IRS Notice 2015-49 Prohibits Plans from Offering Lump Sum Risk Transferring Programs for Participants in Pay Status | Practical Law
Notice 2015-49 informs taxpayers that the Treasury Department and the Internal Revenue Service (IRS) intend to amend regulations under Section 401(a)(9) of the Internal Revenue Code (Code) to generally prohibit defined benefit pension plans from replacing annuities with lump sum payments for participants in pay status.