Headlines about "Ret plans - design"

Gathered from the web by the editors at BenefitsLink.com.
New York Attorney General Cuomo Sees Fraud in Some Lawyers' State Pensions
Excerpt: "Over the years, Mr. Cuomo said, the benefits have become a standard and expected perk for the lawyers, who often have political ties to the officials handing out the benefit. The system has proliferated, Mr. Cuomo suggested, because of New York's profusion of state, county and local governments." (The New York Times; free registration required)

[Guidance Overview] DOL FAB Addresses QDIA Issues
Excerpt: "The Department of Labor (DOL) has issued Field Assistance Bulletin (FAB) 2008-03 to respond to a number of questions practitioners have raised regarding the final regulations on qualified default investment alternatives (QDIAs) published in October 2007 and effective last December. The DOL also issued minor modifications to the final QDIA regulations." (SunGard Corbel LLC)

[Guidance Overview] Improving Returns on 401(k) Plans
Excerpt: "[I]s your 401(k) plan as effective as it can be in helping employees save for their retirement? Does it have auto-enrollment and other useful features that are available today from providers? These features can enhance the appeal of your employee savings programs and increase usage, making them even more effective." (Towers Perrin)

Connecticut State 401(k) Plan Proposal Dies As Legislative Session Ends
Excerpt: "A bill allowing the state of Connecticut to sponsor a 401(k) plan for small businesses apparently was a casualty of the last-minute scramble by lawmakers to end their current session Wednesday night." (PLANSPONSOR.com; free registration required)

Several States Plan Cutbacks and Early Retirement Plans
Excerpt: "In Rhode Island, Gov. Donald L. Carcieri, a Republican, signed a spending plan last week that includes a provision to make state employees who retire after Sept. 1 pay more for their health insurance, a change that state officials say could prompt about 2,500 state workers to leave before the deadline." (The New York Times; free registration required)

[Guidance Overview] IRS's Plan Valuation Regulations for Single-Employer Defined Benefit Plans (PDF)
Excerpt: "These developments affect sponsors of and participants in qualified single-employer and multiple employer defined benefit plans. They do not affect multiemployer plans, governmental plans or church plans that do not elect to be covered by ERISA ('non-electing church plans')." (Prudential Retirement)

IBM to Increase Pension Payments for Some Retirees
Excerpt: "Yes, it's true IBM Corp. plans to raise certain retiree pension payments. But not all the details are worked out yet, because the raise is 'a work in progress,' said Doug Shelton, a spokesman in Armonk for IBM. The increase will affect about 42,000 retirees who retired before 1997. About half of those who retired before 1997 will be eligible. The goal is to raise payments to those who were not able to participate in the 401(k) plan." (PoughkeepsieJournal.com)

Growing Disparities in Life Expectancy - Effects on Social Security and Private Retirement Plans
Excerpt: "Aside from the obvious individual detrimental effects of the longevity gap, CBO's 'Growing Disparities in Life Expectancy' study found this gap could have considerable adverse effects on the solvency of Social Security and Medicare. CBO's study notes that increasing longevity has clear effects on Social Security and Medicare expenditures by increasing their costs." (Deloitte via BenefitsLink.com)

[Guidance Overview] DOL Clarifies 'Qualified Default Investment Alternative' Requirements
Excerpt: "The Department of Labor has modified the final qualified default investment alternative (QDIA) regulations to: (1) expand the definition of 'stable value funds' which are entitled to grandfathered fiduciary relief, (2) explicitly allow a committee of the plan sponsor to manage the investment of a QDIA, and (3) delete the 'round trip' restriction from those prohibited under the regulations." (Deloitte via BenefitsLink.com)

New York State Pension Abuse Issue Draws Legislation
Excerpt: "As Attorney General Andrew Cuomo and Comptroller Thomas DiNapoli continue their crackdowns on alleged abuses of the state pension system, lawmakers are starting to take action with proposed legislation. The bills come in the wake of recent media reports of school lawyers and other educational administrators accruing benefits from the state pension system they may not have been entitled to." (nypolitics.com)

[Guidance Overview] Benefits Quiz from the April 2008 Trucker Huss Benefits Report (PDF)
Pages 1-2 of 10 pages. Excerpt: "The . . . questions are designed to refresh, and to fine tune, your benefits expertise. Some of the answers (which are found on page 8 of this Newsletter) may surprise you." (Trucker Huss)

