Headlines about "Ret plans - amendments required, incl. EGTRRA"
Gathered from the web by the editors at BenefitsLink.com.
[Official Guidance] Text of IRS Notice 2008-98: Extension of Effective Date of Normal Retirement Age Regulations for Governmental Plans (PDF)
2 pages. Excerpt: "The [IRS intends] to extend the date by which a governmental plan must comply with final regulations on distributions from a pension plan upon attainment of normal retirement age, which were published in [2007] ('the 2007 final regulations'). Under the extension, the 2007 final regulations will be effective for a governmental plan (as defined in § 414(d) of the Internal Revenue Code) for plan years beginning on or after January 1, 2011. This notice does not change the effective date of the 2007 final regulations for a plan that is not a governmental plan or modify the relief previously provided in Notice 2007-69 . . . ." (Internal Revenue Service)
Web Site Opens for Enrolled Retirement Plan Agent ('ERPA') Program; Licensing Information Brochure, Study Guide Coming Soon
Potential Enrolled Retirement Plan Agents can sign up to receive email updates with news and information about the ERPA program: see www.erpaexam.org -- Soon, that site will have information about the licensing process, an ERPA Study Guide and reference materials. Registration begins October 23; the first tests are planned for January 6 through February 17, 2009. The site includes answers to 15 frequently asked questions (FAQs). Excerpt: "Who should become an ERPA? Retirement plan professionals needing to represent before the Internal Revenue Service with respect to IRS forms under the 5300 and 5500 series. (And who are not otherwise included in a category of individuals allowed to practice before the IRS)." (American Institute of Retirement Education (AIRE))
[Guidance Overview] IRS 2008-2009 Priorities for Issuing Regulations and Other Guidance Affecting 401(k) Plans
Excerpt: "EBIA Comment: This Priority Guidance Plan covers the twelve-month period ending June 30, 2009, during which the Treasury Department and the IRS appear to have an ambitious plan for issuing 401(k) guidance. Included in this list are a number of anticipated final regulations and other guidance interpreting PPA provisions (e.g., the regulations on ACAs and employer security diversification rights). We were also pleased to see that the list includes much needed revisions to the model 402(f) notice." (Employee Benefits Institute of America)
[Guidance Overview] How Does HEART Affect 415 and PPA Amendments?
Excerpt: "Among other things, [the Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART)] will change the way retirement plans deal with employees in the military. This technical update will address three issues: 1. When must plans be amended to conform to HEART? 2. How does HEART affect final 415 regulation amendments? 3. How does HEART affect PPA amendments?" (SunGard)
[Opinion] 'We're from the Federal government, and we're here to help.' (PDF)
Page 2 of 4 pages. Excerpt: "The IRS is concerned that it has not dedicated the time and effort to the governmental plans area that our size and importance warrant. It wants to make amends by ensuring that governmental plans have the tools they need to comply with the law, and that worker retirement benefits are protected. The agency is worried, however, that it doesn't know enough about public plans to draw any conclusions as to plan concerns or needs. It, therefore, has decided to conduct a survey . . . ." (National Council on Teacher Retirement)
[Guidance Overview] IRS Easing of Certain Restrictions on Submission and Use of New Pre-Approved Plans
Excerpt: "EBIA Comment: The IRS states that it is easing its initial restrictions on new pre-approved plans after considering comments of pre-approved plan sponsors and determining that these changes would not require additional IRS resources: The 'plans affected by the changes have, in effect, already been reviewed and approved.' We are encouraged to see that the IRS is considering and responding to practitioner comments concerning the new cyclical amendment and submission procedures. These modifications are effective retroactively to June 13, 2007, which was the effective date of Revenue Procedure 2007-44." (Employee Benefits Institute of America)
[Guidance Overview] Recently Revised IRS Correction Program Offers Retirement Plan Sponsors Incentives To Correct Plan Errors Voluntarily
