The Internal Revenue Service and the Treasury Department are finalizing two proposed regulations, one on qualified longevity annuity contracts and another on how defined benefit plans can offer a partial annuity distribution option, a senior Treasury official said June 18.
Treasury and IRS first plan to issue the QLAC rule, “and we hope to do it pretty soon now,” said J. Mark Iwry, senior adviser to the treasury secretary and deputy assistant treasury secretary for retirement and health policy.The proposed regulations on partial annuities will be next, he said.
QLACs are a type of annuity for which the premium, if ...
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