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B-336556 Aug 06, 2024 1 (2024-08-06)

handle is hein.gao/gaoqqd0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-336556 August 6, 2024 The Honorable Ron Wyden Chairman The Honorable Mike Crapo Ranking Member Committee on Finance United States Senate The Honorable Jason Smith Chairman The Honorable Richard Neal Ranking Member Committee on Ways and Means House of Representatives Subject: Department of the Treasury, Internal Revenue Service: Required Minimum Distributions Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Internal Revenue Service (IRS) entitled Required Minimum Distributions (RIN: 1545-BP82). We received the rule on July 25, 2024. It was published in the Federal Register as final regulations on July 19, 2024. 89 Fed. Reg 58886. The stated effective date of the rule is September 17, 2024. According to IRS, this final rule sets forth amendments to the Income Tax Regulations under various sections of the Internal Revenue Code of 1986 (Code). IRS stated that these final regulations relate to required minimum distributions from qualified plans; section 403(b) annuity contracts, custodial accounts, and retirement income accounts; individual retirement accounts and annuities; and certain eligible deferred compensation plans. IRS further stated that these regulations will clarify certain issues related to trusts as beneficiaries and situations under which a beneficiary is identifiable for purposes of section 401 (a)(9) of the Code. Additionally, IRS stated that these regulations provide guidance related to eligible rollover distributions under section 402(c) reflecting statutory changes to that section since regulations were first issued in 1995. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801 (a)(3)(A). The rule was published in the Federal Register on July 19, 2024. 89 Fed. Reg 58886. The Congressional Record does not yet reflect the date of receipt by the House of Representatives; however, IRS provided documentation showing the House of Representatives received the rule on July 22, 2024. Email from IRS to GAO, Subject: CRA Submission: TD 10001 (GAO) (July 25, 2024). The Senate received the rule on July 26, 2024. 170 Cong. Rec. S5580 (daily ed. July 30, 2024). The rule has a stated effective date of

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