Headlines about "Ret plans - audits by gov't agencies"
Gathered from the web by the editors at BenefitsLink.com.
Is the IRS Becoming Less Kind and Gentle in Audit Resolutions?
Excerpt: "This is a special edition of our Technical Update series. We are reprinting a recent 'Ferenczy Flash' sent by Ilene Ferenczy to her clients reporting on her recent experience in handling an IRS audit." (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] 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 FAQs Regarding Governmental Plan Determination Letters (PDF)
Page 1 of 6 pages. Excerpt: "Among other items, the FAQs clarify that the plan documentation submitted with the determination letter request does not have to be in 'restated form.' Generally, the IRS requires a plan be submitted as a single, restated plan document in order to facilitate their review. However, in the FAQs, the IRS recognized governmental plans may not have a single document. Therefore, plan sponsors will be allowed to submit the applicable statutes and other relevant material, provided the information is organized in a way that allows IRS reviewers to determine whether plan provisions meet the qualification requirements." (Gabriel, Roeder, Smith & Company)
[Guidance Overview] Webcast on Employee Plans Compliance Resolution System - Revenue Procedure 2008-50 (PDF)
46 pages. Powerpoint presentation. (Morgan, Lewis & Bockius LLP)
[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] 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)
DOL Tool Makes It Easier to Pay Fines
Excerpt: "The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) has unveiled new online tools for employers and for workers. Plan sponsors and plan administrators will now find it easier to pay online civil penalties for delinquent filings of annual reports under the agency's Delinquent Filer Voluntary Compliance Program (DFVCP). . . . Employers and plan administrators can access the new feature that allows them to electronically pay civil penalties at http://www.dol.gov/ebsa/calculator/dfvcpmain.html." (PLANSPONSOR.com; free registration required)
[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)
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)
[Guidance Overview] IRS Posts Information on Cycle C Filing Requirements for Governmental Plans
Excerpt: "IRS has posted on its Web site (www.irs.gov/retirement) a set of FAQs that provides useful information on the submission of governmental plans in the initial remedial amendment Cycle C, which ends on January 31, 2009. Indicating that IRS is willing to work with sponsors whose plan document consists of documents from various sources – or whose plan never previously received a favorable determination letter – the FAQs outline avenues of approach for such sponsors and clarify some of the unique requirements applicable to governmental plans." (Deloitte via BenefitsLink.com)
[Guidance Overview] The IRS Intends to Establish a 'Meaningful Presence' in Public Retirement Plans (PDF)
2 pages. Excerpt: "In addition to encouraging government plans and retirement systems to file by January 31, 2009 for a 'determination letter', that certifies that their plan is in compliance with the Internal Revenue Code (IRC), the IRS gave notice that it will increase its oversight and examination of government plans. However, by its own admission, the IRS has relatively little experience in examining these plans." (Milliman)
[Guidance Overview] Employee Benefits Update, September 2008 (PDF)
5 pages. This issue examines the following topics: Same-sex marriage; LaRue decision and lawsuits against plan fiduciaries; Section 404(c) compliance; Finding and fixing qualified plan mistakes; 7-day safe harbor for forwarding employee contributions to small plans; and, IRS opens determination letter cycle for preapproved defined contributions plans. (Snell & Wilmer LLP)
[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.)
