The IRS has released election and notice procedures for elections made by multiemployer plan sponsors under the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA). These procedures are detailed in IRS Notice 2009-31.
Note that for multiemployer plans with calendar year plan years, the latest possible to elect a “freeze” in the PPA certification under section 204 of WRERA is April 30, 2009 (30 days after the due date for the actuarial certification). If an election under section 204 of WRERA is made, the plan must send a notice to participants and other interested parties explaining the election. The notice is due within 30 days after the date of the actuarial certification, or 30 days after the date of the election, if later.
Note that for multiemployer plans with calendar year plan years, the latest possible to elect a “freeze” in the PPA certification under section 204 of WRERA is April 30, 2009 (30 days after the due date for the actuarial certification). If an election under section 204 of WRERA is made, the plan must send a notice to participants and other interested parties explaining the election. The notice is due within 30 days after the date of the actuarial certification, or 30 days after the date of the election, if later.
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