VIEWS: 6 PAGES: 2 CATEGORY: Business & Economics POSTED ON: 6/26/2010
Notice 2009-95 delays the effective date of compliance with Rev. Rul. 2006-57, which provides guidance to employers on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringes under Sections 132(a)(5) and (f).
Exempt and Government Entities), al- Ruling 2006–57 until January 1, 2009. under § 431(c)(6)(E)(ii)(I), and the min- though other Treasury and IRS officials See Notice 2007–76, 2007–2 C.B. 735. imum present value segment rates under participated in its development. For fur- In 2008, Treasury and the IRS further de- § 417(e)(3)(D) as in effect for plan years ther information on the provisions of layed the effective date of Revenue Ruling beginning after 2007. this notice, contact Keith Ranta at (202) 2006–57 until January 1, 2010. See Notice 927–9639 (not a toll-free call). For further 2008–74, 2008–38 I.R.B. 718. Certain CORPORATE BOND WEIGHTED information about the Office of the Special transit systems need additional time to AVERAGE INTEREST RATE Master for TARP Executive Compensa- complete the process of adapting their Sections 412(b)(5)(B)(ii) and tion, contact that office at (202) 622–0667. technology to achieve compatibility with 412(l)(7)(C)(i), as amended by the Pen- the requirements for vouchers. There- sion Funding Equity Act of 2004 and by fore, the ruling’s effective date is further the Pension Protection Act of 2006 (PPA), Qualified Transportation delayed until January 1, 2011. Never- provide that the interest rates used to cal- Fringes theless, employers and employees may culate current liability and to determine rely on Revenue Ruling 2006–57 with the required contribution under § 412(l) Notice 2009–95 respect to transactions occurring prior to for plan years beginning in 2004 through January 1, 2011. 2007 must be within a permissible range This notice delays the effective date of The principal author of this notice is based on the weighted average of the rates Revenue Ruling 2006–57. Revenue Rul- Syd Gernstein of the Office of Associate of interest on amounts invested conser- ing 2006–57 provides guidance to employ- Chief Counsel (Tax Exempt & Govern- vatively in long term investment grade ers on the use of smartcards, debit or credit ment Entities). For further information re- corporate bonds during the 4-year period cards, or other electronic media to provide garding this notice, contact Syd Gernstein ending on the last day before the beginning qualified transportation fringes under sec- at (202) 622–6040 (not a toll-free call). of the plan year. tions 132(a)(5) and (f) of the Code. This Notice 2004–34, 2004–1 C.B. 848, pro- guidance is intended to provide relief to vides guidelines for determining the cor- mass transit providers that have been un- Update for Weighted Average porate bond weighted average interest rate able to update their present systems in or- Interest Rates, Yield Curves, and the resulting permissible range of in- der to comply with the R
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