Rev. Rul. 76-76

Section 1. Purpose.

The purpose of this Revenue Ruling is to modify, in part, Rev. Rul. 75-480, 1975-2 C.B. 131.

Sec. 2. Background Information.

Section 3.02 of Rev. Rul. 75-480 deleted section 11.012 of Rev. Rul. 71-446, 1971-2 C.B. 187. Sections 2.02 and 4.02 relate to section 3.02.

The Internal Revenue Service has reconsidered section 3.02 of Rev. Rul. 75-480 and has determined to restore section 11.012 of Rev. Rul. 71-446, but with the addition of a specific reference to the overriding requirements of section 401(a)(15) of the Code.

Sec. 3. Effect on Other Documents.

Rev. Rul. 75-480 is modified to remove sections 2.02, 3.02 and 4.02.

Section 11.012 of Rev. Rul. 71-446 is reinstated, provided that the offset to any employee's benefit computed in accordance with such section 11.012 also complies with the requirements of section 401(a)(15) of the Code.

¹ Based on TIR-1444, dated Feb. 11, 1976.