Proposed Rules Permit Elimination of Certain Retirement Benefits
On March 24, 2004, the IRS issued proposed regulations that permit the elimination of optional retirement benefits in certain circumstances and the elimination or reduction of early retirement benefits or retirement-type subsidies that are burdensome or complex for retirement plans and of limited value to plan participants. The proposed rules reflect changes made to the anti-cutback rules under Internal Revenue Code ("Code") section 411(d)(6) by the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA"). Additionally, the proposed rules provide general guidance regarding Code section 411(d)(6), including the meaning of terms used, the scope of the anti-cutback protection against plan amendments that decrease a participant's accrued benefit and the scope of protection for early retirement benefits, retirement-type subsidies and optional forms of benefit. The proposed rules cannot be relied upon until they are adopted in final form, which will occur sometime after the close of the comment period on June 22, 2004. To read the proposed rules, see http://www.irs.gov/pub/irs-regs/12830903.pdf
For further information, please contact any of our employee benefits attorneys:
Attorneys
Mary Beth Braitman Janine Bosley
marybeth.braitman@icemiller.com janine.bosley@icemiller.com
(317) 236-2413 (202) 824-8618
Craig Burke Gary Dankert
craig.burke@icemiller.com gary.dankert@icemiller.com
Assistant phone: (317) 236-2256 (317) 236-2203
Jennifer Bartels Frahm Philip Gutwein II
jennifer.frahm@icemiller.com philip.gutwein@icemiller.com
(317) 236-2302 (317) 236-2483
Lisa Harrison Martha Hutzelman
lisa.harrison@icemiller.com martha.hutzelman@icemiller.com
(317) 236-5806 (202) 824-8619
James Kemper Jason Levine, LL.M
james.kemper@icemiller.com jason.levine@icemiller.com
(317) 236-2293 (202) 824-8614
Terry Mumford
terry.mumford@icemiller.com (317) 236-2347
Melissa Proffitt Reese Marc Sciscoe
melissa.reese@icemiller.com marc.sciscoe@icemiller.com
(317) 236-2470 (317) 236-2178
Tara Schulstad Sciscoe Christopher Sears
tara.sciscoe@icemiller.com christopher.sears@icemiller.com
(317) 236-5888 (317) 236-5891
Tiffany Sharpley Stephanie Smithey
tiffany.sharpley@icemiller.com stephanie.smithey@icemiller.com
(317) 236-2111 (317) 236-2141
Eric Swank Annemarie McGavin
eric.swank@icemiller.com annemarie.mcgavin@icemiller.com
(317) 236-2440 (202) 824-8642
M. Marcelle Mayard-Henry, LL.M
marcelle.mayard-henry@icemiller.com
(317) 236-5934
*Please note, the professionals listed below are not lawyers, are not licensed to practice law and do not provide legal services.
Paralegals
Nancy Germano Jennifer Lucas
nancy.germano@icemiller.com jennifer.lucas@icemiller.com
(317) 236-5862 (317) 236-2207
Taretta Shine (Chicago) Gregory Wolf
taretta.shine@icemiller.com gregory.wolf@icemiller.com
(312) 726-8132 (317) 236-2201
Retirement Plan Consultant Communications Consultant
Julie Herrick
julie.herrick@icemiller.com
(317) 236-5977 (317) 236-5812
Office Locations
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Ice Miller is a full-service law firm with offices in Chicago, Indianapolis and Washington, D.C. The 27 employee benefits professionals of Ice Miller provide legal and consulting services for retirement and health and welfare benefits and executive compensation to public and private employers, financial institutions, insurance companies and other types of benefit service providers.
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This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.
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