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Form 5500 (and Schedule SB) for the plan in the 30-plan-year period beginning with ply must give notice thereof to plan partic- year has been filed. the plan year in which the net investment ipants and beneficiaries. In addition, the loss was incurred. plan sponsor must inform the Pension Ben- DRAFTING INFORMATION Section 431(b)(8)(B) provides a special efit Guaranty Corporation (PBGC) that the asset valuation rule in the case of a multi- special funding rules apply in such form The principal author of this notice is employer plan that meets the solvency test. and manner as the Director of the PBGC Carolyn Zimmerman of the Employee The special rule permits a multiemployer may prescribe. Plans, Tax Exempt and Government plan to change its asset valuation method Under section 211(b) of PRA 2010, Entities Division. Questions regarding in a manner that (1) spreads the difference § 431(b)(8) takes effect as of the first this notice may be sent via e-mail to between expected returns and actual re- day of the first plan year ending af- RetirementPlanQuestions@irs.gov. turns for either or both of the applicable ter August 31, 2008. However, if the plan years over a period of not more than application of the special funding rules 10 years, (2) provides that, for either or affects the plan’s funding standard account Special Funding Rules for both of the first two plan years beginning for the first plan year beginning after Multiemployer Plans Under after August 31, 2008, the value of plan as- August 31, 2008, the special rules are PRA 2010 sets at any time cannot be less than 80 per- disregarded for purposes of applying cent or greater than 130 percent of the fair § 432 and section 305 of the Employee Notice 2010–56 market value of the assets at that time, or Retirement Income Security Act of (3) provides for both (1) and (2). 1974, as amended (ERISA) (relating to PURPOSE Section 431(b)(8)(C) describes the sol- multiemployer plans in endangered or vency test that a multiemployer plan must critical status). In addition, the restriction This notice provides guidance on the meet in order for either or both of the spe- on plan amendments under § 431(b)(8)(D) availability of special funding rules for cial funding rules to apply. The solvency is effective on June 25, 2010, the date of multiemployer defined benefit plans under test is met only if the plan actuary certi- the enactment of PRA 2010. § 431(b)(8) of the Internal Revenue Cod
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