[Federal Register Volume 66, Number 35 (Wednesday, February 21, 2001)]
[Proposed Rules]
[Pages 10981-10982]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-3635]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 54

[REG-130477-00; REG-130481-00]
RIN 1545-AY69, 1545-AY70


Required Distributions From Retirement Plans; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking and notice of 
public hearing.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking and notice of public hearing REG-130477-00 and REG-130481-00 
which were published in the Federal Register on Wednesday, January 17, 
2001 (66 FR 3928). These regulations relate to required minimum 
distributions from qualified plans, individual retirement plans, 
deferred compensation plans under section 457 and section 403(b) 
annuity contracts, custodial accounts and retirement income accounts.

FOR FURTHER INFORMATION CONTACT: Cathy A. Vohs, (202) 622-6090 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking and notice of public hearing that 
is the subject of these corrections is under sections 401(a), 403(b), 
408 and 4974 of the Internal Revenue Code.

Need for Correction

    As published REG-130477-00 and REG-130481-00 contain errors which 
may prove to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
and notice of public hearing (REG-130477-00 and REG-130481-00), which 
are the subject of FR Doc. 01-304, is corrected as follows:
    1. On page 3930, column 1, in the preamble under the paragraph 
heading ``Overview'', first full paragraph in the column, first bullet 
statement, line ten, the language ``beginning date sbull no longer 
need'' is corrected to read ``beginning date, no longer need''.
    2. On page 3930, column 2, in the preamble under the paragraph 
heading ``The Uniform Distribution Period'', first paragraph, line 17, 
the language ``Sec. 1.401(a)-5 of the new proposed'' is corrected to 
read ``Sec. 1.401(a)(9)-5 of the new proposed''.
    3. On page 3933, column 1, in the preamble under the paragraph 
heading ``IRA Reporting of Required Minimum Distributions'' first 
paragraph, line four, the language ``IRAs, IRA trustees determining 
the'' is corrected to read ``IRAs, IRA trustees, custodians, and 
issuers determining the''.
    4. On page 3933, column 1, in the preamble under the paragraph 
heading ``IRA Reporting of Required Minimum Distributions'' first 
paragraph, line 13, the language ``require the trustee of each IRA to 
report'' is corrected to read ``require the trustee, custodian, or 
issuer of each IRA to report''.
    5. On page 3934, column 1, in the preamble under the paragraph 
heading ``Amendment of Qualified Plans'', first paragraph following the 
introductory text, lines 2 and 3, the language ``Plan made in calendar 
years beginning on or after January 1, 2000 (ALTERNATIVELY,'' is 
corrected to read ``Plan made for calendar years beginning on or after 
January 1, 2001 (ALTERNATIVELY''.
    6. On page 3934, column 1, in the preamble under the heading 
``Amendment of Qualified Plans'', first paragraph following the 
introductory text, line 16, the language ``section 401(a)(9) or such 
other date specified'' is corrected to read ``section 401(a)(9) or such 
other date as may be specified''.
    7. On page 3934, column 2, in the preamble under the paragraph 
heading ``Special Analyses'' lines 5 thru 13, the language ``regulatory 
assessment is not required. It also has been determined that section 
553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5) does 
not apply to these regulations, and because the regulation does not 
impose a collection of information on small entities, the Regulatory 
Flexibility Act (5 U.S.C. chapter 6) does not apply. Pursuant to'' is 
corrected to read ``regulatory assessment is not required. It is hereby 
certified that these regulations will not have a significant economic 
impact on a substantial number of small entities. This certification is 
based on the fact that, when determining the minimum required 
distribution in cases where a plan participant wishes to designate a 
trust as beneficiary of the participant's benefit, the reporting burden 
is primarily on the plan participant, or trustee of the trust named as 
beneficiary, to supply information rather than on the entity 
maintaining the retirement plan and the fact that the number of 
participants per plan to whom the burden applies is insignificant. The 
recordkeeping burden with respect to section 403(b) contracts under 
which the pre-1987 account balance must be maintained applies only to 
issuers and custodians of those contracts, which generally are not 
small entities. Accordingly, a Regulatory Flexibility Analysis is not 
required. Pursuant to''.


Sec. 1.401(a)(9)-2  [Corrected]

    8. On page 3936, column 2, Sec. 1.401(a)(9)-2, paragraph (a) of A-
6, line 7 from the bottom of the paragraph, the language ``and 
Sec. 1.401(a)(9)-4, and not section'' is corrected to read ``and 
Sec. 1.401(a)(9)-3, and not section''.


Sec. 1.409(a)(9)-5  [Corrected]

    9. On page 3941, column 2, Sec. 1.401(a)(9)-5, paragraph (a) of A-
6, line 7, the language ``must be computed

[[Page 10982]]

using of the expected'' is corrected to read ``must be computed using 
the expected''.


