[Federal Register Volume 77, Number 47 (Friday, March 9, 2012)]
[Proposed Rules]
[Page 14321]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-5715]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-110980-10]
RIN 1545-BJ55


Modifications to Minimum Present Value Requirements for Partial 
Annuity Distribution Options Under Defined Benefit Pension Plans; 
Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendments.

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SUMMARY: This document contains a correction to the notice of proposed 
rulemaking and notice of public hearing (REG-110980-10) that was 
published in the Federal Register on Friday, February 3, 2012 (77 FR 
5454), providing guidance relating to the minimum present value 
requirements applicable to certain defined benefit pension plans.

DATES: This correction is effective on March 9, 2012 and is applicable 
on February 3, 2012.

FOR FURTHER INFORMATION CONTACT: Peter J. Marks or Linda S.F. Marshall 
at (202) 622-6090 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking and notice of public hearing that 
are the subject of this correcting amendment are under sections 401 and 
417 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking and notice of 
public hearing (REG-110980-10) contain an error that may prove to be 
misleading and is in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

    Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendment:

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 1.417(e)-1 is amended by:
    Revising the last sentence of paragraph (d)(7)(vi), Example 5 (i) 
to read as follows:


Sec.  1.417(e)-1  Restrictions and valuations of distributions from 
plans subject to sections 401(a)(11) and 417.

* * * * *
    (d) * * *
    (7) * * *
    (vi) * * *

    Example (5) * * *
    (i) * * * Participating X elects to receive $15,000 of the 
current hypothetical account balance in the form of a single sum and 
to receive the remainder of the total accrued benefit as a life 
annuity.
* * * * *

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2012-5715 Filed 3-8-12; 8:45 am]
BILLING CODE 4830-01-P