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Bribery case prompts first deferred prosecution

November 25, 2015, Bloomberg BNA

Richard Shea is quoted by Bloomberg BNA in an article discussing whipsaw calculations in light of the final regulations being released giving hybrid defined benefit retirement plans more time to bring their plans into compliance. According to Shea, although the IRS and Treasury made plans in the past to eliminate whipsaw calculations, it was never finalized. “Sponsors in this situation are really, really angry. Their view is for a period of almost 20 years they were told, if your interest crediting rate isn’t one of the rates in Notice 96-8, you must do whipsaw and if you don’t, your plan is bad.” But for the IRS and Treasury to say that using whipsaw now is a problem and “then not to provide transition relief when it’s actually needed adds insult to injury,” Shea added.

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