Introduction›Part III. Administrative, Procedural, and Miscellaneous

Section 2. BACKGROUND

Internal Revenue Bulletin 1996-51 · 2026-10-03 edition · updated 2026-10-04 · United States

Rev. Proc. 96–3, section 5, lists specific areas in which rulings or determi

nation letters will not be issued because the areas are under extensive study. This revenue procedure adds a subparagraph for certain rulings involving § 457 nonqualified deferred compensation plans of state and local government and tax-exempt entities. The Small Business Job Protection Act of 1996, P.L. 104–188 (‘‘SBJPA’’) has substantially changed the requirements for state and local government plans that meet the requirements of § 457(b) by mandating that all assets and income of these plans be held in trust for the exclusive benefit of the participants and their beneficiaries. The SBJPA has also added other provisions which are now available for use in all plans that meet the requirements of § 457(b).

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▸Contents — Internal Revenue Bulletin 1996-51

Internal Revenue Bulletin 1996-51

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