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Federal Agencies Request Comments on Approaches to Governmental Plan Guidance

January 26, 2012
The Internal Revenue Service (IRS) and the Department of Treasury are soliciting comments on possible standards for determining if a retirement plan is a governmental plan under section 414(d) of the Internal Revenue Code.
 

This issue is important to state and local governments, as well as their employees, because the statutory rules that apply to governmental plans are different from those that apply to nongovernmental plans. The IRS and Department of Treasury have initiated this process because the lack of comprehensive section 414(d) guidance has made it difficult for government employers and their employees to have the certainty that they need in this area.

Comments are due by Feb. 6 . More details on the guidance, as well as the advanced notices of the proposed rulemaking can be found on the IRS website .



 
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