Pension Protection Act Blog

In Revenue Ruling 2007-58, the IRS added 5 types of pension or retirement plans to the existing list of 9 types of plans list in Rev. Rul. 94-62, for a total of 14 types of qualified pension or retirement plans. The 5 new types of qualified plans, solely for purposes of section 1.817-5(f)(3)(iii), are not really new. They are just new for the purposes of the definition of qualified pension or retirement plans of section 1.817-5(f)(3)(iii). They are:

• a simple retirement account described in § 408(p);
• a deemed IRA described in § 408(q);
• a Roth IRA described in § 408A;
• a § 415(m) plan that is also a “governmental plan” within the meaning of § 414(d); and
• a § 457(f) plan that has as its sponsor either:
(i) a charitable organization described in § 818(a)(4), or
(ii) a governmental organization described in § 818(a)(4), whose employees are described in § 403(b)(1)(A)(ii)).

The complete list of 14 types of qualified pension or retirement plans is:

1. A plan described in § 401(a) that includes a trust exempt from tax under § 501(a);

2. An annuity plan described in § 403(a);

3. An annuity contract described in § 403(b), including a custodial account described in § 403(b)(7);

4. An individual retirement account described in § 408(a);

5. An individual retirement annuity described in § 408(b);

6. A governmental plan within the meaning of § 414(d) or an eligible deferred compensation plan within the meaning of § 457(b);

7. A simplified employee pension of an employer that satisfies the requirements of § 408(k);

8. A plan described in § 501(c)(18);

9. A simple retirement account described in § 408(p);

10. A deemed IRA described in § 408(q);

11. A Roth IRA described in § 408A;

12. A § 415(m) plan that is also a “governmental plan” within the meaning of § 414(d);

13. A § 457(f) plan that has as its sponsor either (i) a charitable organization described in § 818(a)(4), or (ii) a governmental organization described in § 818(a)(4), whose employees are described in § 403(b)(1)(A)(ii); and

14. Any other trust, plan, account, contract, or annuity that the Internal Revenue Service has determined in a letter ruling to be within the scope of § 1.817-5(f)(3)(iii).

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