One-Fourth of Participants Have Taken Premature Plan Distributions, Poll Finds
Excerpt: "According to the survey, the most common reasons for premature withdrawals include a family member losing a job and the cost of a down payment on a home." (Wolters Kluwer)

Australia's Superannuation Changes to Go Into Effect
Excerpt: "As of July 1, 2008, all employers must provide superannuation support of at least 9 percent per employee's 'notional earnings base.' In addition, all superannuation funds must provide a minimum level of death insurance to members who have joined it by default. Although employers have been preparing to meet these requirements for some time, many are taking another look at their plans now that the deadline is drawing near." (Watson Wyatt Worldwide)

Implementation of 'ad hoc COLA' Aids in Shortfall Reduction for Fort Worth Pension Fund
Excerpt: "The long-troubled Fort Worth city employees' pension fund isn't so troubled anymore. A new report by the Gabriel Roeder Smith & Co. actuarial firm shows that the fund's long-term funding shortfall has decreased from $410.7 million to $237.5 million -- a pleasing 42.7 percent drop. As of Jan. 1, it is estimated that the shortfall will be eliminated in slightly less than 14 years. The fund no longer is projected to have a perpetual shortfall, as was the case in recent years." (Star-Telegram.com)

[Guidance Overview] DOL Corrects and Supplements Final Regulations on QDIAs
Excerpt: "EBIA Comment: The technical corrections to the final regulations and the FAB clarify many issues that the regulations raised. The FAB's references to future guidance, though, remind us that these rules may evolve further as plan sponsors and the DOL acquire more experience with their operation. That evolution, and the close connection between the DOL's QDIA rules and the IRS's rules on automatic contribution arrangements, will require plan sponsors to continue monitoring developments in this area in order to maximize the available fiduciary relief." (Employee Benefits Institute of America)

May 5 Was 'Retirement Plan Selection Day' for W.Va. School Employees
Excerpt: "Members of the state's Teachers' Defined Contribution Retirement System have been receiving information booklets and personal retirement reports to estimate retirement benefits under the plan, as well as information on the State Teachers Retirement System. This information has been provided to members so they can make an informed choice on continuing with the Teachers' Defined Contribution (TDC) or requesting a transfer to the Teacher's Retirement Systsem." (The Herald-Dispatch)

Is Your Pension Secure? Probably, But It Could Be Smaller Than You Expect
Excerpt: "Even with . . . safeguards, your expectations for retirement income can still be upset mightily. Here's what can go wrong if you work in the private sector, and how you can protect yourself. Also check our steps you can take to protect your retirement income." (ConsumerReports.org)

[Opinion] America's Empty Nest Eggs
Excerpt: "[A]s Roger Lowenstein nicely illustrates in 'While America Aged,' the country 'is sitting on a retirement time bomb.' He is not talking about Social Security, which, he writes, is among the more manageable of future concerns. He is addressing the large-scale failure of America's once-enviable private pension system." (The New York Times; free registration required)

[Guidance Overview] Additional Qualified Default Investment Alternatives Guidance from DOL
Excerpt: "On April 29, 2008, the DOL released Field Assistance Bulletin No. 2008-03, which provides plan sponsors with additional guidance on the QDIA final regulations. This bulletin provides answers to some of the most frequently asked questions about the QDIA regulations in areas such as the scope of the regulations, notice requirements, limitation on fees and restrictions, management and asset allocation, capital preservation, and 'grandfather' relief." (Aiken and Aiken)

L.A. City Unions Push Retirement Incentives Over Layoffs
Excerpt: "Six Los Angeles city employee unions have asked Mayor Antonio Villaraigosa to offer early retirement to thousands of senior city workers, saying such a program could save $177 million annually and avert layoffs over the next year." (Los Angeles Times)

[Opinion] A Different Kind of Universal Coverage
Excerpt: "A bill recently introduced in Sacramento, and supported by Governor Schwarzenegger, has the potential to cover almost every California worker. No longer will those unlucky enough to work for an employer who doesn't provide coverage be left vulnerable. No longer will those who seek to buy coverage on their own be priced out of the market. And best of all, it will cost virtually nothing. Interested? Good. But we aren't talking healthcare-we're talking retirement." (New America Foundation)

