PERAC Memo #31 - 2009: Proposed Internal Revenue Code Compliance Provisions

Proposed Internal Revenue Code Compliance Provisions

Summary

PERAC Memo #31/2009 announces proposed regulations (840 CMR 3.00) intended to bring Massachusetts retirement systems into compliance with IRS requirements, along with the related IRS Voluntary Correction Program Compliance Statement, both posted on PERAC's website. Boards should review the draft regulations and may submit public comments through September 11, 2009, or attend one of the scheduled public hearings (September 10 in New Bedford or September 11 at PERAC) or the Emerging Issues Forum discussion on September 9 at Holy Cross.

Full Text

MEMORANDUM #31, 2009 M E M O R A N D U M TO: All Retirement Boards FROM: Joseph E. Connarton, Executive Director RE: Proposed Internal Revenue Code Compliance Provisions DATE: August 11, 2009 A draft of proposed regulations intended to bring the Massachusetts Retirement Systems into compliance with relevant Internal Revenue Code requirements (840 CMR 3.00) has been posted on the PERAC web site, along with the Internal Revenue Service Voluntary Correction Program Compliance Statement. If you are unable to access the postings and print them, please contact Susan F. Childs, (617) 666-4446 Extension 907 to request a hard copy. Hearings on these regulations will be conducted at the times and places set forth below. Public comments will be accepted through September 11, 2009. In addition to the hearings, the PERAC Legal Unit will briefly discuss the proposals during the Emerging Issues Forum on September 9, 2009 at Holy Cross. Directions to the hearing sites can be obtained at: Hearings are scheduled for: September 10, 2009 at 1:00 to 3:00 New Bedford Main Public Library 613 Pleasant Street New Bedford, MA 02740

September 11, 2009 at 10:00 – 12:00 PERAC Training Room