Final Rules Published by IRS on Deferred Compensation Plans
Federal Register, July 11, 2003, Page 41230
Internal Revenue Service (IRS), Treasury.
This document contains final regulations that provide guidance on deferred compensation plans of state and local governments and tax-exempt entities. The regulations reflect the changes made to section 457 by the Tax Reform Act of 1986, the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the Economic Growth and Tax Relief Reconciliation Act of 2001, the Job Creation and Worker Assistance Act of 2002, and other legislation. The regulations also make various technical changes and clarifications to the existing final regulations on many discrete issues. These regulations provide the public with guidance necessary to comply with the law and will affect plan sponsors, administrators, participants, and beneficiaries.
Effective Date: These final regulations are effective July 11, 2003. Applicability Date: These regulations apply to taxable years beginning after December 31, 2001. See "Effective date of the regulations" for additional information concerning the applicability of these regulations.
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