[Guidance Overview] Converting Retirement Plan Funds to a Roth IRA
Excerpt: "If your client wants to convert employer plan funds directly to a Roth IRA, there are some new Internal Revenue Service (IRS) rules you should be aware of. The Pension Protection Act of 2006 (PPA) allows such conversions beginning in 2008. In some cases, after-tax plan funds can be converted to a Roth IRA tax-free, if only those funds are converted and the remaining plan funds are rolled to a traditional IRA. Notice 2008-30 confirms that Roth conversions can be done from employer plans such as 401(k)s, 403(b)s and 457s." (Financial Planning)

Pennsylvania State Employees' Pension Hikes Could Cost Taxpayers $10 Billion
Excerpt: "A multibillion-dollar bill to increase pension benefits for some 250,000 retired state workers and teachers advanced out of a Pennsylvania House committee on Tuesday. The State Government Committee voted unanimously to send to the floor a bill that would provide increases ranging from about 2.7 percent for the most recently retired to 25 percent for those who retired before July 1990. The estimated cost is $10.4 billion over 20 years, but an actuarial analysis should produce a more precise figure." (AP via Pittsburgh Tribune-Review)

Text of ''Incentives for Older Workers Act'' (PDF)
14 pages. Excerpt: "To improve the employability of older Americans." (U.S. Senate via American Benefits Council)

Official Summary of 'Incentives for Older Workers Act' (PDF)
2 pages. Excerpt: "Under this proposal, the average compensation taken into account under a defined benefit plan may not be reduced by reason of a participant's phased retirement. More specifically, the proposal would apply to any participant in a defined benefit plan (1) who has attained age 50 or 30 years of service, (2) who begins working on a reduced schedule or with modified responsibilities, and (3) whose compensation is reduced by reason of such reduced schedule or modified responsibilities." (U.S. Senate via American Benefits Council)

Federal Thift Savings Plan Wants Agencies to Automatically Enroll New Employees
Excerpt: "The board, which oversees the TSP, is proposing legislation that would permit the automatic enrollment of new employees, with 3 percent of their basic pay deducted for investment in the savings program." (The Washington Post; free registration required)

New Hampshire Retirement Rescue Plan Fast-Tracked
Excerpt: "The Senate version of the House's reform bill will give annual 2.5 percent cost-of-living adjustments (COLAs) to all New Hampshire Retirement System retirees on July 1. The increase would apply only to their first $30,000 in annual pension payments. Retired workers who make more than $30,000, about one third of all NHRS pensioners, would see a $750 increase next year." (Union Leader)

West Virginia Teacher and School Employee Groups Want Extension on Pension Change
Excerpt: "Judy Hale, president of the West Virginia Federation of Teachers, said the groups need additional time to counter confusion and misinformation about the transfer election. 'We wanted to impress upon the governor all the issues that are out there, which are why people are so hesitant and reluctant to go ahead,' she said. Her group and the West Virginia School Service Personnel Association asked Manchin for a two-week extension on the May 12 deadline for Teachers Defined Contribution participants to decide whether to switch to the Teachers Retirement System." (The Charleston Gazette)

[Guidance Overview] Use of Credit Balance to Satisfy Quarterly Contribution Requirements May Have Unintended Consequences
Excerpt: "The IRS's proposed regulations require the plan sponsor to elect to use the credit balance to satisfy a quarterly contribution requirement. The preamble to the proposed regulations asks for comments on whether rules should be provided under which a plan sponsor is deemed to make an election to use a credit balance to the extent available to avoid a failure to make a required quarterly contribution." (Deloitte via BenefitsLink.com)

Boeing's Labor Talks May Include DC Plan for New Employees
Excerpt: "Boeing Co. could drop defined benefit plan coverage for new employees represented by the International Association of Machinists and Aerospace Workers and possibly other unions, said Todd Blecher, a Boeing spokesman. The new IAMAW employees would be placed into a 401(k) or other type of defined contribution plan under a proposal that Boeing executives are considering in contract talks with the union." (Pensions & Investments)

[Guidance Overview] In the Qualified Plan Industry, What Is a QOSA?
Excerpt: "Effective for plan years starting on January 1, 2008 and thereafter, the Pension Protection Act of 2006 has amended the joint and survivor annuity rules to require that a plan subject to such annuity requirements also offer a qualified optional survivor annuity (QOSA) to participants. The plan must also provide participants with a written explanation of the terms and conditions of the QOSA." (McKay Hochman Co., Inc.)

