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Modifying SEPP Distributions

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ByRuss

L1: Modifying SEPP DistributionsHas there been any updates to the pending PLRs you referred to below? “Currently, this ruling should only be applied to newly adopted SEPP plans. However, because of the recent market down turn over the last two years and the fact that several SEPP plans coud actually run out of money, there are several pending PLRs requesting that this same recalculation treament be extended to existing plans.”Where can I find Revenue Procedure 92-1 regarding steps for requesting a PLR and Revenue Procedure 97-8 regarding fees for requesting a PLR?2002-06-14 08:27, By: Russ, IP: [127.0.0.1]
L2: Modifying SEPP DistributionsAs far as I know, there has been no change. Recent rumors have it that the IRS may not make any allowances regarding the change in payments on existing plans.You should be able to find the PLR information by doing a search on the IRS website.2002-06-14 09:00, By: Gfw, IP: [127.0.0.1]

L2: Modifying SEPP DistributionsHello Russ:Those of us (anal retentives) that keep a watchful eye on new PLRs have seen nothing so far; e.g. nothing good and nothing bad; just nothing.Regarding steps to file for a PLR:1. I don’t know where you came up with Rev. Proc. 92-1; instead you will want to read Rev. Proc. 2002-1. My recollection is that Service always publishes the PLR/Determination Letter rules as the fist revenue procedure of each year along with the updated breakpoints & fee schedules.2. There are only two reasons to read Rev. Proc. 2002-1; (a) your a sadist; (2) you are contemplating filing for you own PLR. Presuming the later — don’t do it. This is one area where engagement of a professional will pay off in terms of both the proper creation & filing of the PLR request as well as the representation (both in writing and orally) of pertinent issues to the Service.TheBadgerwjstecker@wispertel.net2002-06-14 17:19, By: TheBadger, IP: [127.0.0.1]

L2: Modifying SEPP DistributionsI have to applogize for letting the FAQ section get a little out of date.For 2002, the procedure on obtaining a private letter ruling from the IRS, you can consult Revenue Procedure 2002-1 (pages 125+), for the steps to follow and pages 56+ and Appendix A for User Fees. The procedure is usually contained in the first Internal Revenue Bulletin issued each year.A previously pointed out, the process isn’t simple and Revenue Procedures are exactly friendly reading. 2002-06-15 05:33, By: Gfw, IP: [127.0.0.1]

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