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Federal Register / Vol. 86, No. 3 / Wednesday, January 6, 2021 / Rules and Regulations
special circumstances justify a different compliance date. Thus, affected parties do not need time to prepare before the rule takes effect. Therefore, we find good cause for this final rule to become effective on the date of publication of this action.
The new uniform compliance date will apply only to final FDA food labeling regulations that require changes in the labeling of food products and that publish on or after January 1, 2021, and on or before December 31, 2022. Those regulations will specifically identify January 1, 2024, as their compliance date. All food products subject to the January 1, 2024, compliance date must comply with the appropriate regulations when initially introduced into interstate commerce on or after January 1, 2024.
If any food labeling regulation involves special circumstances that justify a compliance date other than January 1, 2024, we will determine for that regulation an appropriate compliance date, which will be specified when the final regulation is published.
Dated: December 29, 2020.
Stephen M. Hahn, Commissioner of Food and Drugs.
Dated: December 30, 2020.
Alex M. Azar II, Secretary, Department of Health and Human Services.
FR Doc. 202029273 Filed 123120; 4:15 pm BILLING CODE 416401P

DEPARTMENT OF THE TREASURY
Internal Revenue Service 26 CFR Part 1
TD 9937
RIN 1545BP46

Rollover Rules for Qualified Plan Loan Offset Amounts Internal Revenue Service IRS, Treasury.
ACTION: Final regulations.
AGENCY:

This document sets forth final regulations relating to amendments made to section 402c of the Internal Revenue Code Code by section 13613
of the Tax Cuts and Jobs Act TCJA.
Section 13613 of TCJA provides an extended rollover period for a qualified plan loan offset, which is a type of plan loan offset. These regulations affect participants, beneficiaries, sponsors, and administrators of qualified employer plans.
DATES:
Effective Date: These regulations are effective on January 6, 2021.

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SUMMARY:

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Applicability Date: For date of applicability, see 1.402c3b2.
FOR FURTHER INFORMATION CONTACT:
Naomi Lehr at 202 3174102, Vernon Carter at 202 3176799, or Pamela Kinard at 202 3176000 not toll-free numbers.
SUPPLEMENTARY INFORMATION:
Background This document amends 26 CFR part 1, by adding 1.402c3 to the Income Tax Regulations to reflect changes to section 402c of the Code, as amended by section 13613 of TCJA Pub. L. 115
97 131 Stat. 2054.
1. Plan Loans, Eligible Rollover Distributions, and Plan Loan Offset Amounts Section 72p1 of the Code provides that if, during any taxable year, a participant or beneficiary receives directly or indirectly any amount as a loan from a qualified employer plan as defined in section 72p4A,1 that amount shall be treated as having been received by the individual as a distribution from the plan. For certain plan loans, section 72p2 provides an exception to the general treatment of loans as distributions under section 72p1.
For the exception under section 72p2 to apply so that a plan loan is not treated as a distribution under section 72p1 for the taxable year in which the loan is received, the loan generally must satisfy three requirements:
1 The loan, by its terms, must satisfy the limits on loan amounts, as described in section 72p2A;
2 The loan, by its terms, generally must be repayable within 5 years, as described in section 72p2B; and 3 The loan must require substantially level amortization over the term of the loan, as described in section 72p2C.
Section 401a31 requires that a plan qualified under section 401a provide for the direct transfer of eligible rollover distributions. A similar rule applies to section 403a annuity plans, section 403b tax-sheltered annuities, and section 457 eligible governmental plans.
See generally sections 403a1, 403b10, and 457d1C.
Sections 402c3 and 408d3
provide that any amount distributed from a qualified plan or individual retirement account or annuity IRA will be excluded from income if it is 1 Under section 72p4, a qualified employer plan means a qualified plan, a section 403a annuity plan, a section 403b plan, and any governmental plan.

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transferred to an eligible retirement plan no later than the 60th day following the day the distribution is received. A
similar rule applies to section 403a annuity plans, section 403b taxsheltered annuities, and section 457
eligible governmental plans. See generally sections 403a4B, 403b8B, and 457e16B.
Sections 402c3B and 408d3I
provide that the Secretary may waive the 60-day rollover requirement where the failure to waive such requirement would be against equity or good conscience, including casualty, disaster, or other events beyond the reasonable control of the individual subject to such requirement. See generally Rev. Proc.
202046, 202045 I.R.B. 995, which sets forth a self-certification procedure that taxpayers may use in certain circumstances to claim a waiver of the 60-day deadline for completing a rollover under section 402c3B or 408d3I, and Rev. Proc. 20204, 20201 I.R.B. 148, which sets forth procedures that taxpayers may use to request a waiver of the 60-day rollover deadline by submitting a request for a private letter ruling.2
Section 1.402c2, Q&A3a, provides that, unless specifically excluded, an eligible rollover distribution means any distribution to an employee or to a spousal distributee described in 1.402c2, Q&A12a of all or any portion of the balance to the credit of the employee in a qualified plan. Section 1.402c2, Q&A3b, provides that certain distributions for example, required minimum distributions under section 401a9
are not eligible rollover distributions.
Section 1.402c2, Q&A9a, provides that a distribution of a plan loan offset amount as defined in 1.402c2, Q&A9b is an eligible rollover distribution if it satisfies 1.402c2, Q&A3. Thus, an amount not exceeding the plan loan offset amount may be rolled over by the employee or spousal distributee to an eligible retirement plan within the 60day period described in section 402c3, unless the plan loan offset amount fails to be an eligible rollover distribution for another reason.
Section 1.402c2, Q&A9b, provides that a distribution of a plan loan offset amount is a distribution that occurs when, under the plan terms governing the loan, the employees 2 Note that the 60-day rollover deadline can also be extended to provide temporary relief during a disaster or an emergency response. For example, in response to the COVID19 pandemic, Notice 2020
23, 202018 I.R.B. 742, extended the 60-day rollover deadline to July 15, 2020, for distributions made between April 1, 2020, and July 14, 2020.

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