Pension Protection Act Blog

This IRS issued Notice 2007-67 today, which extends the transitional relief provided to plans of Indian tribal governments and certain related entities under Notice 2006-89. Section 906 of the Pension Protection Act amended Code section 414(d).

Code section 414(d) contains the definition of governmental plans, and includes plans established and maintained by Indian tribal governments within that definition. The IRS issued Notice 2006-89, which summarized the changes made to Code section 414(d) by Section 906 of PPA. Notice 2006-89 stated:

In addition, this notice provides approaches that give Indian tribal governments until September 30, 2007, to implement a new plan for commercial employees to satisfy the reasonable and good faith compliance standard as part of this transitional relief.

Notice 2007-67 extends date contained in this paragraph from “September 30, 2007″ to:

“the date that is six months after guidance is issued under § 414(d) of the Code, as amended by section 906 of the Pension Protection Act of 2006, on the determination of whether a retirement plan maintained by an ITG is a governmental plan with the meaning of § 414(d).”

Notice 2007-67 states that the IRS and Treasury Dept. continue to work with Indian tribal government representatives on this guidance.

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