Excerpt: "EPCRS is designed to offer plan sponsors incentives to identify and correct plan errors voluntarily. Correcting errors in accordance with EPCRS can help a plan sponsor avoid the loss of the tax-favored status of a plan and the imposition of significant monetary penalties that might otherwise be imposed if the error was discovered by the IRS on audit. There are three distinct components of EPCRS: (i) the Self-Correction Program ('SCP'); (ii) the Voluntary Correction Program ('VCP'); and (iii) the Audit Closing Agreement Program ('Audit CAP')." (Bond, Schoeneck & King, PLLC)
[Guidance Overview] IRS Update and Expansion of Its Employee Plans Compliance Resolution System
Excerpt: "This Update provides only a general summary of the Employee Plans Compliance Resolution System. You can read the full text of Revenue Procedure 2008-50 at http://www.irs.gov/pub/irs-drop/rp-08-50.pdf." (Perkins Coie LLP)
[Guidance Overview] Webcast on Employee Plans Compliance Resolution System - Revenue Procedure 2008-50 (PDF)
46 pages. Powerpoint presentation. (Morgan, Lewis & Bockius LLP)
[Guidance Overview] Relaxed Restrictions on Off-Cycle Applications for New Pre-Approved Plans
Excerpt: "The modifications apply to sponsors of pre-approved plans that adopt the language word-for-word of a mass submitter plan that has received a favorable EGTRRA opinion or advisory letter. A sponsor may also adopt the identical language of a mass submitter plan for which an application for such opinion or advisory letter is pending. The new application must also be filed according to the procedures governing mass submitter plans under Rev. Proc. 2005-16 . . . ." (Wolters Kluwer)
[Guidance Overview] Enrolled Retirement Plan Agent Program
Excerpt: "The IRS has announced the opening of the program which allows individuals to obtain the ERPA designation. An individual who has obtained the ERPA designation will be able to represent taxpayers before the IRS with respect to the following programs and issues: Determination letters; Plan corrections under the employee plans correction resolution system (EPCRS); Master and prototype and volume submitter programs; Form 5500 issues." (SunGard)
[Guidance Overview] Beware of the Prototype Plan Amendment (PDF)
1 page. Excerpt: "Employers should carefully review any amendment to their adoption agreements to make certain any default and elective provisions are consistent with the plans' operations. Often there are legal implications associated with plan amendments and employers are encouraged to consult with legal counsel and other advisors regarding the significance of the amendments." (Seyfarth Shaw LLP)
[Guidance Overview] IRS's Priority Guidance Plan for 2008-2009 Guidance Year
Excerpt: "The [target page] discussion highlights some of the more significant pieces of guidance in the PGP and provides insights beyond the brief descriptions in the PGP. The complete employee benefits section of the PGP is reproduced at the end of this article." (Deloitte via BenefitsLink.com)
[Guidance Overview] Long-Awaited Update to Employee Plans Compliance Resolution System
Excerpt: "Rev. Proc. 2008-50 retains the basic structure and operation of [the Employee Plans Compliance Resolution System], but adds several new correction methods for common plan qualification failures and makes numerous, mostly liberalizing, technical and procedural changes." (Deloitte via BenefitsLink.com)
[Guidance Overview] Rules on New Pre-Approved Plan Submissions
Excerpt: "The IRS issued guidance (Revenue Procedure 2008-56) which changes the rules regarding the submission of pre-approved plans. Ever since the IRS updated the staggered remedial amendment period (RAP) program (Revenue Procedure 2007-44), many plan document providers, including SunGard, had requested that the IRS moderate the rules relating to off-cycle submissions of pre-approved plans. Revenue Procedure 2008-56 was issued in response to these concerns." (SunGard)
[Guidance Overview] IRS Refines its Fix-It Program — The Employee Plan Compliance Resolution System — in Revenue Procedure 2008-50 (PDF)
Pages 4-5 of 7 pages. Excerpt: "The three components of EPCRS have not changed: (1) the Self-Correction Program (SCP); (2) the Voluntary Correction Program (VCP), and (3) the Audit Closing Agreement Program (Audit CAP), but the Revenue Procedure makes a number of modifications to those programs, which are briefly highlighted [in the target paper]." (Miller & Chevalier Chartered)