[Opinion] Financial Literacy and Post-Retirement Risks: An Actuary Speaks Out (PDF)
3 pages. Excerpt: "I hope that the readers of this article will work to bring stakeholders together to improve the post-retirement system. I would love to see workers improve their awareness of the variability of life spans and gain a general understanding of the options for timing of retirement and the implications." (Anna M. Rappaport via Contingencies)

[Opinion] The Real Truth About Defined Benefit Plans (PDF)
3 pages. Excerpt: "Consider, for example, the following 'surprising' statements: First, DB plans are more efficient (and, therefore, less costly) than DC plans in providing covered employees with comparable levels of retirement income. There are two components to the cost of any benefit program. By far, the largest component is the cost of the benefits themselves. The other is the cost of administration." (Eric Cerling via Contingencies)

Lousy 401(k)? Lousy Economy? Get a Roth!
Excerpt: "From a pure tax standpoint, a Roth IRA is usually a better choice if you expect to be in a higher tax bracket when the time comes to make withdrawals. A pretax vehicle like a 401(k) or traditional IRA is a better option if you expect to be in a lower tax bracket when you retire.But if you've got a lousy 401(k) plan, the Roth IRA wins hands down, no matter how your tax situation is likely to shake out." (Money via CNNMoney.com)

[Guidance Overview] Guidance and Technical Corrections to the Default Investment Alternatives Regulations
Excerpt: "The U.S. Department of Labor's Employee Benefits Security Administration today announced publication of technical corrections to the final regulation on qualified default investment alternatives along with guidance to clarify the scope and meaning of the final rule." (ERISA Rules and Regulations)

[Official Guidance] 'Fact Sheet' from EBSA on Rules for Qualified Default Investment Alternatives
Excerpt: "The final regulation provides the following conditions that must be satisfied in order to obtain safe harbor relief from fiduciary liability for investment outcomes: . . ." (Employee Benefits Security Administration, U.S. Department of Labor)

[Official Guidance] EBSA Field Assistance Bulletin 2008-03: Guidance Regarding Qualified Default Investment Alternatives
22 Q&As. Excerpt: "Since publication of the QDIA regulation, a number of issues have been raised concerning the scope and meaning of various provisions of the QDIA regulation. This Bulletin is intended to supplement the QDIA regulation by providing guidance, in a question and answer format, on a number of the most frequently asked questions." (Employee Benefits Security Administration, U.S. Department of Labor)

[Official Guidance] Text of Amendments to Final EBSA Regs on QDIAs (Default Investment Alternatives Under Participant Directed Individual Account Plans) (PDF)
8 pages; to be published in the April 29, 2008 Federal Register. Excerpt: "The Department published in the Federal Register of October 24, 2007 . . . a final regulation providing relief from certain fiduciary responsibilities for fiduciaries of participant directed individual account plans who, in the absence of directions from a participant, invest the participant's account in a qualified default investment alternative . . . . The Department has determined that two paragraphs in the final regulation, and one statement in the Supplementary Information, require correction. Accordingly, this document corrects the final regulation by revising these paragraphs." (Employee Benefits Security Administration, U.S. Department of Labor)

Plan to Open Up CalPERS Reflects Worry About Inadequate Saving for Retirement
Excerpt: "The California plan, with direct deposit and the lower costs that likely will go with using Cal-PERS resources, takes a stab at making it easier to invest. But will workers take a bite? Probably not, said Mark Iwry, a senior fellow with the Brookings Institution and an expert on retirement savings. He helped craft the California plan and similar proposals in Connecticut and Washington state. 'If we got half, even a third, even a million of the 6 million Californians (without a retirement plan) to do this, it would be a breakthrough,' Iwry said. 'But will everyone sign up? No.'" (The Sacramento Bee)

The Teamsters Central States, Southeast and Southwest Areas Pension Fund, Rosemont, in 'Critical Status'
Excerpt: "Central States officials informed the Treasury Department that the plan 'has funding or liquidity problems, or both,' Thomas C. Nyhan, the fund's executive director, said in a notice to participants. The Internal Revenue Service, which is under Treasury, administers plan funding rules. Under a 'rehabilitation plan,' the fund plans to eliminate early retirement benefits, disability benefits and other so-called adjustable benefits for participants who work for employers in the multiemployer fund that have not agreed to a recent 8% annual increase in contributions, Mr. Nyhan said in the notice. The law allows for such changes of a pension plan in critical status, he added." (Pensions & Investments)

