September 10, 2015
On September 9, 2015, the Department of the Treasury (Treasury) issued final regulations affecting funding-related excise taxes for both multiemployer and single employer defined benefit (DB) pension plans under section 4971 of the Internal Revenue Code (Code). The excise tax regulations were issued as part of a larger package dealing with minimum required contribution requirements for single-employer DB plans.
The excise tax regulations, which are generally similar to the proposed regulations issued in 2008, address ordering rules for new contributions when minimum required contributions have not been made for several years and how interest is determined, and provide definitions for the terms used to calculate the excise tax.
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