News

Definition of "Government" 11/28/12

11-28-2012 |

The IRS has issued draft proposed regulations that outline the requirements for being a government pension plan. Governmental pension plans are not subject to many of the rules others are subject to, so governmental plan status is critical. In particular, these rules define what is “an agency or instrumentality of a State or political subdivision of a State.” This may be a very significant issue for agencies that are participating in CalPERS. There are opportunities for public comment to IRS both on these rules, and the proposed regulations which will follow.

The Advance Notice of Proposed Rulemaking (draft proposed regulations) which appeared in IRS Announcement 2011-78 can be found here:  http://www.irs.gov/irb/2011-51_IRB/ar14.html

 

The IRS hosted a Phone Forum where the draft proposed regulations were discussed.  The transcript is posted here:
http://www.irs.gov/pub/irs-tege/govt_plan_phoneforum_transcript.pdf

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