Tax Treatment of Qualified Retirement Plan Payment of Accident or Health Insurance Premiums; Correction, 38247 [2014-14989]

Download as PDF 38247 Rules and Regulations Federal Register Vol. 79, No. 129 Monday, July 7, 2014 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. Background DEPARTMENT OF LABOR The final regulations that are the subject of this document are under section 402(a) of the Internal Revenue Code. Mine Safety and Health Administration The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. Need for Correction DEPARTMENT OF THE TREASURY As published, final regulations (TD 9665) contain errors that may prove to be misleading and are in need of clarification. List of Subjects in 26 CFR Part 1 Internal Revenue Service 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. [TD 9665] Correction of Publication RIN 1545–BG12 Tax Treatment of Qualified Retirement Plan Payment of Accident or Health Insurance Premiums; Correction Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments: PART 1—INCOME TAXES Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. AGENCY: This document contains corrections to final regulations (TD 9665) that were published in the Federal Register on Monday, May 12, 2014 (79 FR 26838) clarifying the rules regarding the tax treatment of payments by qualified retirement plans for accident or health insurance. The final regulations set forth the general rule under section 402(a) that amounts held in a qualified plan that are used to pay accident or health insurance premiums are taxable distributions unless described in certain statutory exemptions. The final regulations do not extend this result to arrangements under which amounts are used to pay premiums for disability insurance that replaces retirement plan contributions in the event of a participant’s disability. These regulations affect sponsors, administrators, participants, and beneficiaries of qualified retirement plans. Paragraph 1. The authority citation for part 1 continues to read in part as follows: ■ Authority: 26 U.S.C. 7805 * * * SUMMARY: This correction is effective on July 7, 2014, and is applicable May 12, 2014. FOR FURTHER INFORMATION CONTACT: Michael P. Brewer or Lauson C. Green at (202) 317–6700 (not a toll-free number). ehiers on DSK2VPTVN1PROD with RULES DATES: Par. 2. In § 1.402(a)–1, the ninth sentence of paragraph (e)(6) Example 2. (i) is revised to read as follows: ■ § 1.402(a)–1 Taxability of beneficiary under a trust which meets the requirements of section 401(a). * * * (e) * * * (6) * * * * * Example 2. (i) * * * During the period Participant Q is absent from employment due to disability, the insurer pays the trust the amount of the elective, matching, and nonelective employer profit-sharing contributions that would have been made to the trust with respect to Participant Q had Participant Q not been disabled. * * * * * * * * Martin V. Franks, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. 2014–14989 Filed 7–3–14; 8:45 am] BILLING CODE 4830–01–P SUPPLEMENTARY INFORMATION: VerDate Mar<15>2010 12:37 Jul 03, 2014 Jkt 232001 PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 30 CFR Parts 70, 71, 72, 75, and 90 RIN 1219–AB64 Lowering Miners’ Exposure to Coal Mine Dust Including Continuous Personal Dust Monitors Mine Safety and Health Administration, Labor. ACTION: Final rule. AGENCY: The Mine Safety and Health Administration (MSHA) is announcing that the Office of Management and Budget (OMB) approved the information requirements contained in the final rule on Lowering Miners’ Exposure to Coal Mine Dust, Including Continuous Personal Dust Monitors published in the Federal Register May 1, 2014, under the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3501–3520). The OMB Control Number is 1219–0152. DATES: The effective date of the final rule and the related information collections is August 1, 2014. FOR FURTHER INFORMATION CONTACT: Sheila McConnell, Acting Director, Office of Standards, Regulations, and Variances, MSHA, 1100 Wilson Boulevard, Room 2350, Arlington, Virginia 22209–3939, mcconnell.sheila.a@dol.gov (email), 202–693–9463 (voice), or 202–693–9441 (facsimile). SUPPLEMENTARY INFORMATION: On May 1, 2014, MSHA published a final rule that revised the Agency’s existing regulation for Lowering Miners’ Exposure to Coal Mine Dust Including Continuous Personal Dust Monitors in the Federal Register (79 FR 24814). A Federal agency generally cannot conduct or sponsor a collection of information, and the public is generally not required to respond to an information collection, unless it is approved by the OMB under the PRA and displays a currently valid OMB Control Number. In addition, notwithstanding any other provisions of law, no person shall generally be subject to penalty for failing to comply with a collection of information if the collection of information does not display a valid OMB control number. See 5 CFR 1320.5(a) and 1320.6. Under the PRA, an agency may not conduct an information collection unless it has a SUMMARY: E:\FR\FM\07JYR1.SGM 07JYR1

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[Federal Register Volume 79, Number 129 (Monday, July 7, 2014)]
[Rules and Regulations]
[Page 38247]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-14989]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 
Prices of new books are listed in the first FEDERAL REGISTER issue of each 
week.

========================================================================


Federal Register / Vol. 79, No. 129 / Monday, July 7, 2014 / Rules 
and Regulations

[[Page 38247]]



DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9665]
RIN 1545-BG12


Tax Treatment of Qualified Retirement Plan Payment of Accident or 
Health Insurance Premiums; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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

SUMMARY: This document contains corrections to final regulations (TD 
9665) that were published in the Federal Register on Monday, May 12, 
2014 (79 FR 26838) clarifying the rules regarding the tax treatment of 
payments by qualified retirement plans for accident or health 
insurance. The final regulations set forth the general rule under 
section 402(a) that amounts held in a qualified plan that are used to 
pay accident or health insurance premiums are taxable distributions 
unless described in certain statutory exemptions. The final regulations 
do not extend this result to arrangements under which amounts are used 
to pay premiums for disability insurance that replaces retirement plan 
contributions in the event of a participant's disability. These 
regulations affect sponsors, administrators, participants, and 
beneficiaries of qualified retirement plans.

DATES: This correction is effective on July 7, 2014, and is applicable 
May 12, 2014.

FOR FURTHER INFORMATION CONTACT: Michael P. Brewer or Lauson C. Green 
at (202) 317-6700 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations that are the subject of this document are 
under section 402(a) of the Internal Revenue Code.

Need for Correction

    As published, final regulations (TD 9665) 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

    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. In Sec.  1.402(a)-1, the ninth sentence of paragraph (e)(6) 
Example 2. (i) is revised to read as follows:


Sec.  1.402(a)-1  Taxability of beneficiary under a trust which meets 
the requirements of section 401(a).

* * * * *
    (e) * * *
    (6) * * *
    Example 2.  (i) * * * During the period Participant Q is absent 
from employment due to disability, the insurer pays the trust the 
amount of the elective, matching, and non-elective employer profit-
sharing contributions that would have been made to the trust with 
respect to Participant Q had Participant Q not been disabled. * * *
* * * * *

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2014-14989 Filed 7-3-14; 8:45 am]
BILLING CODE 4830-01-P

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