Clarification on the Amendments by Revenue Regulations No. 1-83 of Revenue Regulations No. 1-68 Otherwise Known as the Private Retirement Benefit Plan Regulations

February 22, 1983 REVENUE MEMORANDUM CIRCULAR NO. 10-83 SUBJECT : Clarification on the Amendments by Revenue Regulations No. 1-83 of Revenue Regulations No. 1-68 Otherwise Known as the Private Retirement Benefit Plan Regulations TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all concerned, the Private Retirement Benefit Plan Regulations had been amended by Revenue Regulations No. 1-83 dated October 28, 1982 with the following salient features, viz: 1. As a pre-requisite to the issuance of a certificate of qualification of a Retirement Plan, the regulations as amended (a) provide, in detail, for the documentation requirements for trusteed, non-trusteed and multi-employers plans; and (b) prescribe certain fees to be paid by the employer both upon issuance of the original certificate of qualification and the amendatory certificate of qualification. cdt 2. Trustees of all trusteed Retirement Plans only, i.e., whether their qualification for tax-exemption has been duly adjudicated by this Office before or after the effectivity of these amendatory regulations , are now required to file an annual information return on or before April 15 of each year with the Government and Tax Exempt Corporation Division of the Bureau of Internal Revenue, which return shall be subject to examination by examiners of the said Division. Therefore, insurance companies as insurers/custodian of funds of non-trusteed or insured plans, e.g., Private Retirement Benefit Plan established and maintained by an employer under a Deposit Administration Contract or Deferred Annuity Contract, as the case may be, and approved by this Office under R.A. No. 4917 (now Section 29(c)(7)(A) of the Tax Code), should continue to file the regular income tax returns (not the aforementioned annual information return) for income or earnings derived from investments of the covered employees' retirement fund which are subject to income tax. 3. Penalty is prescribed for failure to file the required annual information return. These amendatory regulations shall take effect on March 16, 1983, or thirty (30) days after their publication on February 14, 1983 in the newspapers of general circulation. It is desired that this Circular be given as wide a publicity as possible. (SGD.) RUBEN B. ANCHETA Acting Commissioner