[13472]
May 2, 2001
TO: PENSION COMMITTEE No. 26-01
RE: TREASURY/IRS RELEASE BUSINESS PLAN ITEMS
The Treasury Department and the Internal Revenue Service have released their “2001
Priority Guidance Plan.” The Plan, which is attached, lists their priorities for tax regulations and
other administrative guidance. The release also notes that the guidance plan cycle has been
shifted from a calendar-year cycle to a July 1-through-June 30 cycle. This is intended to alleviate
the volume of guidance that has tended to occur in late December and early January. Thus the
items enumerated are expected to be completed by June 2002. Of particular note for the
Committee are the following projects:
Final regulations relating to plan loans under section 72(p).
Final regulations under section 401(a)(9) on required minimum distributions.
Guidance on reporting of required minimum distributions.
Guidance relating to cash or deferred arrangements under section 401(k) and relating to
section 401(m).
Guidance relating to section 401(k) and 401(m) in mergers and acquisitions.
Guidance with respect to calculation of net income attributable to returned or
recharacterized IRA contributions.
Notice on the determination letter process.
Guidance with respect to sections 401(a)(9) and 408, in connection with the determination
letter program.
Guidance providing for updating of prototype SEP documents.
Guidance relating to oversight of qualified plan compliance.
Guidance on restorative payments to qualified plans.
2Additionally, the Service plans to issue final regulations under section 529 regarding
state tuition programs and final regulations under section 7701 regarding the application of
foreign trust rules to employee benefit trusts.
Russell G. Galer
Senior Counsel
Attachment
Attachment (in .pdf format)