[Guidance Overview] Summary of Amendments and Due Dates for Defined Contribution Plans, 9/18/2008 (PDF)
6 pages. The chart also includes 457(b) and 403(b) plans and covers EGTRRA to the HEART Act. (Fort William LLC)
IRS Official Warns 403(b) Plans on 2009 Deadline for Compliance with Final Regs
Excerpt: "IRS Tax Exempt and Government Entities Senior Tax Law Specialist Robert Architect urged benefits professionals to start making sure in earnest that employee plans of schools and tax-exempt entities under Code Sec. 403(b) are in compliance with the final regulations that were released in July 2007 . . . ." (Wolters Kluwer)
IRS Eases Pre-Approved Plans Letter Procedure
Excerpt: "The Internal Revenue Service (IRS) on Wednesday announced it had decided to relax previously announced restrictions on how the agency would issue opinion and advisory letters for pre-approved plans." (PLANSPONSOR.com; free registration required)
[Official Guidance] Text of IRS Rev. Proc. 2008-56 Removes Retroactive Reliance 'Caveat', Relaxes Rules for Pre-Approved Plans Using Mass Submitter Language (PDF)
4 pages; modifies Rev. Proc. 2007-44. Excerpt: "[A]n eligible employer may rely on a pre-approved plan's EGTRRA opinion or advisory letter to retroactively amend its plan for EGTRRA and the other qualification changes listed in Notice 2004–84, 2004–2 C.B. 1030, ('the 2004 Cumulative List') by adopting the pre-approved plan within the adoption period ending on April 30, 2010, even if the application for the opinion or advisory letter for the plan was submitted off-cycle. Any EGTRRA opinion or advisory letters that have been issued with a caveat prohibiting retroactive reliance will be reissued by the Service to remove the caveat." (Internal Revenue Service)
PPA Technical Corrections Bill Reportedly Stalls in Congress
Excerpt: "A package of technical corrections to the Pension Protection Act of 2006 (PPA; P.L. 109-280) is unlikely to be passed by the Congress before the November elections, according to a staff member of the Senate Finance Committee. Despite the need for PPA technical corrections, the legislation has languished because of partisan squabbles, the staff member said . . . ." (Wolters Kluwer)
[Official Guidance] Text of IRS 2008-2009 Priority Guidance Plan, Including Reg Projects for Retirement Benefits, Executive Comp, Healthcare and Other Benefits (PDF)
31 pages; dated September 10, 2008. (Internal Revenue Service)
[Guidance Overview] Final 403(b) Regulation Date Tricky for Church Plans
Excerpt: "As the general deadline of January 1, 2009 creeps closer and closer for most 403(b) plans to comply with the Final 403(b) Regulations, the applicability dates in the Final 403(b) Regulations deserves a little scrutiny. For church 403(b) plans, the deadline for complying with the Final 403(b) Regulations depends on whether the authority to amend or establish the plan is with the church convention. The reason for this is contained within the 'Applicability Date' section of the Final 403(b) Regs . . . ." (Pension Protection Act Blog)
[Guidance Overview] IRS Expands Transition Relief To Help Small Pension Plans Comply With New Funding Rules
Excerpt: "[I]n Notice 2008-73, the IRS explains, 'Because technical corrections to PPA have not yet been enacted, many small plans that would have otherwise retained end-of-year valuation dates will adopt beginning-of-year valuation dates for the 2008 plan year. This change will make those plans ineligible for the transition relief set forth in Section III.B of Notice 2008-21. Accordingly, these plans may have difficulty in complying with the timing requirements for certifying the plan's AFTAP." (Wolters Kluwer)
[Guidance Overview] IRS Updates Qualified Plan Correction Program
Excerpt: "The latest version of a popular IRS program provides expanded correction opportunities and additional streamlined procedures. On August 14, 2008, the IRS issued Rev. Proc. 2008-50 updating the Employee Plans Compliance Resolution System (EPCRS), the comprehensive system of correction programs for sponsors of qualified retirement plans. The components of EPCRS are the Self-Correction Program (SCP), the Voluntary Correction Program (VCP) and the Audit Closing Agreement Program (Audit CAP)." (Tax Management Inc.)