[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] Certain Year-End and Early 2009 Deadlines Approaching for Retirement and Welfare Benefit Plans
Excerpt: "As the end of the calendar year fast approaches, sponsors of retirement and welfare benefit plans should review those plans (including the administration of those plans) to make sure such plans are (or will be) in compliance with year-end and early 2009 requirements." (Bond, Schoeneck & King, PLLC)
[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] DOL's and SEC's Memorandum of Understanding to Share Retirement and Investment Information
Excerpt: "EBIA Comment: The DOL's news release makes clear that a primary goal of the MOU is to improve investigative and enforcement activities with respect to retirement plans, including 401(k) plans. In the portions of the MOU that address non-public information, however, the MOU focuses more specifically on information 'concerning investment advisers or other firms of mutual interest,' sending a strong message to the investment community about the agencies' continued commitment to combined oversight of those firms." (Employee Benefits Institute of America)
Employer Mistakes Could Cost 401(k) Participants
Excerpt: "It's unclear how many companies are operating retirement plans that are not in compliance with Labor Department and Internal Revenue Service rules, but enough of them are cropping up in audits and voluntary compliance programs that the IRS is issuing new instruction manuals and talking to employers about these common mistakes. IRS investigators are finding compliance problems at about 65 percent of the companies they have audited over the past year . . . ." (Chicago Tribune)
[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)
[Guidance Overview] SEC and DOL Agree to Cooperate in Examinations (PDF)
2 pages. Excerpt: "[The U.S. Department of Labor's Employee Benefits Security Administration and the U.S. Securities and Exchange Commission] have pledged to conduct regular meetings to discuss regulatory requirements that impact each agency's responsibilities, examination findings and trends, enforcement cases, and any other matters that the SEC and DOL staffs believe would be of interest to the other regulator for fulfilling its respective regulatory responsibilities. In addition, the agencies have agreed to cross-train appropriate staff in order to enhance each agency's understanding of the other's mission and investigative jurisdiction." (Morgan, Lewis & Bockius LLP)
SEC, Labor Dept. to Sign Agreement Strengthening Collaboration on Retirement Plans
Excerpt: "The Labor Department and Securities and Exchange Commission plan to work more closely together in their roles overseeing private-sector employees' retirement plans. The heads of the two agencies on Tuesday are expected to announce the signing of a so-called memorandum of understanding, according to government officials who spoke on condition of anonymity because the formal announcement hadn't been made." (CNNMoney.com)
[Guidance Overview] PBGC Permits Appeals Board to Refer Some Appeals to Other Departments
Excerpt: "The PBGC has issued final regulations permitting its Appeals Board to refer certain appeals to Appeals Board staff or other internal departments for a written response. The amendments also include some minor clarifying and technical changes to the rules for administrative review of agency decisions." (Wolters Kluwer)
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)
Is the IRS Becoming Less Kind and Gentle in Audit Resolutions?
Excerpt: "Our office recently handled an IRS audit for a client that has led us to believe that resolving problems discovered on audit is becoming more costly than it has been historically. This makes pre-audit plan reviews and problem resolution even more important than they were before." (Ilene Ferenczy via SunGard)
DOL Working Hard in the Atlanta Area to Ferret Out Fiduciary Breaches (PDF)
Pages 2-3 of 6 pages. Excerpt: "[Ilene Ferenczy, an attorney in Atlanta who specializes in retirement plans writes:] We have been retained recently by a few different clients in the Atlanta area to represent them in regard to an investigation by the U.S. Department of Labor (DOL) of their retirement plans. These clients have undergone a review process spanning several months, which has resulted in a lengthy letter from the DOL investigator as to possible charges of fiduciary breach or mismanagement of the plans by the fiduciaries." (Swerdlin & Company)
Informal Views of IRS and Treasury Officials on Automatic Contribution Arrangements, Determination Letters, and Other Issues
Excerpt: "The Joint Committee on Employee Benefits (JCEB) of the American Bar Association has posted a report on the May 2008 Q&A session between JCEB representatives and IRS and Treasury officials. Highlights include the following informal, nonbinding remarks about automatic contribution arrangements (ACAs), late determination letter filings, and the definition of compensation under Code Section 415(c)." (Employee Benefits Institute of America)
PBGC Amends Appeals Procedures
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) announced it is publishing a final rule amending its regulation on Rules for Administrative Review of Agency Decisions to clarify that the agency's Appeals Board may refer certain categories of appeals to other PBGC departments for a written response." (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)
[Guidance Overview] IRS Provides Tools to Assist Employers in Plan Audits
Excerpt: "In the Spring 2008 edition of its e-newsletter, Retirement News for Employers, IRS outlines the steps an employer should take if it receives a letter or phone call from IRS notifying it of a plan audit. The article, by Monika Templeman, Director of EP Examinations, highlights a number of examinationrelated tools for employers available on the IRS's website (www.irs.gov/ep). These tools include the 'Top Ten Tips to Prepare for an Efficient Audit,' which is reproduced at the end of this article." (Deloitte via BenefitsLink.com)
[Guidance Overview] With EGTRRA Restatement - a Perfect Time for Plan Changes
Excerpt: "If you offer a defined contribution plan to your workers, your plan document must be restated with the IRS sometime within the next year. This is a result of the Economic Growth and Tax Relief Tax Reconciliation Act of 2001." (Employee Benefit News; free registration required)
[Guidance Overview] PPA Testing Changes for 2008
Excerpt: "[There are three basic changes:] 1. GAP Period Income Eliminated on ADP and ACP Test Failure Refunds. 2. Eligible Automatic Contribution Arrangement plans will have 6-months after the plan year-end to make a refund for a failed ADP/ACP test without a 10% penalty to the employer versus 2½ months for 401(k) plans without automatic enrollment. 3. Corrective distributions for ADP/ACP will be taxable in the year distributed." (McKay Hochman Co., Inc.)
IRS Priority Guidance Update
Excerpt: "Published 01/22/2008 in IRB 2008-3 as Announcement 2008-2 (12/21/2007)." (McKay Hochman Co., Inc.)
