Actuarial Outpost
 
Go Back   Actuarial Outpost > Exams - Please Limit Discussion to Exam-Related Topics > SoA > EA Exams
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


Upload your resume securely at https://www.dwsimpson.com
to be contacted when new jobs meet your skills and objectives.


Reply
 
Thread Tools Search this Thread Display Modes
  #11  
Old 10-22-2008, 04:31 PM
frisbbzepp frisbbzepp is offline
Member
SOA AAA
 
Join Date: Jun 2005
Location: NJ
Posts: 780
Default

In my experience, if your change in funding method meets the requirements of 2000-40, you do not have to apply. The whole point of the procedure is to save the plan (and IRS) time in applying when the IRS is certain it'll accept the change anyway.
Reply With Quote
  #12  
Old 10-22-2008, 05:55 PM
davefarber davefarber is offline
Member
 
Join Date: Nov 2001
Posts: 1,117
Default

Quote:
Originally Posted by colby2152 View Post
When you say, "or use an automatic approval", then does that mean that the plan actuary does not have to apply for the change? Excuse me if I sound dense.
It depends upon the change. If it is covered in a ruling or notice or procedure, such as Revenue Procedure 2000-40, then no application is necessary. But note that 2000-40 primarily would only work at this point for multiemployer plans. There is automatic approval in the proposed regulations for IRC section 430 for compliance with the 430 cost method.
Reply With Quote
  #13  
Old 10-23-2008, 11:01 AM
volva yet's Avatar
volva yet volva yet is offline
Note Contributor
 
Join Date: Feb 2006
Location: Nomadic
Studying for GHC/DMAC
College: PSU '07
Favorite beer: Oskar Blues Old Chub Scotch Ale
Posts: 4,948
Default

Quote:
Originally Posted by davefarber View Post
It depends upon the change. If it is covered in a ruling or notice or procedure, such as Revenue Procedure 2000-40, then no application is necessary. But note that 2000-40 primarily would only work at this point for multiemployer plans. There is automatic approval in the proposed regulations for IRC section 430 for compliance with the 430 cost method.
I am looking for the effect on single employer plans, but the PPA was quite a big book to try and skim through.
Reply With Quote
  #14  
Old 10-23-2008, 12:19 PM
davefarber davefarber is offline
Member
 
Join Date: Nov 2001
Posts: 1,117
Default

Quote:
Originally Posted by colby2152 View Post
I am looking for the effect on single employer plans, but the PPA was quite a big book to try and skim through.
The only automatic approvals for single employer plans at this point (undr PPA) is that for 2008 you can change your method to comply with PPA and have an automatic approval.
Reply With Quote
  #15  
Old 10-23-2008, 01:25 PM
volva yet's Avatar
volva yet volva yet is offline
Note Contributor
 
Join Date: Feb 2006
Location: Nomadic
Studying for GHC/DMAC
College: PSU '07
Favorite beer: Oskar Blues Old Chub Scotch Ale
Posts: 4,948
Default

Quote:
Originally Posted by davefarber View Post
The only automatic approvals for single employer plans at this point (undr PPA) is that for 2008 you can change your method to comply with PPA and have an automatic approval.
This is what I read as well... the asset could be automatically approved only if this was done in 2008.
Reply With Quote
Reply

Tags
asset valuation, change in funding method, ea-2a

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 08:43 AM.


Powered by vBulletin®
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.15104 seconds with 9 queries