Waiver of Excise Taxes Imposed Under Section 4971 and Section 4980F of the Internal Revenue Code

Authority: To waive all or part of the 100% excise tax imposed under section 4971(b) of the Internal Revenue Code in accordance with section 3002(b) of the Employee Retirement Security Act of 1974.

Delegated to: Director, Employee Plans.

Redelegation: This authority may be redelegated to Director, EP Examinations and Director, EP Rulings and Agreements for waivers of the additional tax liability resulting from an accumulated funding deficiency of less than $50 million.

Redelegation: This authority may be redelegated to EP Examinations Area Managers and the Manager, EP Technical for waivers of the additional tax liability resulting from an accumulated funding deficiency of $5 million or less.

Authority: To waive all or part of the excise tax imposed under section 4971(f) of the Internal Revenue Code with respect to liquidity shortfalls within the meaning of section 412(m)(5)(E).

Delegated to: Director, Employee Plans.

Redelegation: This authority may not be redelegated.

Authority: To waive all or part of the excise tax imposed under section 4980F of the Internal Revenue Code if the applicable pension plan fails to satisfy the notice requirements with respect to a reduction of benefit accruals within the meaning of section 4980F(e).

Delegated to: Managers in Employee Plans Technical.

Redelegation: This authority may not be redelegated.

Sources of Authority: IRC 4971, IRC 4980F, Treasury Order 150-10.

To the extent that the authority previously exercised consistent with this order may require ratification, it is hereby affirmed and ratified. This order supersedes Delegation Order 7-7, dated November 07, 2007.

Signed: Kirsten B. Wielobob, Deputy Commissioner for Services and Enforcement