AFTAPAdjusted Funding Target Attainment Percentage (Protection Act of 2006)
AFTAPAlternative Financing Technical Assistance Project
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However, a qualifying plan sponsor may elect to accept the funding relief for 2012 but not apply the adjusted segment rates in 2012, for the collateral purpose of determining the AFTAP that relates to funding-based restrictions on benefits.
This project will allow the IRS to determine whether plan sponsors are using the correct AFTAP based on the date of certification of the AFTAP by the plan actuary.
Suspension of funding-based limitations: The act provides that for purposes of applying the limits on benefit accruals (and the limits on accelerated benefit distributions as they apply to payments under a Social Security leveling option) in plan years beginning after October 1, 2008, and before October 1, 2010, a plan's adjusted funding target attainment percentage (AFTAP) is as it otherwise would be determined for that year or, if greater, the AFTAP for the plan year beginning after October 1, 2007, and before October 1,2008.