IRS Updates 2007-2008 Priority Guidance Plan
Excerpt: "The Treasury Department and IRS have issued the first periodic update to the 2007-2008 Priority Guidance Plan, which details the guidance action items for the current fiscal year, as well as regularly scheduled guidance." (Wolters Kluwer)
Report on DOL Audit Activity
Excerpt: "I have always thought that it would be a great idea if someone could keep track of practitioners' 'war stories' about DOL and IRS audit activity in order to keep plan sponsors apprised of developments. Ilene Ferenczy has provided some great information about DOL audit activity going on in the Atlanta region in this email update entitled 'DOL Working Hard in the Atlanta Area to Ferret out Fiduciary Breaches.'" (Attorney B. Janell Grenier via Benefitsblog.com)
[Official Guidance] Text of First Periodic Update to IRS 2007-2008 Priority Guidance Plan (PDF)
49 pages. Excerpt: "The attached update sets forth the guidance on the original 2007-2008 Priority Guidance Plan that we have published. Although the update may indicate that a particular item on the plan has been completed, it is possible that one or more additional projects may be completed in the plan year relating to that item. The update also includes 61 items of additional guidance, some of which have already been published.' See section entitled EMPLOYEE BENEFITS and section entitled EXECUTIVE COMPENSATION, HEALTH CARE AND OTHER BENEFITS, AND EMPLOYMENT TAXES. (Internal Revenue Service)
[Guidance Overview] Update on DOL Audit Profiling & Investigational Focus
Excerpt: "What does the EBSA investigate? Fiduciary Duty of Loyalty and Prudence (ERISA Section 404(a), 29 U.S.C. Section 1104(a) - Fiduciary duties - Prudent man standard of care) Prohibited Transactions: Certain transactions between the plan and parties-in-interest are prohibited absent an exemption (ERISA Section 406(a), 29 U.S.C. Section 1106(a) - Prohibited Transactions - Transactions between plan and party in interest) Conflicts of Interest (ERISA Section 406(b), 29 U.S.C. Section 1106(b) - Prohibited Transactions - Transactions between plan and fiduciary)" (Health Plan Law blog by Attorney Roy F. Harmon III)
[Guidance Overview] Employee Plans Compliance Resolution System Update Expected 'Soon'
Excerpt: "An updated version of Rev. Proc. 2006-27 . . . will not be a major overhaul of the old procedure, . . . but will contain a number of smaller changes that taken together will have a significant effect on the program." (Wolters Kluwer)
[Guidance Overview] IRS Provides Timeline for Adoption of Certain Pre-Approved EGTRRA Plan Documents (PDF)
2 pages. Excerpt: "On March 31, 2008, the IRS issued opinion and advisory letters for most prototype and volume submitter defined contribution plans that were restated to comply with the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)." (Prudential Retirement)
[Guidance Overview] DOL Correspondence on Late Deposit of Elective Deferrals
Excerpt: "Recently, the Department of Labor (DOL) has been automatically generating letters to plan sponsors who answer line 4a (Schedule H or I) with a 'yes.' Line 4a asks if the plan sponsor failed to transmit elective deferrals to the plan within the time period described in the plan asset regulations. Apparently, the DOL generates the letter even though the plan sponsor has included an attachment (or a footnote) in which it indicates that the late deposit has been corrected." (SunGard Corbel LLC)
[Guidance Overview] New IRS Examination Initiative Focuses on Plans with Greatest Audit Potential
Excerpt: "The Employee Plans (EP) office of the IRS has announced a new examination initiative, the 'EP Risk Modeling Project,' in order to focus its efforts on pension plan filers with the greatest audit potential. The EP Risk Modeling Project will refine how returns are selected for audit, and will result in EP spending more time on returns that show areas of noncompliance." (Wolters Kluwer)
[Official Guidance] Text of Advisory Opinion 2008-04A: Use of 'Multinational Cross-Border Pooling Products'
Excerpt: "[DOL was asked w]hether proposed arrangements by a U.S. bank for maintaining the indicia of ownership of 'plan assets' held by foreign pooled investment funds would be in compliance with the requirements of ERISA section 404(b)." (U.S. Employee Benefits Security Administration)
[Guidance Overview] Opening of Determination Letter Program for Employers Adopting Pre-Approved Defined Contribution Plans
Excerpt: "The IRS has advanced its cyclical determination letter program in Announcement 2008-23 by stating that it expects to begin issuing opinion and advisory letters for pre-approved defined contribution plans on March 31, 2008. Accordingly, employers relying on these pre-approved plans must adopt such plans by April 30, 2010. The Announcement also notes that the IRS will open the program to applications from employers adopting pre-approved defined contribution plans beginning on May 1, 2008." (BNA Tax Management Inc.)
