The Internal Revenue Service has tried to smooth out timing of the implementation of some regulations related to the Pension Protection Act of 2006.
The IRS will start to apply the provisions, such as a provision which deals with use of employer-specific, substitute mortality tables, to plan years that start after Jan. 1., 2009, officials write in IRS Notice 2008-21.
The IRS also will wait to apply several closely linked provisions after Jan. 1, 2009.
In addition to the mortality table provisions, the notice pushes back the effective date of provisions dealing with matters such as use of prefunding balances and funding standard carryover balances, and with limits on accrual and payment of benefits under an underfunded plan, IRS officials write in the notice.
“For plan years beginning during 2008, taxpayers must follow applicable statutory provisions and can rely on the proposed regulations for compliance with those statutory provisions,” officials write.
A copy of the notice is available