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December 20, 2002

Treasury/IRS Issue Notice on Minimum Distribution Rules (MDR)

Hi everyone – one last item for the year:

Treasury and IRS have delayed the effective date of the application of the MDR to governmental plans, according to Notice 2003-2, released today.  The effective date was to have been January 1, 2003, but agency officials notified public plan representatives in November that the date will be delayed until further notice.  They warned the representatives, however, that they needed a few weeks before they could issue a formal announcement.

I have attached below the link for the notice.  In essence, Treasury and IRS are saying that they intend to issue future regulations to provide a special effective date for governmental plans.  This delay gives us additional time, but we still have a great deal of work to do.

Happy Holidays.  Looking forward to working with you in 2003.

http://www.benefitslink.com/IRS/notice2003-2.pdf