DOL Sees 401(k) Fees and Fiduciary Compliance As Unfinished Business
Excerpt: "'The cost of investments and plan administration expenses can directly affect, in a dramatic way, retirement savings,' . . . . Fiduciaries and plan sponsors have also told the agency that, in some cases, they fully understand what they need to do to stay compliant, but service providers are sometimes reluctant to provide compliance information." (Employee Benefit News; free registration required)
[Official Guidance] Text of Instructions for Form 5307, Application for Determination for Adopters of Master or Prototype or Volume Submitter Plans (PDF)
6 pages. (Internal Revenue Service)
[Official Guidance] Text of Application for Determination for Adopters of Master or Prototype or Volume Submitter Plans (PDF)
9 pages. (Internal Revenue Service)
[Guidance Overview] IRS Issuance of Opinion and Advisory Letters for Pre-Approved Defined Contribution Plans (PDF)
2 pages. Excerpt: "Some employers can rely on the IRS letter to the provider of the pre-approved plan. Others need an individual determination letter. Generally, individual determination letters for pre-approved plans are requested by filing a Form 5307, Application for Determination for Adopters of Master or Prototype or Volume Submitter Plans, which is designed for these plans and requires limited additional information and documents." (Seyfarth Shaw LLP)
[Guidance Overview] IRS Expected to Issue Opinion Letters and Advisory Letters to Document Providers Who Timely Filed Their Plan Documents for EGTRRA (PDF)
1 page. Excerpt: "The Internal Revenue Service (IRS) has issued Announcement 2008-23 relating to the issuance of Opinion and Advisory Letters and the opening of the EGTRRA determination letter program for IRS pre-approved defined contribution plans. This Announcement affects document providers of pre-approved defined contribution plans and plan sponsors using one of these plans." (Transamerica Center for Retirement Studies)
[Guidance Overview] Plan Amendment Can Correct Some Mistakes Using Self-Correction Program
Excerpt: "Some corrections for failure to follow the plan terms in operation can be made using plan amendments through the IRS's Self-Correction Program (SCP). Generally, the Employee Plans Compliance Resolution System (EPCRS) is a series of correction programs that can be used to correct plan mistakes, that, if left uncorrected could result in the loss of tax-favored benefits for a plan." (Wolters Kluwer)
[Guidance Overview] Employee Plans News, Spring 2008 (PDF)
16 pages. Excerpt: "This edition includes articles such as Recent Guidance that May Require Interim or Discretionary Amendments; Determination Letters Coming Your Way; Steve Miller Discusses Governmental Plans Roundtable; New PPA Guidance; Exam's Risk Modeling Project; Economic Stimulus Payments; Written Plan Requirement for 403(b) Plans; 'Interesting' Pension Guidance Issued; and AFTAP Certifications." (Internal Revenue Service)
[Guidance Overview] Charts on Remedial Amendment Cycles
The two charts cover the SIX-YEAR CYCLE FOR PRE-APPROVED PLANS (Master and Prototype Plans and Volume Submitter Plans) and the FIVE-YEAR CYCLE FOR INDIVIDUALLY DESIGNED PLANS. (McKay Hochman Co., Inc.)
[Guidance Overview] IRS Agents Reprimanded - Conduct Is Found 'Extortionary, Deplorable, and Wrong'
Excerpt: "Practitioners have been grumbling for some time about the often quirky way in which the Internal Revenue Service administers its determination letter program, but it's not often that the Service gets called to the carpet by a federal district court judge for 'extortionary, deplorable, and wrong' behavior." (Baker & Daniels LLP)
IRS Lays Out Simplified Determination Letter Application Process
Excerpt: "The Internal Revenue Service (IRS) has issued Announcement 2008-23, which lays out a new simplified process for obtaining determination letters for pre-approved defined contribution plans." (PLANSPONSOR.com; free registration required)
Department of Labor Sues Exeter, New Hampshire Roofing Company for 401(k) Violations
Excerpt: "In response to a Department of Labor suit, A.J. DesJardins Roofing Company Inc., of Exeter, has agreed to restore almost $33,000 to its employees 401(k) retirement plan." (Seacoastonline.com)
[Guidance Overview] Feds Offer Cash Balance Conversion Relief
Excerpt: "New guidance issued by the Treasury Department and the Internal Revenue Service (IRS) provides that cash balance conversions that have filed for an IRS determination letter, and occur before next year, won't be disqualified solely for relying on traditional conversion rules.' (PLANSPONSOR.com; free registration required)
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