Proposed Rules Would Provide Important Governmental Plan Guidance
The IRS and Department of Treasury (Treasury) have published two advance notices of proposed rulemaking concerning the definition of the term "governmental plan" under Section 414(d) of the Internal Revenue Code. The first notice addresses the issue of determining whether a retirement plan is a governmental plan. The second notice sets forth rules applicable to the definition of an Indian Tribal Government (ITG) governmental plan. Each notice includes a draft of possible proposed regulations. The announcement of the publication of the advance notices and links to the notices themselves can be found here.