RULES AND REGULATIONS

IRS Announcements

“An announcement is a public pronouncement that has only immediate or short-term value. For example, announcements can be used to summarize the law or regulations without making any substantive interpretation or to notify taxpayers of approaching filing deadlines.”

Announcement 2007-90, 2007-42 I.R.B.  - Temporary Closing of the Determination Letter Program for Adopters of Pre-Approved Defined Contribution Plans
This announcement provides that the Service will temporarily cease accepting determination letters for pre-approved defined contribution plans that will have to be restated in the entirety for the Economic Growth and Tax Relief Reconciliation Act of 2001. It will be in IRB: 2007-42, dated October 15, 2007.”
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Announcement 2007-59, 2007-25 I.R.B. 1448 - Guidance for Employers Concerned About Certain Mid-Year Changes to a Section 401(k) Safe Harbor Plan
Section 401(k) safe harbor plan; qualified Roth contribution program. This announcement provides that a plan will not fail to satisfy the requirements to be a section 401(k) safe harbor plan merely because of mid-year changes to implement a qualified Roth contribution program (as defined in section 402A) or the hardship withdrawals described in Part III of Notice 2007-7.  This announcement provides that a plan will not fail to satisfy the requirements of a section 401(k) safe harbor plan because of a mid-year change to implement a designated Roth contribution program or the financial hardship withdrawals described in part III of Notice 2007-7.
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Announcement 2007-55, 2007-23 I.R.B. 1384 - Rollovers to Prototype Roth IRAs
Roth IRA; rollover; prototype. This announcement provides that sponsors of prototype Roth IRAs must amend their prototype Roth IRA documents in order to permit the rollover of amounts from designated Roth accounts described in section 402A of the Code.  This announcement reminds sponsors of prototype Roth IRAs of the requirement to amend their prototypes by December 31, 2007, if they want their prototypes to be able to accept rollovers of designated Roth contributions from other plans.
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Announcement 2007-47, 2007-20 I.R.B. 1260 - List of Nonbank Trustees and Custodians
Nonbank trustees; section 1.408-2(e) of the regulations. This announcement contains a list of entities previously approved to act as nonbank trustees and nonbank custodians within the meaning of section 1.408-2(e) of the regulations. In addition, the announcement contains instructions on how errors in the list may be corrected. Announcement 2006-45 updated and superseded.  This announcement is a list of nonbank trustees and custodians approved by the EP function through December 31, 2006.
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