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IRS Offers Union Plan Extension Advice

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The Internal Revenue Service has published rules for union pension plans that want to spread out the burden of pension funding adjustments over 5 to 10 years.

The IRS describes the amortization extension request procedures for multiemployer plans that fall short of funding goals in IRS Revenue Procedure 2008-67.

In the past, multiemployer plans could get automatic 10-year extensions. Now, plans need to justify requests for extensions greater than 5 years, according to Jan Jacobson, a senior counsel at the American Benefits Council, Washington.