[Guidance Overview] Final 403(b) Regulations Make 2008 a Key Planning Year
Excerpt: "This article focuses on a number of significant changes and trends reflected in the final §403(b) regulations and related guidance that impact plan design and implementation decisions that should be made in 2008." (Groom Law Group)

[Guidance Overview] 403(b) Plans Frequently Asked Questions
Excerpt: "Are distributions from 403(b) allowed after termination of employment as early as age 55 without additional penalty? Taxable, but no early withdrawal penalty? Yes. IRC Section 72(t) allows a distribution after termination of employment after age 55 without being subject to the 10% early withdrawal penalty. For this purpose, severance from employment may occur anytime during the calendar year in which the participant attains age 55." (National Association of Government Defined Contribution Administrators)

Federal Thrift Savings Plan Places Limit on Participant Interfund Transfers
Excerpt: "A rule posted in the Federal Register for April 24 says the plan's interfund transfer regulations have been amended to limit the number of interfund transfer requests to two per calendar month. Additional interfund transfers can be made only into the Government Securities Investment (G) Fund until the first day of the next calendar month, the rule says." (PLANSPONSOR.com; free registration required)

401(k) Plans Are Being Retooled to Function Like a Pension Plan
Excerpt: "[F]inancial services firms are offering a wide and growing array of innovative new investment options for use within 401(k) plans. In doing so, they promise to give the 401(k) plan new life as both a retirement savings vehicle and a retirement income generator. Prudential's solution takes the form of a suite of five 'Prudential IncomeFlex Funds' that it debuted in December 2006. Targeted to investors 50 and older, the funds are designed to function both as a savings vehicle while the participant is working and an income vehicle once they stop working." (The Wall Street Journal)

COLA Calculation Making a Big Difference to Ft. Worth, Texas, Pension System
Excerpt: "The shortfall in the Fort Worth, Texas, municipal pension system dropped from $410 million in 2007 to $237.5 million at the beginning of 2008 – a decrease of 42%. According to the Fort Worth Star-Telegram a report issued by an actuarial firm showed that the shortfall decreased in large part because the City Council changed the way cost-of-living adjustments are calculated. The cost-of-living change was cited as the reason for more than half the reduction in the shortfall." (PLANSPONSOR.com; free registration required)

Plan Sponsors Are Increasing Attention to Investment Decisions, According to Survey
Excerpt: "A recent survey by Grant Thornton International Ltd. has found a heightened focus by plan sponsors on investment decisionmaking and monitoring. In a press release, Grant Thornton said plan sponsors have determined an Investment Policy Statement (IPS) is critical to decisionmaking by retirement plan investment committees. Eighty-two percent of sponsors surveyed said they have an IPS in place." (PLANSPONSOR.com; free registration required)

More Companies Offer Roth 401(k)s, But Complexity Remains a Concern
Excerpt: "Roughly 22% of corporations now offer a Roth 401(k) option to their workers, up from 12% last year, according to a survey from accounting firm Grant Thornton, which, along with Plan Sponsor Advisors and law firm Drinker Biddle, polled chief financial officers and human resources executives at nearly 200 companies." (Financial Week; free registration required)

Federal Banking Official Sees End of Pensions Within Years
Excerpt: "Speaking at the Association of BellTel Retirees annual meeting . . ., Thomas J. Mackell, Jr., chairman of the board of directors for the Federal Reserve Bank of Richmond, Va., warned that pension plans once taken for granted are evaporating and will disappear, along with affordable access to health insurance -- leaving tens of millions of retirees vulnerable, destitute, hungry, sick and willing to take matters into their own hands." (Worcester Telegram & Gazette Corp.)

Bill Would Require Employee Representatives on Trust Boards for Pension Plans
Excerpt: "Rep. Peter Visclosky (D-IN) has proposed politicizing the administration of pension plans by requiring joint boards of trustees with elected employee representatives. The Employees' Pension Security Act of 2008 (H.R. 5754) would also establish new requirements for plan terminations and require companies that have terminated plans to pay for the amounts not covered by the Pension Benefit Guaranty Corporation." (HR Policy Association)

401(k) Loans = Retirement Insecurity
Excerpt: "Conclusion. The option of borrowing against a 401(k) is attractive; however, potential borrowers should be wary. Even in extreme situations, it is best for workers to seek other sources of capital before tapping their 401(k) accounts. Otherwise, borrowers are leaving much of their potential earnings on the table. A small loan now can equal a huge loss in future retirement security." (National Center for Policy Analysis)

