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IRS to Amend Required Minimum Distribution Rules for Pensions

from Accounting Today

The Internal Revenue Service and the Department of the Treasury plan to amend the required minimum distribution regulations under Section 401(a)(9) of the tax code to address the use of lump sum payments to replace annuity payments being paid by a qualified defined benefit pension plan. In Notice 2015-49, the IRS said the regulations, as amended, will provide that qualified defined benefit plans generally are not permitted to replace any joint and survivor, single life or other annuity currently being paid with a lump-sum payment or other accelerated form of distribution. more

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