Listing of IRS Published Guidance for January - August 2008
The target page links to guidance published by the Service relating to retirement plans: Treasury Regulations; Revenue Rulings; Revenue Procedures; Notices; and, Announcements. (Internal Revenue Service)
[Guidance Overview] IRS Update and Expansion of the Qualification Correction Program (PDF)
6 pages. Excerpt: "On August 14, the Internal Revenue Service (IRS) issued Revenue Procedure 2008-50, its latest guidance on methods available to sponsors of tax-qualified retirement plans to correct operational and plan document errors in order to preserve a plan's tax-qualified status. This guidance provides significant expansions and enhancements to the Employee Plans Correction Resolution System (EPCRS) . . . . The EPCRS provides three programs of correction known as (i) Self-Correction Program (SCP), (ii) Voluntary Correction Program (VCP), and (iii) Correction on Audit Program (Audit CAP)." (Morgan, Lewis & Bockius LLP)
[Guidance Overview] Update of the IRS Correction Program
Excerpt: "In Rev. Proc. 2008-50, the IRS has updated and expanded the Employee Plans Compliance Resolution System (EPCRS). The new correction procedure is effective January 1, 2009, but plans may elect to utilize the new procedure as early as September 2, 2008. The new procedure continues the same programs available in the previous procedure: self correction program (SCP), voluntary correction program (VCP) and the closing agreement program for errors discovered on audit (Audit CAP)." (SunGard)
[Guidance Overview] IRS Updates Its Corrections Programs for Retirement Plans (PDF)
2 pages. (Milliman)
[Guidance Overview] IRS Updates and Expands Guidance on Employee Plans Compliance Resolution System (EPCRS) for Plan Failures
8 pages; includes comments by Hewitt. (Hewitt)
[Guidance Overview] Updated EPCRS Adds New Correction Methods, Expanded Availability for Streamlined VCP, and Other Changes
Excerpt: "EBIA Comment: The various expanded EPCRS provisions and the simplified VCP procedures should be helpful to plan sponsors and their advisors in maintaining plan compliance. We note that the revisions include many changes not addressed in this article, including changes relating to the scope of a compliance statement, the IRS's ability to deny EPCRS availability in specific cases, revised requirements for submitting a determination letter request when correcting by plan amendment, new requirements to submit executed amendments in some cases, revised definitions (including updated definitions of excess amount, favorable letter, and overpayment), details on correcting excess annual additions, and a revised sample format (Appendix D) for regular VCP submissions." (Employee Benefits Institute of America)
[Guidance Overview] IRS Updates Its Employee Plans Compliance Resolution System
Excerpt: "In Rev. Proc. 2008-50, the Internal Revenue Service updates its Employee Plans Compliance Resolution System (EPCRS), which is the agency's comprehensive system of voluntary correction programs for sponsors of qualified retirement plans. The revenue procedure supersedes Rev. Proc. 2006-27, C.B. 2006-1, 945." (Wolters Kluwer)
[Guidance Overview] IRS Enhancement of the Voluntary Correction Program for Retirement Plans (PDF)
4 pages. Excerpt: "The new EPCRS retains the basic structure (and plethora of acronyms) of its predecessor, Rev. Proc. 2006-27. The program continues to have a self-correction program (SCP) available for minor errors and more significant, recent errors; a voluntary submission program (VCP) involving a submission to the IRS and a fixed fee for errors that cannot be corrected through SCP; and a correction program for errors discovered by the IRS on audit (Audit CAP)." (Sutherland)
[Guidance Overview] IRS Update of Qualified Plan Correction Program
Excerpt: "Rev. Proc. 2008-50 is effective January 1, 2009. However, plan sponsors are permitted to apply the provisions of the revenue procedure on or after September 2, 2008." (McDermott Will & Emery)
IRS Issues Corrections Program Update
Excerpt: "The Internal Revenue Service (IRS) has released an in-depth rewrite of its correction programs for retirement plan sponsors who have not complied with tax laws for a period of time. The 179-page Revenue Procedure 2008-50 applies to the three-part Employee Plans Compliance Resolution System (EPCRS), made up of the Self-Correction Program (SCP), the Voluntary Correction Program (VCP), and the Audit Closing Agreement Program (Audit CAP)." (PLANSPONSOR.com; free registration required)
[Guidance Overview] Has Your ERISA Defined Contribution Plan Been Updated for 2008 PPA Changes?
