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IRS Issues Proposed Regulations with Respect to Elimination or Reduction of Optional Forms of Benefit, Retirement Type Subsidies and Early Retirement Benefits |
February 21, 2005
Previously published on April 21, 2004
Of the many requirements that an employee benefit plan must satisfy to be tax-qualified, one of the more significant ones is Code Section 411(d)(6), the "anti-cutback" provisions. The anti-cutback provisions provide that, except in very limited circumstances, the accrued benefit of a participant cannot be reduced by a plan amendment. Code Section 411(d)(6) provides that a plan amendment that has the effect of eliminating or reducing an early retirement benefit or a retirement type subsidy, or eliminating an optional form of benefit, with respect to service before the amendment, is also an impermissible reduction of an accrued benefit.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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