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Home > Resources > News & Information > Regulatory Updates > IRS Issues Proposed Regulation on Determining Endangered or Critical Funding Status of Multiemployer Plans; Hearing Scheduled for July 31

IRS Issues Proposed Regulation on Determining Endangered or Critical Funding Status of Multiemployer Plans; Hearing Scheduled for July 31

The Internal Revenue Service (IRS) released on March 18, 2008 a proposed rule under Internal Revenue Code Section 432, concerning multiemployer defined benefit pension plans that are in either endangered or critical status. The proposed rule provides guidance regarding the determination of when a plan is in endangered status or critical status and the associated notices. It does not, however, provide guidance on the parameters for the adoption of a funding improvement or rehabilitation plan. According to the IRS, guidance with respect to additional funding issues will be included in a second set of regulations that are expected to be issued this year. The proposed regulation is necessary to implement the new funding rules that are effective for plan years beginning after 2007, as implemented by the Pension Protection Act. Comments and requests for a public hearing were due by June 16, 2008. A hearing has been scheduled for July 31, 2008. Persons who submitted written comments and would like to present oral comments must submit an outline of the topics to be discussed and the amount of time to be devoted to each topic by July 10.

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