Did you know that all retirement plans that cover Puerto Rico participants are required to be filed, most likely by September 30, to request either a new or an updated determination letter under the Puerto Rico Internal Revenue Code (PRIRC)?  Did you know that, generally, Puerto Rico has lower elective deferral and catch-up contribution limits than permitted under the U.S. Internal Revenue Code? 

The PRIRC, as amended to-date, addresses the ongoing operation of retirement plans in Puerto Rico, the process for qualifying such plans with the Puerto Rico Department of the Treasury (Hacienda), and the Puerto Rico taxation of retirement income.  The PRIRC - enacted in January 2011 - serves as a major overhaul of the Puerto Rico income tax structure.  The PRIRC was amended in December 2011 to incorporate certain technical amendments together with some subsequent administrative pronouncements by the Hacienda relating to the operation of retirement plans and taxation of retirement income.  On January 9, 2013, Hacienda also adopted new regulations on distributions from retirement plans.  

Bloomberg BNA will present a webinar on May 23, from 1:00-2:30 p.m., ET, focusing on existing and upcoming developments, challenges and opportunities regarding the establishment and operation of retirement plans and other employee benefit programs in Puerto Rico.  Carlos Gonzalez, author of the Bloomberg BNA Tax & Accounting Portfolio No. 324, International Pension Planning — Puerto Rico, Eugene Holmes, Senior Counsel, Proskauer Rose LLP, Washington, D.C., and Angel R. Marzan, the Assistant Secretary of Hacienda’s Internal Revenue Area, which is the office within Hacienda with direct authority over the qualification of retirement plans in Puerto Rico, will take your questions on the Puerto Rico income taxation of benefits and payments from retirement plans covering Puerto Rico recipients and related administrative issues.

To register, go to http://www.bna.com/employee-benefits-puerto-w17179873143/, or call 1-800-372-1033.