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MADISON, Wis. – CUNA Mutual Group has posted a sample letter on its Web site that credit unions can send to the U.S. Department of Treasury to request a revenue ruling on nonqualified deferred compensation plans. The letter is in regards to an April 9 IRS private letter ruling that on its surface, allowed a federally-chartered credit union to offer a deferred compensation plan to one of its executives using a “for-profit” model. CUNA Mutual says a revenue ruling would have broader impact in helping credit unions “attract and retain talented executives.” The sample letter, addressed to Gregory F. Jenner, Treasury’s Acting Assistant Secretary for Tax Policy, says in part “because of the important unresolved issues that will flow from the (private letter ruling), and in lieu of requesting our own private letter ruling, we are requesting that a revenue ruling be issued on an expedited basis that would provide guidance as to the rules that apply to nonqualified deferred compensation plans for all federal credit unions under 501c(1), and what actions a federal credit union should take if it currently sponsors a 457 plan.” The sample revenue letter can be found at http://www.cunamutual.com/cmg/articleDetail/0,1452,9087,00.html

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