IRS Fixes Paperwork for Dying Newspaper Pensions
Published Date: 1/24/2025
Notice
Summary
The IRS wants your thoughts on rules about special pension plans for community newspapers and single employers. They’re checking if the paperwork can be simpler and easier to handle. If you’re involved with these pension plans, speak up by March 25, 2025, to help shape the process and avoid extra costs or delays.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
AFTAP Certification Requirement
Regulation REG-139236-07 (TD 9467) requires the information under sections 1.436-1(f) and 1.436-1(h) so that a qualified defined benefit plan's enrolled actuary can provide a timely certification of the plan's adjusted funding target attainment percentage (AFTAP) for each plan year to avoid certain benefit restrictions.
Community Newspaper Plan Election
Under section 430(m) (SECURE Act), a community newspaper plan whose participants had no increase in accrued benefit after December 31, 2017 may elect to use alternative minimum funding standards instead of the usual section 430 requirements. Once made for a plan year, that election applies to all subsequent plan years unless revoked with the consent of the Secretary.
Temporary Pension Elections Ended
The notice states the CARES Act election under Internal Revenue Code section 3608(b) (Notice 2020-61) is no longer relevant, and the temporary election under Notice 2021-48 for extended amortization bases is no longer available because the extended period now applies for all defined benefit plans.
Paperwork Burden Estimates
The IRS estimates for TD 9467 that 80,000 respondents will spend 1.5 hours each (120,000 total annual burden hours). For Notice 2020-60 the agency estimates 2 respondents at 4 hours each (80 total annual burden hours).
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