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Rule

Compensation Deferred Under Eligible Deferred Compensation Plans; Correction

Document Details

Information about this document as published in the Federal Register.

Published Document

This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.

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AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correction to final regulations.

SUMMARY:

This document contains final regulations that provide guidance on deferred compensation plans of state and local governments and tax-exempt entities. The regulations reflect the changes made to section 457 by the Tax Reform Act of 2986, the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the Economic Growth and Tax Relief Reconciliation Act of 2001, the Job Creation and Worker Assistant Act of 2002, and other legislation. This document was published in the Federal Register on July 11, 2003 (68 FR 41230).

EFFECTIVE DATE:

These final regulations are effective July 11, 2003.

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FOR FURTHER INFORMATION CONTACT:

Cheryl Press (202) 622-6060 (not a toll-free number).

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SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the subject of these corrections are under sections 457 by the Tax Reform Act of 1986, the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the Economic Growth and Tax Relief Reconciliation Act of 2001, the Job Creation and Worker Assistance Act of 2002, and other legislation.

Need for Correction

As published, the final regulations (TD 9075) contain errors that may prove to be misleading and are in need of clarification.

Correction of Publication

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Accordingly, the publication of the final regulations (TD 9075), which are the subject of FR Doc.

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1. On page 41235, column 2, § 1.457-2, paragraph (k), line 10, the language “treated as agreements or arrangement” is corrected to read “treated as agreements or arrangements”.

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2. On page 41235, column 3, § 1.457-2, paragraph (i), line 5, the language “amended by section 1011(e)(6) of” is corrected to read “amended by section 1011(e)(6) of the”.

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3. On page 41235, column 3, § 1.457-2, paragraph (ii), line 2, the language “nonelective deferred a compensation” is corrected to read “nonelective deferred compensation”.

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4. On page 41236, column 2, § 1.457-4, paragraph (i), of

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5. On page 41236, column 3, § 1.457-4, paragraph (b)(ii), paragraph (i), of

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6. On page 41236, column 3, § 1.457-4, paragraph (i), of

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7. On page 41236, column 3, § 1.457-4, paragraph (ii), of

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8. On page 41241, column 1, § 1.457-5, paragraph (i), of

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9. On page 41242, column 2, § 1.457-6, paragraph (e)(2), third line from the bottom of the paragraph, the language “but allow participants or beneficiary

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10. On page 41244, column 2, § 1.457-7, paragraph (i), of Example 1, line 18, the language “participant K, a calendar year taxpayer, has” is corrected to read “K, a calendar year taxpayer, has”.

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11. On page 41245, column 3, § 1.457-8, paragraph (b)(2), line 2, the language “purposes of a paragraph (b)(1) of this” is corrected to read “purposes of paragraph (b)(1) of this”.

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12. On page 41246, column 1, § 1.457-9, paragraph (a), line 7, the language “1.457-8 or 1.447-10. However, the plan” is corrected to read “§ 1.457-8 or § 1.447-10. However, the plan”.

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13. On page 41246, column 1, § 1.457-10, paragraph (a)(2), line 8, the language “under a paragraph (a)(2)(ii) of this” is corrected to read “under paragraph (a)(2)(ii) of this”.

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14. On page 41246, column 3, § 1.457-10, paragraph (b), line 6, the language “the conditions in paragraph (b)(2), (3),” is corrected to read “the conditions in paragraphs (b)(2), (3),”.

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LaNita Van Dyke,

Acting Chief, Publication and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).

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[FR Doc. 03-21826 Filed 8-26-03; 8:45 am]

BILLING CODE 4830-01-P