• IRS Releases Advance Draft of Proposed Regulations on Governmental Plans
  • November 14, 2011
  • Law Firm: Sutherland Asbill Brennan LLP - Washington Office
  • The Internal Revenue Service (IRS) has issued an advance notice of proposed rulemaking to release rules being considered for determining governmental plan status for qualified retirement plans under Internal Revenue Code (Code) section 414(d). The guidance includes draft proposed regulations, a solicitation for comments, and detailed discussions of the history of governmental plans and the various standards that have been applied by the IRS, Department of Labor (DOL), Pension Benefit Guaranty Corporation (PBGC) and the courts to define governmental plans, as well as summaries of the rules that governmental plans are subject to, or exempt from, under the Code.