EMPLOYEE PLANS

Rev. Rul. 2007–48, page 129. Nonexempt employees’ trusts. This ruling considers the federal tax consequences to the employees, the employer, and the trust when an employer contributes to a nonexempt employees’ trust on behalf of highly compensated employees. It also explains the effects of vesting of an employee’s interest in the trust and distributions from the trust. Rev. Rul. 74–299 amplified.

Notice 2007–61, page 140. Weighted average interest rate update; corporate bond indices; 30-year Treasury securities. The weighted average interest rate for July 2007 and the resulting permissible range of interest rates used to calculate current liability and to determine the required contribution are set forth.

Rev. Proc. 2007–49, page 141. Administrative programs; correction programs. This procedure updates the Service’s correction programs for retirement plans within the jurisdiction of the Commissioner, Tax Exempt and Government Entities Operating Division. Rev. Proc. 2006–27 modified.

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Actions Relating to Court Decisions is on the page following the Introduction. Finding Lists begin on page ii.

Announcement 2007–63, page 236. Form 5500; elimination of Schedule P. This announcement states that, for plan years in which the Schedule P is eliminated, the Service will treat the plan’s filing of a return from the applicable Form 5500 series as if the filing constitutes a return of the plan’s employee benefit trust for purposes of section 6501(g)(2) of the Code.