If you have any questions in regards to the above, please do not hesitate to contact our offices so that we may explain the amendments to the provisions of the Code in more detail. Our address is:
Fiddler González & Rodríguez, P.S.C., P.O. Box 363507, San Juan, PR 00936-3507. Our fax (787) 759-3108.
We welcome your questions and comments.
José J. Santiago
Carlos A. Padilla
Antonio L. García
On May 28, 2013 the Puerto Rico Treasury Department issued Circular Letter No. 13-02 adopting extensions of time to amend qualified retirement plans to conform their design to the new requirements of Section 1081.01 of the Internal Revenue Code for a New Puerto Rico of 2011 (the "P.R. Code"), and to file requests for determination letters. The due date is the last day provided under Section 1061.16(a)(1) of the P.R. Code to file the plan sponsor's tax return (excluding the extension of time provided under Section 1061.01(a)(2)(A) of the P.R. Code), corresponding to the first tax year beginning on or after January 1, 2013.
For a retirement plan sponsored by an entity with a tax year that is a calendar year, the applicable due date to adopt the required amendments and to file a request for a determination letter is April 15, 2014.
Plan sponsors that have not adopted the required plan amendments or have not filed a request for determination letter are reminded to do so sooner than later as the due date is approaching. Circular Letter No. 13-02 can be accessed here.
We will keep you fully advised of any further developments on this matter.
The Labor Law Group at Fiddler González & Rodríguez, P.S.C., will issue the FGR LABOR WATCH with information of legal issues and developments in areas of interest to our friends and clients. If you know anyone who would like to receive the FGR LABOR WATCH, please feel free to forward this newsletter. For more information about any matter raised in this Labor Watch, please contact your usual FGR labor lawyer or José A. Silva Cofresí at email@example.com.
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