Tax News

CCH (cch.taxgroup.com) reports:

  The IRS, the Department of Labor's Employee Benefits Security Administration ("EBSA") and the Pension Benefit Guaranty Corporation ("PBGC") have provided additional relief to certain employee benefit plans because of damage caused by Hurricane Ike. This additional relief applies to plans located in the Texas counties of Brazoria, Chambers, Galveston, Harris, Jefferson, Liberty, Montgomery or Orange as of September 7, 2008.

Pre-Pension Protection Act Plans

  For plan years beginning before January 1, 2008, if the date for making a contribution or applying for a waiver falls within the period beginning on September 7, 2008, and ending on December 15, 2008, then the deadline for that contribution or application is postponed to December 15, 2008. In addition, for any plan with an extended contribution date, a contribution for any plan year before the premium payment year may be taken into account if it is made on or before the earlier of: (1) the extended date or (2) the date of the plan's variable-rate premium filing for the premium payment year.

Single Employer Plans

  For plan years beginning after December 31, 2007, if the date for making a contribution, applying for a waiver, or furnishing a required notice falls within the period beginning on September 7, 2008, and ending on December 15, 2008, then the date for making that contribution, application or notice is postponed to December 15, 2008. If the date for certification of the adjusted funded target attainment percentage falls within the period beginning on September 7, 2008, and ending on December 15, 2008, then the date by which such certification must be made is postponed to December 15, 2008. Moreover, a contribution for any plan year before the premium payment year may be taken into account if it is made on or before the earlier of: (1) the extended contribution due date or (2) the date of the plan's variable-rate premium filing for the premium payment year.

Multiemployer Defined Benefit Plans

  If the deadline by which a sponsor of an endangered or critical status plan must adopt a funding improvement plan or a rehabilitation plan falls within the period beginning on September 7, 2008, and ending on December 15, 2008, then that deadline is postponed to December 15, 2008. If the date by which the plan actuary must certify whether or not the plan is in endangered status for the plan year and whether or not the plan is or will be in critical status for the plan year falls within the period beginning on September 7, 2008, and ending on December 15, 2008, then the date by which that certification must be made is postponed to December 15, 2008. However, the date by which the sponsor of a plan that is in critical or endangered status must adopt a funding improvement plan or a rehabilitation plan continues to be determined based on the original deadline for the certification of the plan's status.

Notice 2008-87, 2008FED ¶46,601

Other References:

 
Code Sec. 6081

  CCH Reference - 2008FED ¶36,789.213

 
Code Sec. 7508A

  CCH Reference - 2008FED ¶42,687C.22

  Tax Research Consultant

  CCH Reference - TRC FILEIND: 15,204.25
CCH Reference - TRC FILEBUS: 15,110