Sec. 1.401(a)(9)-6  [Corrected]

    10. On page 3942, column 3, line 2 of the section heading of 
Sec. 1.401(a)(9)-6, the language ``distributions as annuity payments.'' 
is corrected to read ``distributions from defined benefit plans.''.
    11. On page 3944, column 1, Sec. 1.401(a)(9)-6, paragraph (a)(2) of 
A-3, line 13, the language ``the calendar year that contains on the'' 
is corrected to read ``the calendar year that contains the''.
    12. On page 3945, column 2, Sec. 1.401(a)(9)-6, paragraph (a) of A-
10, lines 11 and 12 from the bottom of the paragraph, the language 
``starting date but before the annuity starting date determined under 
A-2 of'' is corrected to read ``starting date but before the required 
beginning date determined under A-2 of''.


Sec. 1.401(a)(9)-8  [Corrected]

    13. On page 3947, column 1, Sec. 1.401(a)(9)-8, paragraph (b) of A-
2, line 6 from the bottom of the paragraph, the language 
``401(a)(9)(B)(iii) and (iv) even through'' is corrected to read 
``401(a)(9)(B)(iii) and (iv) even though''.
    14. On page 3949, column 1, Sec. 1.409(a)(9)-8, paragraph A-13, 
line 6, the language ``section 242(b) was preserved.'' is corrected to 
read ``section 242(b) of TEFRA was preserved.''.


Sec. 1.403(b)-2  [Corrected]

    15. On page 3950, column 1, Sec. 1.403(b)-2, paragraph (c) of A-2, 
lines 1 and 2, the language ``(c) The pre-'86 account balance and the 
post-'87 account balance have no'' is corrected to read ``(c) The pre-
'87 account balance and the post-'86 account balance have no''.


Sec. 1.408-8  [Corrected]

    16. On page 3950, column 3, Sec. 1.408-8, paragraph A-4, second 
line from the bottom of the column, the language ``the IRA or, as 
permitted under A-8 of'' is corrected to read ``the IRA or, as 
permitted under A-9 of''.
    17. On page 3951, column 3, Sec. 1.408-8, paragraph A-8, line 15, 
the language ``provided in A-4(a) of Sec. 1.401(a)(9)-7 in'' is 
corrected to read ``provided in A-4 of Sec. 1.401(a)(9)-7 in''
    18. On page 3951, column 3, Sec. 1.408-8, paragraph Q-9, line 3, 
the language ``permitted to distributed from another'' is corrected to 
read ``permitted to be distributed from another''.
    19. On page 3952, column 1, Sec. 1.408-8, paragraph Q-10, line 1, 
the language ``Q-10. Is the trustee of an IRA required'' is corrected 
to read ``Q-10. Is the trustee, custodian, or issuer of an IRA 
required''.
    20. On page 3952, column 1, Sec. 1.408-8, paragraph A-10, line 1, 
the language ``A-10. Yes. The trustee of an IRA is'' is corrected to 
read, ``A-10. Yes. The trustee, custodian, or issuer of an IRA is''.


Sec. 54.4974-2  [Corrected]

    21. On page 3952, column 1, Sec. 54.4974-2, paragraph A-1, last 
line in the column, the language ``Q&A-6 provides a special rule for'' 
is corrected to read ``Q&A-7 provides a special rule for''.
    22. On page 3953, column 1, Sec. 54.4974-2, the introductory text 
of paragraph (b) of A-4, line 7 from the top of the column, the 
language ``A-2 of this section. If the annuity'' is corrected to read 
``A-3 of this section. If the annuity''.
    23. On page 3953, column 3, Sec. 54.4974-2, paragraph Q-5, line 5, 
the language ``to be distributed under section, what is'' is corrected 
to read ``to be distributed under section 401(a)(9), what is''.
    24. On page 3954, column 1, Sec. 54.4974-2, paragraph A-7, line 5 
from the bottom of the paragraph, the language ``year which contains 
the employee's'' is corrected to read ``year which contains the 
employee's or individual's''.
    25. On page 3954, column 1, Sec. 54.4974-2, paragraph A-7, last 
line of the paragraph, the language ``the employee's required beginning 
date.'' is corrected to read ``the employee's or individual's required 
beginning date.''.
    26. On page 3954, column 1, Sec. 54.4974-2, paragraph (b)(1) of A-
8, second line from the bottom of the paragraph, the language 
``employee's death before the employee's'' is corrected to read 
``employee's or individual's death before the employee's or 
individual's''.
    27. On page 3954, column 2, Sec. 54.4974-2, paragraph (b)(2) of A-
8, last line of the paragraph, the language ``employee's date of 
death.'' is corrected to read ``employee's or individuals date of 
death.''.

Cynthia Grigsby,
Chief, Regulations Unit, Office of Special Counsel (Modernization & 
Strategic Planning).
[FR Doc. 01-3635 Filed 2-20-01; 8:45 am]
BILLING CODE 4830-01-P