[Federal Register Volume 62, Number 148 (Friday, August 1, 1997)]
[Proposed Rules]
[Pages 41322-41323]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-20038]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-106043-97]
RIN 1545-AV22
Remedial Amendment Period
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 relating to
the remedial amendment period during which a sponsor of a qualified
retirement plan or an employer that maintains a qualified retirement
plan can make retroactive amendments to the plan to eliminate certain
qualification defects for the entire period. The text of those
temporary regulations also serves as the text of these proposed
regulations. These proposed regulations will affect sponsors of
qualified retirement plans, and employers that maintain qualified
retirement plans.
DATES: Written comments and requests for a public hearing must be
received by October 30, 1997.
ADDRESSES: Send submissions to: CC:DOM:CORP:R (REG-106043-97), room
5226, 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-106043-97), Courier's
Desk, Internal Revenue Service, 1111 Constitution Avenue NW,
Washington, DC. Alternatively,
[[Page 41323]]
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 proposed regulations,
Linda S. F. Marshall, (202) 622-6030; concerning submissions,
Evangelista Lee, (202) 622-7190 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
Final and 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 401(b). The regulations
provide guidance to clarify the scope of the Commissioner's authority
to provide relief from plan disqualification under section 401(b) and
the regulations.
The text of the temporary regulations also serves as the text of
these proposed regulations. The preamble to the final and 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 1.401(b)-1 is amended by:
1. Revising paragraphs (b)(3), (c) and (d)(1)(iv).
2. Adding paragraph (d)(1)(v).
The addition and revisions read as follows:
Sec. 1.401(b)-1 Certain retroactive changes in plan.
[The text of proposed paragraphs (b)(3), (c), (d)(1)(iv) and (v) is the
same as the text of Sec. 1.401(b)-1T(b)(3), (c), (d)(1) (iv) and (v)
published elsewhere in this issue of the Federal Register.]
Michael P. Dolan,
Acting Commissioner of Internal Revenue.
[FR Doc. 97-20038 Filed 7-31-97; 8:45 am]
BILLING CODE 4830-01-U