That’s the metaphorical objective of any regulatory agency whose responsibility is to interpret and administer laws passed by Congress- to translate those laws into regulations, rules, and produres. Mitchell Port on his California Tax Attorney Blog gives us an initiation to understanding IRS guidance, excellent background for anyone who is involved with retirement plans, and especially the Pension Protection Act (PPA) passed on August 17, 2006. It’s not just the IRS that will be involved with the “translation”. The burden will also be on the Department of Labor (DOL). And both of the agencies will have a full plate with the different effective dates for the new law’s provisions.
Take a look at what’s in store for the IRS and DOL – and us – for just the defined contribution plan provisions:
- Provisions effective retroactively: 2
- Provisions effective on enactment date: 8
- Provisions effective for plan year beginning on or after January 1, 2007: 12
- Provisions effective for plan years beginning on or after January 1, 2008: 6
- Provisions effective for plan years beginning on or after January 1, 2009: plan amendments
- Provisions effective for plan years beginning on or after January 1, 2010: defined benefit/401(k) combined plan
The above list is from McKay Hochman’s Status of Defined Contribution Provisions One Year After PPA which provides the details.
Hat tip to Joe Kristen for his Tax Update on the Roth & Company, P.C. Blog Roundup.