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March 14, 2009

The JCT release JCX-20-09

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Retirement provisions set to expire

The Joint Committee on Taxation has released JCX-20-09, which contains a list of Federal Tax provisions which expire from 2008 through to 2020. The following are some of the provisions that apply to IRAs and employer sponsored plans:
Provision
Covered Under …
Scheduled Expiration Date
Comments
Allowance of additional IRA contributions in certain bankruptcy cases
IRC § 219(b)(5)(C)
12/31/09
Waiver of minimum required distribution rules for IRAs and defined contribution plans.
IRC § 401(a)(9)(H)
12/31/09
For details on this provision see Waiver of Required Minimum Distribution for 2009
Tax-free distributions from individual retirement plans for charitable purposes.
IRC § 408(d)(8))
12/31/09
For more on this provision see Donating Retirement Assets To Charities
Use of single-employer defined benefit plan’s prior-year adjusted funding target
attainment percentage to determine application of limitation on benefit accruals
§ 203 of Pub. L. No. 110-458
12/31/09
 The provision applies to the first plan year that begins during the period beginning on October 1, 2008 and ending on September 30, 2009
Delay of designation of multiemployer plans as in endangered or critical status.
§ 204 0f Pub. L. No. 110- 458
12/31/09
The provision applies to the first plan year that begins during the period beginning on October 1, 2008 and ending on September 30, 2009
Extension of funding improvement and rehabilitation periods for certain multiemployer pension plans.
§ 205 of Pub. L. No. 110-458
12/31/09
The provision applies to plan years beginning during 2008 and 2009
Refundable credit for government retirees
2202 of Pub. L. No. 111-5)
12/31/09
Provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001.
Pub. L. No. 107-16)
12/31/10
The sunset applies to all EGTRRA provisions otherwise in effect on the expiration date. Pub. L. No. 107-358 repealed the sunset contained in EGTRRA with respect to the exclusion from federal income tax for restitution received by victims of the Nazi Regime. The Pension Protection Act of 2006,
Pub. L. No. 109-280, repealed the sunset contained in EGTRRA with respect to the pension and IRA provisions contained in subtitles A through F of title VI of EGTRRA and with respect to the qualified tuition program provisions in section 402 of EGTRRA.
Additional funding rules for multiemployer defined benefit pension plans in endangered or critical status
§§ 432, and
sec. 221(c) of Pub. L. No. 109-280
12/31/14
A corresponding provision is contained in section 305 of ERISA that also expires on December 31, 2014
Deemed approval of adoption, use or cessation of shortfall funding method for
multiemployer defined benefit pension plans
§§   201(b) and 221(c) of Pub. L.
No. 109-280)
12/31/14

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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