Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for November 2008.

Proposed regulations under section 45D of the Code relate to how an entity serving certain targeted populations under section 45D(e)(2) can meet the requirements to be a qualified active low-income community business. A public hearing is scheduled for January 22, 2009.

Proposed regulations provide that the notice required under section 411(a)(11) of the Code to be provided to a participant of his or her right, if any, to defer receipt of an immediately distributable benefit must also describe the consequences of failing to defer receipt of the distribution. The regulations also provide that the applicable election period for waiving the qualified joint and survivor annuity form of benefit under section 417 is the 180-day period ending on the annuity starting date, and that a notice required to be provided under section 402(f), 411(a)(11), or 417 may be provided to a participant as much as 180 days before the annuity starting date (or, for a notice under section 402(f), the distribution date). A public hearing is scheduled for February 20, 2009.

Cost-of-living adjustments for 2009. This procedure sets forth the cost-of-living adjustments to certain items for 2009 as required under various provisions of the Code and Service guidance.