Excerpt: "Among the provisions of the PPA that affect DC plans, some of the most significant changes are effective for the 2008 plan year. [Those provisions include testing changes, Safe Harbor for Automatic Enrollment, Rollovers to Roth IRA, and returned contributions.]" (Aiken & Aiken)
[Official Guidance] Aug. 14 Special Edition of IRS Employee Plans News: Announcing Rev. Proc. 2008-50, Including Survey to Practitioners (PDF)
2 pages. Excerpt: "[The] Self-Correction Program . . . has been expanded with respect to employers who discover failures in their plans and have begun the correction process. The time by which a plan sponsor substantially corrects a significant operational failure, and is thereby entitled to use SCP, has been liberalized . . . . [Excess annual additions in DC plans under section 415] will be corrected in accordance with the provisions of this revenue procedure . . . . Streamlined Voluntary Correction Program Application Procedures . . . have been significantly expanded to include the following failures: . . . " (Internal Revenue Service)
[Official Guidance] Text of Rev. Proc. 2008-50: Employee Plans Compliance Resolution System, Updating and Expanding Rev. Proc. 2006-27 (PDF)
179 pages; the document's table of contents does not include page numbers, but it is the version released to the public today. See pages 8 through 10 for a summary of the modifications being made to the previous version of EPCRS (Rev. Proc. 2006-27). Excerpt: "This revenue procedure updates the comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of § 401(a), 403(a), 403(b), 408(k), or 408(p) . . . but that have not met these requirements for a period of time. . . . This revenue procedure modifies and supersedes Rev. Proc. 2006-27." (Internal Revenue Service)
[Official Guidance] IRS Employee Plan News - Aug. 6, 2008 Special Edition - Contract Awarded for Enrolled Retirement Plan Agent (ERPA) Exams (PDF)
1 page. Excerpt: "Generally, a person becomes an ERPA by passing a comprehensive ERPA Special Enrollment Examination relating to retirement plan matters. See www.erpaexam.org for further information on the testing process. . . . An ERPA is an individual who has earned the privilege of representing clients with respect to issues involving the following programs: the Employee Plans Determination Letter program; the Employee Plans Compliance Resolution System; and the Employee Plans Master and Prototype and Volume Submitter programs. In addition, ERPA's may represent clients with respect to 5500 and 5300 series forms, but not with respect to actuarial forms or schedules. . . . AIRE LLC, the contracted ERPA exam administrator, is a partnership formed by the American Society of Pension Professionals & Actuaries (ASPPA) and the National Institute of Pension Administrators (NIPA)." (Internal Revenue Service)
Interim Amendments for Tax Qualified Plans
Excerpt: "Beginning in the late 1990s, the IRS Employee Plans group spent a great deal of time studying various options for avoiding the enormous workload spikes that arose during the determination letter process in the past and developing the settled upon option -- the staggered remedial amendment period (RAP). As part of this process, IRS EP personnel made a real effort to 'partner' with the various stakeholders in the benefits community (ranging from benefits practitioners to prototype sponsors and vendors) to develop a workable, manageable program for all." (Pension & Benefits Blog)
[Guidance Overview] Another Question is Answered in the 401(k) Plans Q&A Column
I have been trying to find support for handling a 401(k) plan matter. I think I found what I need in an "IRS Publication." Can I rely upon it? (BenefitsLink.com)
IRS Employee Plans Compliance Resolutions System Update with Numerous Changes to Be Issued
Excerpt: "It is updated every couple of years with IRS adding more correction procedures while streamlining the compliance process. The current version is Rev. Proc 2006-27. At a recent conference, an IRS representative stated that they are very close to issuing an updated version. One of the major goals of this revision is to streamline, simplify and expedite the process for a number of common errors." (McKay Hochman Co., Inc.)
