[Federal Register Volume 63, Number 172 (Friday, September 4, 1998)]
[Proposed Rules]
[Pages 47214-47215]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-23570]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-101363-98]
RIN 1545-AV94
Section 411(d)(6) Protected Benefits (Taxpayer Relief Act of
1997); Qualified Retirement Plan Benefits
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking by cross-reference to temporary
regulations.
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SUMMARY: In the Rules and Regulations section of this issue of the
Federal Register, the IRS is issuing temporary regulations providing
for changes to the rules regarding qualified retirement plan benefits
that are protected from reduction by plan amendment, that have been
made necessary by the Taxpayer Relief Act of 1997. The text of those
temporary regulations also serves as the text of these proposed
regulations.
DATES: Written comments and requests for a public hearing must be
received by December 3, 1998.
ADDRESSES: Send submissions to: CC:DOM:CORP:R (REG-101363-98), room
5228, Internal Revenue Service, POB 7604, Ben Franklin Station,
Washington, DC 20044. Submissions may be hand delivered between the
hours of 8 a.m. and 5 p.m. to: CC:DOM:CORP:R (REG-101363-98),
[[Page 47215]]
Courier's Desk, Internal Revenue Service, 1111 Constitution Avenue NW.,
Washington, DC. Alternatively, taxpayers may submit comments
electronically via the internet by selecting the ``Tax Regs'' option on
the IRS Home Page, or by submitting comments directly to the IRS
internet site at http://www.irs/ustreas.gov/prod/tax__regs/
comments.html.
FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Linda S.
F. Marshall, (202) 622-6030 (not a toll-free call); concerning
submissions, Michael Slaughter, (202) 622-7190 (not a toll-free call).
SUPPLEMENTARY INFORMATION:
Background
Temporary regulations in the Rules and Regulations section of this
issue of the Federal Register amend the Income Tax Regulations (26 CFR
part 1) relating to section 411(d)(6), to provide for changes that have
been made necessary by the Taxpayer Relief Act of 1997 (TRA '97),
Public Law 105-34, 111 Stat. 788 (1997). The temporary regulations
change the existing regulations to conform with the TRA '97 rules
regarding in-kind distribution requirements for certain employee stock
ownership plans, and specify the time period during which certain plan
amendments for which relief has been granted by TRA '97 may be made
without violating the prohibition against plan amendments that reduce
accrued benefits.
The text of those temporary regulations also serves as the text of
these proposed regulations. The preamble to the temporary regulations
explains the temporary regulations.
Special Analyses
It has been determined that this notice of proposed rulemaking is
not a significant regulatory action as defined in EO 12866. Therefore,
a regulatory assessment is not required. It also has been determined
that section 553(b) of the Administrative Procedure Act (5 U.S.C.
chapter 5) does not apply to these regulations, and because the
regulation does not impose a collection of information on small
entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not
apply. Pursuant to section 7805(f) of the Internal Revenue Code, this
notice of proposed rulemaking will be submitted to the Chief Counsel
for Advocacy of the Small Business Administration for comment on its
impact on small business.
Comments and Requests for a Public Hearing
Before these proposed regulations are adopted as final regulations,
consideration will be given to any written comments (a signed original
and eight (8) copies) that are submitted timely to the IRS. All
comments will be available for public inspection and copying. A public
hearing may be scheduled if requested in writing by any person that
timely submits written comments. If a public hearing is scheduled,
notice of the date, time, and place for the hearing will be published
in the Federal Register.
Drafting Information: The principal author of these regulations is
Linda S. F. Marshall, Office of the Associate Chief Counsel, Employee
Benefits and Exempt Organizations. However, other personnel from the
IRS and Treasury Department participated in their development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Proposed Amendments to the Regulations
Accordingly, 26 CFR part 1 is proposed to be amended as follows:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.411(d)-4 is amended by:
1. Revising paragraph (d)(1)(ii) of Q&A-2.
2. Adding Q&A-11.
The addition and revisions read as follows:
Sec. 1.411(d)-4 Section 411(d)(6) protected benefits.
* * * * *
Q-2 * * *
(d)(1)(ii) [The text of proposed paragraph (d)(1)(ii) of Q&A-2 is
the same as the text of Sec. 1.411(d)-4T Q&A-2(d)(1)(ii) published
elsewhere in this issue of the Federal Register.]
* * * * *
Q&A-11 [The text of proposed Q&A-11 is the same as the text of
Sec. 1.411(d)-4T Q&A-11 published elsewhere in this issue of the
Federal Register.]
Michael P. Dolan,
Deputy Commissioner of Internal Revenue.
[FR Doc. 98-23570 Filed 9-3-98; 8:45 am]
BILLING CODE 4830-01-U
