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Longevity Annuity Contracts
A Rule by the
Entry Type: Rule
Action: Final regulations.
Document Citation: 79 FR 37633
Page: 37633 -37643 (11 pages)
CFR: 26 CFR 1
26 CFR 602
Agency/Docket Number: TD 9673
Document Number: 2014-15524
Shorter URL: https://federalregister.gov/a/2014-15524
This document contains final regulations relating to the use of longevity annuity contracts in tax-qualified defined contribution plans under section 401(a) of the Internal Revenue Code (Code), section 403(b) plans, individual retirement annuities and accounts (IRAs) under section 408, and eligible governmental plans under section 457(b). These regulations will provide the public with guidance necessary to comply with the required minimum distribution rules under section 401(a)(9) applicable to an IRA or a plan that holds a longevity annuity contract. The regulations will affect individuals for whom a longevity annuity contract is purchased under these plans and IRAs (and their beneficiaries), sponsors and administrators of these plans, trustees and custodians of these plans and IRAs, and insurance companies that issue longevity annuity contracts under these plans and IRAs.
Effective date: These regulations are effective on
Applicability date: These regulations apply to contracts purchased on or after
FOR FURTHER INFORMATION CONTACT:
Paperwork Reduction Act
The collection of information contained in these regulations has been reviewed and approved by the
Estimated total average annual recordkeeping burden: 28,529 hours.
Estimated average annual burden per response: 8 minutes.
Estimated number of responses: 213,966.
Estimated number of recordkeepers: 150.
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid control number assigned by the
Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by section 6103.
This document contains amendments to the Income Tax Regulations (26 CFR part 1) under sections 401(a)(9), 403(b)(10), 408(a)(6), 408(b)(3), 408A(c)(5), and 6047(d) of the Code.
Section 401(a)(9) prescribes required minimum distribution rules for a qualified trust under section 401(a). In general, under these rules, distribution of each employee's entire interest must begin by the required beginning date. The required beginning date generally is