(d) * * *
(1) * * * Instead, the transferee plan
takes into account the transferred
benefits that are actually provided
under the transferee plan (see
§ 1.415(b)–1(b)(3)(i)(C)) and, pursuant to
PO 00000
Frm 00030
Fmt 4700
Sfmt 4700
*
*
(d) * * *
*
*
Example 2. * * *
(ii) * * * Alternatively, Participant E
could instead elect to defer the following
combination of amounts: An aggregate total
of $15,000 to Plans X, Y, and Z, if no
contribution is made to Plan W; an aggregate
total of $20,000 to any of the four plans,
assuming at least $5,000 is contributed to
Plan W; or $22,000 to Plan W and none to
any of the other three plans.
(iii) * * * If the underutilized amount
under Plans W, X, and Y for year 2006 were
in each case zero (because E had always
contributed the maximum amount or E was
a new participant) or an amount not in excess
of $5,000, the maximum exclusion under this
section would be $20,000 for Participant E
for year 2006 ($15,000 plus the $5,000 age 50
catch-up amount), which Participant E could
contribute to any of the plans assuming at
least $5,000 is contributed to Plan W.
LaNita Van Dyke,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
[FR Doc. E7–9877 Filed 5–22–07; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9319]
RIN 1545–BD52
Limitations on Benefits and
Contributions Under Qualified Plans;
Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correction to final regulations.
AGENCY:
SUMMARY: This document contains a
correction to final regulations (TD 9319)
that were published in the Federal
Register on Thursday, April 5, 2007 (72
FR 16878) regarding the limitations of
section 415, including updates to the
regulations for numerous statutory
changes since comprehensive final
E:\FR\FM\23MYR1.SGM
23MYR1
]]>Agencies
[Federal Register Volume 72, Number 99 (Wednesday, May 23, 2007)]
[Rules and Regulations]
[Page 28854]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-9877]
=======================================================================
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9319]
RIN 1545-BD52
Limitations on Benefits and Contributions Under Qualified Plans;
Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendments.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to final regulations (TD
9319) that were published in the Federal Register on Thursday, April 5,
2007 (72 FR 16878) regarding the limitations of section 415, including
updates to the regulations for numerous statutory changes since
comprehensive final regulations were last published under section 415.
DATES: These correcting amendments are effective May 23, 2007.
FOR FURTHER INFORMATION CONTACT: Vernon S. Carter at (202) 622-6060 or
Linda S. F. Marshall at (202) 622-6090 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
The final regulations that are the subject of this document are
under sections 401(a), 401(a)(4), 401(a)(9), 401(k), 402, 414(s), 415,
416, 457, and 924 of the Internal Revenue Code.
Need for Correction
As published, final regulations (TD 9319) 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 as
follows:
Authority: 26 U.S.C. 7805 * * *
0
Par. 2. Section 1.415(b)-1 is amended by revising paragraph
(c)(5)(i)(A), and the second sentence of paragraph (c)(6) Example 6,
paragraph (iv). The revisions read as follows:
Sec. 1.415(b)-1 Limitations for defined benefit plans.
* * * * *
(c) * * *
(5) * * *
(i) * * *
(A) The benefit is paid in a form to which section 417(e)(3) does
not apply.
* * * * *
(6) * * *
Example 6. * * *
(iv) * * * With respect to the single-sum distribution, the
annual amount of the actuarially equivalent straight life annuity
commencing at the same age determined using the plan's actuarial
factors is equal to $45,000. * * *
* * * * *
0
Par. 3. Section 1.415(d)-1 is amended by revising its heading to read
as follows:
Sec. 1.415(d)-1 Cost-of-living adjustments.
* * * * *
0
Par. 4. Section 1.415(f)-1 is amended by revising the last sentence of
paragraph (d)(1) to read as follows:
Sec. 1.415(f)-1 Aggregating plans.
* * * * *
(d) * * *
(1) * * * Instead, the transferee plan takes into account the
transferred benefits that are actually provided under the transferee
plan (see Sec. 1.415(b)-1(b)(3)(i)(C)) and, pursuant to paragraph
(c)(1) of this section, any nontransferred benefits provided under
plans maintained by the predecessor employer with respect to a
participant whose benefits have been transferred to the transferee
plan.
* * * * *
0
Par. 5. Section 1.457-5(d), Example 2, paragraphs (ii) and (iii) are
amended by revising the third sentence of (ii) and all of (iii) to read
as follows:
Sec. 1.457-5 Individual limitation for combined annual deferrals
under multiple eligible plans.
* * * * *
(d) * * *
Example 2. * * *
(ii) * * * Alternatively, Participant E could instead elect to
defer the following combination of amounts: An aggregate total of
$15,000 to Plans X, Y, and Z, if no contribution is made to Plan W;
an aggregate total of $20,000 to any of the four plans, assuming at
least $5,000 is contributed to Plan W; or $22,000 to Plan W and none
to any of the other three plans.
(iii) * * * If the underutilized amount under Plans W, X, and Y
for year 2006 were in each case zero (because E had always
contributed the maximum amount or E was a new participant) or an
amount not in excess of $5,000, the maximum exclusion under this
section would be $20,000 for Participant E for year 2006 ($15,000
plus the $5,000 age 50 catch-up amount), which Participant E could
contribute to any of the plans assuming at least $5,000 is
contributed to Plan W.
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E7-9877 Filed 5-22-07; 8:45 am]
BILLING CODE 4830-01-P
