Rev. Proc. 2009-21

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Rev. Proc. 2009-21 Powered By Docstoc
					    ing a telephone number, address, and      provement or rehabilitation plan, or an up-   those plan sponsors making an election.
    email address (if appropriate).           date of the plan, as applicable.              The likely respondents are sponsors of
                                                 As described above, an election under      multiemployer defined benefit retirement
3. Submission of notice to PBGC and           section 204 of WRERA affects whether          plans.
DOL                                           a funding improvement or rehabilitation          We estimate the total number of respon-
                                              plan must be adopted or updated. Sched-       dents to be 1,600 for 2009.
   A notice provided pursuant to section      ules MB and R and the related instruc-           We estimate it will take 1 hour to com-
204(c)(2)(A)(ii) of WRERA must be sub-        tions for plan years beginning in 2008 have   ply.
mitted to the Pension Benefit Guaranty        already been issued and do not address           Estimates of the annualized cost to re-
Corporation and the Department of Labor.      the effect of an election under section 204   spondents for the hour burdens shown are
The notice should be sent to the following    of WRERA. However, such an election           not available at this time.
addresses:                                    can be made with respect to a plan year          Books or records relating to a collection
                                              beginning between October 1, 2008, and        of information must be retained as long
   Pension Benefit Guaranty Corporation       December 31, 2008. Therefore, the in-         as their contents may become material in
   Multiemployer Program Division             structions for the 2008 Schedule MB and       the administration of any internal revenue
   1200 K Street, N.W., Suite 930             Schedule R must be revised to address the     law. Generally, tax returns and tax return
   Washington, D.C. 20005                     reporting for a multiemployer plan with a     information are confidential, as required
                                              plan year beginning between October 1,        by 26 U.S.C. 6103.
                                              2008, and December 31, 2008, for which
   U. S. Department of Labor                                                                Drafting Information
                                              an election is made under section 204 of
   Employee Benefits Security
    Administration                                                                              The principal author of this notice is
                                                 Under the revised instructions:
   Public Disclosure Room, N–1513                                                           Diane S. Bloom of the Employee Plans,
   200 Constitution Ave., N.W.                •   The section 432 status of the plan that   Tax Exempt and Government Entities
   Washington, DC 20210                           is reported on Schedule MB is the sta-    Division. For further information re-
                                                  tus of the multiemployer plan as certi-   garding this notice, please contact the
   Alternatively,     the     notice  may         fied by the plan actuary without taking   Employee Plans taxpayer assistance an-
be      submitted      electronically   to        into account an election under section    swering service at 1–877–829–5500 (a and to              204 of WRERA.                             toll-free number) or e-mail Ms. Bloom at                          •   The plan sponsor must include an at-
   WRERA notices received by the De-              tachment to the Schedule R which pro-
partment of Labor will be available for           vides information about the election
public inspection at the Public Disclosure                                                  26 CFR 601.602: Tax forms and instructions.
                                                  under section 204 of WRERA, and its       (Also: Part I, §§ 24, 25A, 32, 132, and 179.)
Room, and accessible electronically at            effect on the plan’s section 432 status                          and on the requirement to adopt a fund-   Rev. Proc. 2009–21
                                                  ing improvement plan or rehabilitation
VI. EFFECT OF WRERA ELECTION                      plan.
ON FORM 5500, SCHEDULE MB                                                                   SECTION 1. PURPOSE
                                              ACT                                              This revenue procedure modifies and
   A Form 5500, Annual Report/Return of                                                     supersedes section 3.04 of Rev. Proc.
Employee Benefit Plan, that is filed for         The collections of information con-        2007–66, 2007–45 I.R.B. 970, to reflect a
a multiemployer plan must be accompa-         tained in th
Description: Rev. Proc. 2009-21 reflects statutory amendments made by the Tax Extenders and Alternative Minimum tax Relief Act of 2008 and the American Recovery and Reinvestment Tax Act of 2009. The Act establishes amounts that are to be used in certain sections of the IRC in lieu of amounts that are adjusted annually for inflation.
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