South Carolina Working Retirees Await Pension Ruling As Court to Decide Issue of Paying Into State Fund
Excerpt: "[There are] approximately 15,000 employees in the state retirement system who have retired and come back to work. Those working retirees still are waiting for a court to decide whether they must keep paying 6.5 percent of their salary into the retirement system." (TheState.com)

[Opinion] How We Got Into This Pension Mess
Excerpt: "I am here to recommend to you the book 'Pension Dumping.' It is a very good summary of how we got into the mess we in today with respect to Defined Benefit [DB] pension plans. Now, much of the rest of this review will quibble with some aspects of the book, but that does not change my view that for those interested in the topic, and aren't experts now, they will learn a lot from the book. The author, Fran Hawthorne, has crammed a lot of useful information into 210 pages." (Seeking Alpha)

A Stalwart of Retirement Planning: The IRA
Excerpt: "Financial experts say that one often-overlooked resource is the humble Individual Retirement Account, or I.R.A., which has been a part of the personal finance landscape for so long that many of us take it for granted. . . . The rules for some I.R.A. contributions are so complex that many Americans may not realize they are eligible to make them . . . ." (The New York Times; free registration required)

[Opinion] Who Needs Retirement Savings When You Can Bail Out Lenders?
Excerpt: "Rep. John Shadegg, R-Ariz., has a fascinating plan (HR5776, the 'Homeowner Empowerment Act') which he claims will help homeowners facing foreclosure. Fascinating not because it might help homeowners (of course not), but for what it says about Shadegg's priorities. Under the proposal, homeowners could use IRAs or pensions to pay mortgages." (East Valley Tribune)

Defined Contribution Pension Plans in the Public Sector: A Best Practice Benchmark Analysis (PDF)
46 pages. Excerpt: "The purpose of this paper is to examine best practices for the design of public sector defined contribution pension plans that are intended to be the primary or core source of retirement benefits. The best practices are established from the perspective of providing adequate and secure retirement income as the appropriate primary objective of these plans." (TIAA-CREF Institute)

Connecticut Senate Passes Universal 401(k) Bill
Excerpt: "The Senate Democrats' universal 401(k) retirement savings plan is advancing through the legislature, despite unanimous opposition from Senate Republicans who say the bill is flawed. The legislation passed on a 22-11 vote Thursday. It now awaits a vote in the House of Representatives. The bill authorizes the state comptroller to seek a third party to establish the first-in-the-nation, state sponsored 410(k) plan for small businesses." (NewsDay)

TIAA-CREF Publishes 403(b) Guide for Plan Sponsors
Excerpt: "TIAA-CREF has released a guide to new 403(b) regulations. A news release said the publication, '403(b) Plan Fundamentals - Your Guide to Compliance,' includes: At a Glance - An overview of new rules, plan sponsors' responsibilities, and a checklist for compliance; The Details - In-depth information about plan documents, non-discrimination requirements, loans and distributions, information sharing agreements, plan documents, contribution limits, Form 5500 and the Employee Retirement Income Security Act (ERISA), and fiduciary liability; and Resources – Frequently Asked Questions, a glossary, and reference materials.' (PLANSPONSOR.com; free registration required)

One-Fourth of Americans Have Dipped into Retirement Savings Prematurely
Excerpt: "A new Wall Street Journal Online/Harris Interactive Personal Finance Poll indicates about one-quarter of adults who are actively planning for their retirement have prematurely withdrawn money from their retirement savings. According to a press release on the survey results, the most common reasons for premature withdrawals from retirement investment products are a family member losing a job and a down payment on a home." (PLANSPONSOR.com; free registration required)

Introducing the Wealthy to Roth IRAs As the Income Limit on Roth IRA Participation Disappears in 2010
Excerpt: "Advisors take heed: the income limit for those who can convert their retirement holdings from a traditional IRA to a Roth IRA (now applicable to anyone with a modified adjusted gross income of $100,000) disappears permanently in 2010, so high-net-worth folks -- even Bill Gates -- will be able to get a portion of their assets into a tax-free Roth account." (Investment Advisor)

[Official Guidance] Corrections to Proposed IRS Regs on Hybrid (Cash Balance) Retirement Plans Issued on 12/28/2007 (PDF)
3 pages. Excerpt: "On page 73683 . . . the language 'reasonably expected to result in a larger' is corrected to read 'reasonably expected to result in a smaller'." (Internal Revenue Service)

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