PERAC Memo #32 - 2008: IRS Determination Letter Submissions
IRS Determination Letter Submissions
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Memorandum #32/2008 announces PERAC's template approach for requesting IRS Determination Letters on behalf of 103 of the 106 Chapter 32 retirement systems (excluding the State, Teachers', and Boston boards, which are filing separately). Boards wishing to join must complete and return Form 5300, the Local Option Worksheet, Form 2848, and Form 8821, along with a $1,000 check payable to the U.S. Treasury, by December 2, 2008; boards opting out must promptly retain their own tax counsel to file independently. PERAC also offered training sessions (October 14 and at the MACRS conference) to assist boards in completing the required documents.
Full Text
MEMORANDUM #32, 2008 M E M O R A N D U M TO: All Retirement Boards FROM: Joseph E. Connarton, Executive Director RE: IRS Determination Letter Submissions DATE: October 6, 2008 Template Approach for IRS Filings Based upon our tax counsel's recent conversation with IRS officials, we anticipate that the IRS will approve the PERAC template approach regarding filing requests for Determination Letters for 103 of the 106 systems constituted under G.L.c. 32. (The State Board of Retirement, Teachers’ Retirement Board, and the Boston Retirement Board have each already filed or will soon be filing their own separate requests for a Determination Letter.) Under this approach, PERAC has prepared a template for Determination Letter Requests on behalf of the 103 systems. Although a system is not required to join PERAC’s filing, we would urge all systems to request a Determination Letter prior to January 31, 2009. If a Board decides not to join PERAC’s filing, it should immediately hire Tax Counsel and begin the process of making such a request itself. Determination Letter Application Package Please find enclosed documents which you will need to fill out and return to us should you decide to join PERAC’s template approach. Please refer to “Instructions for Form 5300 and Attachments” in filling out these documents. The following documents will need to be completed and returned to PERAC accompanied by a check made payable to the “United States Treasury” in the amount of $1,000.00, by December 2, 2008: Form 5300 Local Option Worksheet Form 2848 Form 8821 Other information for your reference: The other documents included in this packet but which are not listed specifically above do not require further editing or completion on your part, but are included in the packet for your information. These documents will be included as attachments to the Form 5300 filing for all systems. Training Sessions: PERAC will be holding two training sessions in our offices on Tuesday, October 14, 2008, regarding filling out the request for a Determination Letter. The training sessions are open to Board administrators, Board members, and Board attorneys and are scheduled as follows: Tuesday, October 14, 2008 10:00 AM to 11:30 AM PERAC Training Room Tuesday, October 14, 2008 2:00 PM to 3:30 PM PERAC Training Room Space is limited. If you wish to come to one of these trainings, please fill out the enclosed registration form and either mail it back to us or fax it to us at (617) 628-4002 no later than Thursday, October 9, 2008. Available seats will be assigned on a first-come, first-serve basis. Additional Training Opportunities: Barbara Phillips and Judith Corrigan will be explaining the filing process at the MACRS conference during the breakout session for Board Members on Monday, October 20, 2008 in Springfield. We are also planning training sessions which will be held in conjunction with hearings we are scheduling throughout the state regarding our proposed regulation concerning the application process for accidental disability retirement. Those regulation hearings/training schedules will be held early in November, and the dates will be set soon.
Enclosures