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Underfunded Pension Plans: Treasury, IRS Issue Proposed Regulations

By U.S. Department of the Treasury

Aug 28, 2007 - 1:58:21 PM

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August 28, 2007
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Treasury, IRS Issue Proposed Regulations
Outlining New Rules Restricting Benefits in Underfunded Pension Plans

Washington, D.C.--The Treasury Department and IRS issued today proposed regulations to provide guidance on new rules enacted as part of the Pension Protection Act of 2006 (PPA) that restrict benefits in pension plans that are underfunded.

The restrictions on benefits will apply next year to underfunded pension plans under section 436 of the Internal Revenue Code. The proposed regulations reflect the new law and include a number of transition rules. The proposed regulations also include guidance under section 430(f) of the Internal Revenue Code regarding the treatment of an employer's contributions in excess of the minimum required contribution for a plan year that results in a credit or funding balance. PPA generally requires such a balance to be excluded in determining a plan's funded percentage for purposes of applying the limitations of section 436.

The proposed regulations will apply to plan years beginning after December 31, 2007, and can be relied on for qualification purposes pending the final regulations.

A copy of the proposed regulations is attached.

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REG 113891-07

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