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Employee Benefits Update - IRS Extends Deadline for Certain Plan Amendments
IRS Extends Deadline for Certain Plan Amendments

11/29/2012

IRS Extends Deadline for Certain Plan Amendments

The Internal Revenue Code was amended in 2006 as part of the Pension Protection Act to restrict the ability of a defined benefit plan to make lump sum and other forms of “accelerated payments,” unless the plan was adequately funded. All these rules generally became effective in 2008, but the Internal Revenue Service (the “IRS”) has consistently pushed off the date by which plans must be amended to reflect these new requirements.

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