Ray Higgins, Executive Director of the Public Employees’ Retirement System of Mississippi (PERS), announced in a post on the PERS website late Thursday, May 7, that the IRS has declined to rule on the agency’s private letter ruling request about recent revisions to Regulation 34, Reemployment after Retirement. The post states that, “PERS leadership, representatives from the Attorney General’s Office, outside tax counsel, and the PERS Board will consider the System's next steps going forward.” Higgins anticipates this matter possibly being an agenda item for discussion at the regularly scheduled committee or board meetings in late June. Click here and scroll to the bottom of the page to review the post.
The IRS’s declining to issue an opinion is in stark contrast to their original feedback, as they indicated to PERS staff as late as December that, while they had not issued an official written ruling at that time, they planned to approve the revisions. The IRS’s position abruptly changed since then and resulted in this week’s notification that they would not issue an opinion.