AUTOMATIC APPROVAL OF PLAN FUNDING METHODS WILL CONTINUE THROUGH 1993.

Rev. Proc. 92-48

SECTION 1. PURPOSE

This revenue procedure extends the period for automatic approval to change the funding method through plan years beginning on or before December 31, 1993.

SEC. 2. BACKGROUND

01 Section 412(c)(5) of the Internal Revenue Code, as amended, and section 302(c)(5) of the Employee Retirement Income Security Act of 1974 (ERISA), Pub. L. 93-406, 1974-3 C.B. 1, state that a change in the funding method of a plan is effective only if the change is approved by the Secretary.

02 Rev. Proc. 85-29, 1985-1 C.B. 581, gives automatic approval, subject to certain restrictions and limitations, for changes to any acceptable funding method for plan years beginning on or after January 1, 1984, but not after December 31, 1989. Notice 90-63, 1990- 2 C.B. 347, extends Rev. Proc. 85-29 to changes in funding method made with respect to plan years beginning on or after January 1, 1984, but not after December 31, 1991.

SEC. 3. EXTENSION FOR PERIOD OF AUTOMATIC APPROVAL

This revenue procedure extends the period for automatic approval to change the funding method used to determine the minimum funding standard for defined benefit plans through plan years beginning on or before December 31, 1993. The conditions and restrictions applicable to such changes set forth in Rev. Proc. 85-29 continue to apply.

SEC. 4. EFFECT ON OTHER DOCUMENTS

Rev. Proc. 85-29 is modified. Notice 90-63 is superseded.

DRAFTING INFORMATION

The principal author of this revenue procedure is Kathryn Marticello of the Employee Plans Technical and Actuarial Division. For further information regarding this revenue procedure, please contact the Employee Plans Technical and Actuarial Division's taxpayer assistance service between the hours of 2:30 and 4:00 p.m., Eastern time, Monday through Thursday on (202) 535-9085 (not a toll- free number). Ms. Marticello's telephone number is (202) 343-9841 (also not a toll-free number).