[Guidance Overview] List of Required Amendments for DC and DB Plans Since the Gust Restatement, Revised 7/8/2008 (PDF)
4 pages. (Datair Employee Benefit Systems, Inc.)
PPA Technical Corrections Bill Passes House with Smoothing Provisions
Excerpt: "The Pension Protection Technical Correction Act of 2008 (H.R. 3361) – introduced June 26, 2008 by Charles Rangel (D-NY) and George Miller (D-CA) – passed the House of Representatives on July 9. The Act contains the 24-month asset smoothing provisions approved by the Senate last December 2007 (in S. 1974), and constitutes a significant move forward in finalizing the long-awaited PPA technical corrections." (Deloitte via BenefitsLink.com)
[Opinion] What's a DB Plan Administrator/Advisor to Do?
Excerpt: "My question to this forum is, what have you been doing in 2008 when dealing with your defined benefit plans, especially in two areas: where no proposed regulations have been issued and where musings in preambles and in open forums by government representatives are disagreed with by practitioners?" (Pension & Benefits Blog)
TE/GE Advisory Groups recommend changes to EPCRS, government plans
Excerpt: "The IRS's Advisory Committee on Tax Exempt and Government Entities (ACT) met in open session on June 11, 2008 and made suggestions that could affect the administration and correction of pension plans under TE/GE's regulatory umbrella." (Wolters Kluwer)
Administration Sets Deadline for Final Regulations
Excerpt: "The November 1 deadline will not affect pending regulations regarding 401(k) automatic enrollment, 'greater of' cash balance conversion formulas and the PPA's new funding requirements and benefit restrictions, although U.S. Treasury Department officials hope to finalize these regulations this year." (Watson Wyatt Worldwide)
New 403(b) Regulations - Followed by a Stepped Up IRS Audit Program to Ensure Compliance
Excerpt: "The first stage in the IRS initiative came in June 2007, when the IRS launched an outreach project aimed at ensuring that school districts across the country are complying with the universal availability requirement. Roughly a month later, the IRS released the final 403(b) regulations, giving plans and plan sponsors until the beginning of next year to comply with new document and operational rules." (PLANSPONSOR.com; free registration required)
IRS's Employee Plans News, Summer 2008 (PDF)
14 pages. This edition includes the following articles: Steven T. Miller, TE/GE Commissioner, Speaks at Mid-Atlantic Benefits Conference; Form 5307 Has Been Revised; Forms & Pubs; Critical Priorities...With Monika Templeman; Maintaining Electronic Records for Employee Plans Team Audit (EPTA) Plans; Form 5500 Filing Tips - Are You a Multiemployer Plan?; Things to Remember - 2007 Forms 5500/5500EZ; Employee Plans Published Guidance; PBGC Insights; Calendar of EP Benefits Conferences. (Internal Revenue Service)
[Official Guidance] Text of Proposed IRS Regs on Accrual Rules for DB Plan Conversion to Cash Balance Formula (PDF)
6 pages. Excerpt: "The proposed regulations would provide a limited exception to the existing requirement under § 1.411(b)– 1(a)(1) to aggregate the accrued benefits under all formulas in order to determine whether or not the accrued benefits under the plan for participants satisfy one of the alternative methods under section 411(b)(1)(A) through (C). Under this limited exception, certain plans that determine a participant's benefits as the greatest of the benefits determined under two or more separate formulas would be permitted to demonstrate satisfaction of the 133-1/3 percent rule of section 411(b)(1)(B) by demonstrating that each separate formula satisfies the 133-1/3 percent rule of section 411(b)(1)(B)." (Internal Revenue Service)
[Guidance Overview] Compliance Checklist 2008 - For Plans That Are Not Subject to ERISA (PDF)
