Schedules of Controlled Substances: Placement of Eluxadoline Into Schedule IV, 70680 [C1-2015-28718]
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70680
Federal Register / Vol. 80, No. 220 / Monday, November 16, 2015 / Rules and Regulations
DEPARTMENT OF JUSTICE
Drug Enforcement Administration
21 CFR Part 1308
[Docket No. DEA–419F]
Schedules of Controlled Substances:
Placement of Eluxadoline Into
Schedule IV
Correction
In notice document 2015–28718,
beginning on page 69861 in the issue of
Thursday, November 12, 2015, make the
following correction:
On page 69861, in the first column, in
the eighteenth and nineteenth lines
from the bottom, ‘‘December 17, 2015’’
should read ‘‘December 14, 2015’’.
[FR Doc. C1–2015–28718 Filed 11–13–15; 8:45 am]
BILLING CODE 1505–01–D
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9743]
RIN 1545–BL62
Transitional Amendments To Satisfy
the Market Rate of Return Rules for
Hybrid Retirement Plans
Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulations.
AGENCY:
This document contains final
regulations that provide guidance
regarding certain amendments to
applicable defined benefit plans.
Applicable defined benefit plans are
defined benefit plans that use a lump
sum-based benefit formula, including
cash balance plans and pension equity
plans, as well as other plans that have
formulas with an effect similar to a
lump sum-based benefit formula. These
final regulations relate to previously
issued final regulations that specify
permitted interest crediting rates for
purposes of the requirement that an
applicable defined benefit plan not
provide for interest credits (or
equivalent amounts) at an effective rate
that is greater than a market rate of
return. These final regulations permit a
plan sponsor of an applicable defined
benefit plan that does not comply with
the market rate of return requirement to
amend the plan in order to change to an
interest crediting rate that is permitted
under the previously issued final hybrid
plan regulations without violating the
anti-cutback rules of section 411(d)(6).
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SUMMARY:
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These regulations affect sponsors,
administrators, participants, and
beneficiaries of these plans.
DATES: Effective Date: These regulations
are effective on November 16, 2015.
Applicability Date: These regulations
generally apply to plan amendments
made on or after September 18, 2014 (or
an earlier date as elected by the
taxpayer). These regulations cease to
apply for amendments made on or after
the first day of the first plan year that
begins on or after January 1, 2017 (or,
for collectively bargained plans, on or
after a later date specified in the
regulations).
FOR FURTHER INFORMATION CONTACT: Neil
S. Sandhu or Linda S.F. Marshall at
(202) 317–6700 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
This document contains amendments
to the Income Tax Regulations (26 CFR
part 1) under sections 411(a)(13) and
411(b)(5) of the Internal Revenue Code
(Code).
Generally, a defined benefit pension
plan must satisfy the minimum vesting
standards of section 411(a) and the
accrual requirements of section 411(b)
in order to be qualified under section
401(a) of the Code. Sections 411(a)(13)
and 411(b)(5), which modify the
minimum vesting standards of section
411(a) and the accrual requirements of
section 411(b), were added to the Code
by section 701(b) of the Pension
Protection Act of 2006, Public Law 109–
280 (120 Stat. 780 (2006)) (PPA ’06).
Sections 411(a)(13) and 411(b)(5) and
certain related effective date provisions
were subsequently amended by the
Worker, Retiree, and Employer Recovery
Act of 2008, Public Law 110–458 (122
Stat. 5092 (2008)) (WRERA ’08).
Under section 411(b)(5)(B)(i), a
statutory hybrid plan is treated as failing
to satisfy the requirements of section
411(b)(1)(H) (which provides that the
rate of an employee’s benefit accrual
must not be reduced because of the
attainment of any age) if the terms of the
plan provide any interest credit (or an
equivalent amount) for any plan year at
a rate that is in excess of a market rate
of return. Section 411(b)(5)(B)(i) is
generally effective for plan years
beginning after December 31, 2007.
Section 411(d)(6) provides generally
that a plan does not satisfy section 411
if an amendment to the plan decreases
a participant’s accrued benefit. For this
purpose, a plan amendment that has the
effect of eliminating or reducing an
early retirement benefit or a retirementtype subsidy or eliminating an optional
form of benefit with respect to benefits
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Fmt 4700
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attributable to service before the
amendment is treated as reducing
accrued benefits.
Sections 204(b)(5)(B)(i) and 204(g) of
the Employee Retirement Income
Security Act of 1974, Public Law 93–
406 (88 Stat. 829 (1974)), as amended
(ERISA), contain rules that are parallel
to sections 411(b)(5)(B)(i) and 411(d)(6),
respectively. Under section 101 of
Reorganization Plan No. 4 of 1978 (43
FR 47713), the Secretary of the Treasury
has interpretive jurisdiction over the
subject matter addressed in these final
regulations for purposes of ERISA, as
well as the Code. Thus, these final
regulations apply for purposes of
sections 411(b)(5)(B)(i) and 411(d)(6) of
the Code, as well as for purposes of
sections 204(b)(5)(B)(i) and 204(g) of
ERISA.
Section 1.411(d)–4, A–2(b)(1), of the
Income Tax Regulations provides, in
part, that the Commissioner may,
consistent with the provisions of
§ 1.411(d)–4, provide for the elimination
or reduction of section 411(d)(6)
protected benefits that have already
accrued to the extent that such
elimination or reduction is necessary to
permit compliance with other
requirements of section 401(a). The
Commissioner may exercise this
authority only through the publication
of revenue rulings, notices, and other
documents of general applicability.
Section 1.411(d)–4, A–2(b)(2)(i),
provides that a plan may be amended to
eliminate or reduce a section 411(d)(6)
protected benefit, within the meaning of
§ 1.411(d)–4, A–1, if the following three
requirements are met: The amendment
constitutes timely compliance with a
change in law affecting plan
qualification; there is an exercise of
section 7805(b) relief by the
Commissioner; and the elimination or
reduction of the section 411(d)(6)
protected benefit is made only to the
extent necessary to enable the plan to
continue to satisfy the requirements for
qualified plans.
Final regulations (TD 9505) (2010
final hybrid plan regulations) were
published by the Treasury Department
and the IRS in the Federal Register on
October 19, 2010 (75 FR 64123).
Additional final regulations (TD 9693)
(2014 final hybrid plan regulations)
were published by the Treasury
Department and the IRS in the Federal
Register on September 19, 2014 (79 FR
56442) (collectively, the 2010 and 2014
final hybrid plan regulations are
referred to herein as the final hybrid
plan regulations). The final hybrid plan
regulations provide, effective for plan
years that begin on or after January 1,
2016, a list of interest crediting rates
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16NOR1
]]>Agencies
[Federal Register Volume 80, Number 220 (Monday, November 16, 2015)]
[Rules and Regulations]
[Page 70680]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: C1-2015-28718]
[[Page 70680]]
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DEPARTMENT OF JUSTICE
Drug Enforcement Administration
21 CFR Part 1308
[Docket No. DEA-419F]
Schedules of Controlled Substances: Placement of Eluxadoline Into
Schedule IV
Correction
In notice document 2015-28718, beginning on page 69861 in the issue
of Thursday, November 12, 2015, make the following correction:
On page 69861, in the first column, in the eighteenth and
nineteenth lines from the bottom, ``December 17, 2015'' should read
``December 14, 2015''.
[FR Doc. C1-2015-28718 Filed 11-13-15; 8:45 am]
BILLING CODE 1505-01-D
