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ARTICLE · 14 DECEMBER 2010

IRS Extends Deadline for Adopting Certain Retirement Plan Amendments

In the midst of the season when plan sponsors are finalizing year-end amendments to retirement plans, the Internal Revenue Service (IRS) provides relief in Notice 2010-77 for amendments regarding two sets of requirements for defined benefit plans.

United StatesEmployment and HR

In the midst of the season when plan sponsors are finalizing year-end amendments to retirement plans, the Internal Revenue Service (IRS) provides relief in Notice 2010-77 for amendments regarding two sets of requirements for defined benefit plans. This IRS Notice extends the deadline for amending qualified defined benefit pension plans to meet the requirements of:

The funding-based limits on benefits and benefit accruals under Sections 401(a) (29) and 436 of the Internal Revenue Code of 1986, as amended (the Code); and

The vesting and other special rules under Sections 411(a)(13) (other than Section 411(a)(13)(A)) and 411(b)(5) of the Code that apply to certain hybrid defined benefit plans.

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