14 pages. Excerpt: "The Checklist incorporates requirements for Governmental and Nonelecting Church Plans, Non-ERISA 403(b) Programs, 457 Plans, and Nonqualified Executive Benefit Plans, and provides information on the materials that you will need to file, filing due dates, and agencies to which the filings should be made." (Prudential Retirement)
[Guidance Overview] Compliance Checklist 2008 - For Plans That Are Subject to ERISA (PDF)
42 pages. Excerpt: "The Checklist incorporates Defined Benefit, Defined Contribution and ERISA 403(b) requirements and provides information on the materials that you will need to file, filing due dates, and agencies to which the filings should be made." (Prudential Retirement)
White House Memo Ordering Regulations Cutoff Doesn't Apply to IRS, Officials Say
Excerpt: "A recent White House memorandum directing agency heads to finalize regulations by November 1, 2008 will not apply to the IRS, according to Treasury Department officials. However, the memorandum, which was issued with little fanfare or explanation, does not expressly exclude the IRS." (Wolters Kluwer)
IRS Updating Guidance to Provide Corrective Measures for 403(b) Plans, Official Says
Excerpt: "The IRS is in the process of updating its Employee Plans Compliance Resolution System (EPCRS) program and expects to issue a new revenue procedure in the next couple of months that will begin addressing the new regulatory requirements for 403(b) plans, IRS tax specialist Robert Architect said at a D.C. Bar program meeting on May 27, 2008." (Wolters Kluwer)
Key Funding Rule Change at Stake in Legislation Aimed to Fix Pension Law Problems
Excerpt: "Federal legislation to correct dozens of technical errors in the Pension Protection Act of 2006 is mired on Capitol Hill as legislators fight over what kinds of additional provisions should be included." (Pensions & Investments)
Current Pension Legislative and Regulatory Outlook
Excerpt: "In this article we survey current pension policy initiatives both in Congress and in the government agencies." (JPMorgan Chase & Co.)
[Guidance Overview] Listing of IRS Published Guidance for January - May 2008
The target page links to guidance published by the Service relating to retirement plans: Treasury Regulations; Revenue Rulings; Revenue Procedures; Notices; and, Announcements. (Internal Revenue Service)
[Guidance Overview] Latest IRS Guidance Addresses PPA '06 Provisions Related to Distributions
Excerpt: "Internal Revenue Service (IRS) Notice 2008-30 uses a question-and-answer format to provide guidance with respect to certain distribution-related provisions of the Pension Protection Act of 2006 (PPA'06) that become effective in 2008. The Notice includes guidance on rollovers to Roth individual retirement accounts (IRAs), the Qualified Optional Survivor Annuity (QOSA) and interest assumptions for lump-sum distributions. Although the payment of gap-period earnings on distributions of excess deferrals is not directly related to PPA'06, the Notice also provides guidance on those payments." (The Segal Group, Inc.)
Text of Pension Protection Act ERISA Amendments of 2008 (PDF)
59 pages. Excerpt: "To make technical corrections to the Pension Protection Act of 2006 relating to the Employee Retirement Income Security Act of 1974, and for other purposes." (U.S. House of Representatives via American Benefits Council)
[Guidance Overview] New Disclosure/Reporting Requirements for ERISA Plan Service Providers
Excerpt: "The Department of Labor (DoL) is expected to release its final regulations on proposed amendments to ERISA §408(b)(2) later this summer. The new regulations, which are expected to become effective January 1, 2009, will shift the burden of providing documentation demonstrating compliance with ERISA's prohibited transaction rules from plan sponsors to service providers, including broker-dealers and registered investment advisors (RIAs)." (PPA Fiduciary Adviser Legal and Compliance Report)
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