IRS Issues Final Regulations Under Section 415 of Internal Revenue Code
Recently, the Internal Revenue Service (the “IRS”) issued final, comprehensive regulations under Section 415 of the Internal Revenue Code (the “Code”). Section 415 was added to the Code in 1974, as a part of the Employee Retirement Income Security Act of 1974 (“ERISA”), and the first comprehensive regulations under Section 415 were issued in 1981. Since then, there have been many statutory changes to Section 415. With this in mind, the IRS issued proposed regulations under Section 415 in 2005. The final regulations are based on the proposed regulations but have a few changes and add a number of examples.