Guest Article

(From the April 16, 2007 issue of Deloitte's Washington Bulletin, a periodic update of legal and regulatory developments relating to Employee Benefits.)

Updated Final 415 Regulations -- An In-Depth Review

On April 5, 2007, the Treasury Department and Internal Revenue Service issued final regulations under IRC § 415, which governs maximum contributions and benefits under qualified plans and similar arrangements (such as IRC § 403(b) plans, SEPs and SIMPLEs). 72 FR 16878 (April 5, 2007). The final regulations incorporate the numerous changes that Congress has made to IRC § 415 since the prior regulations were issued in 1981. They also make a number of notable changes to the interim guidance that the IRS has issued over the years and clarify several areas of uncertainty.

Washington Bulletin, April 9, 2007, included a brief overview of the final regulations. The following represents the first of two articles providing a more in-depth analysis. This article will examine the rules under IRC § 415(c), which sets forth maximum limits for defined contribution plans. A separate article, to be published in a future edition of Washington Bulletin, will examine the rules under IRC § 415(b), applicable to defined benefit plans.

I - Background

A IRC § 401(a) qualified plan (as well as other plans not qualified under IRC § 401(a) but to which IRC § 415 applies) /1/, must comply with the IRC § 415 limits on benefit accruals and allocations to participants' accounts. For a defined contribution plan, "annual additions" (employer contributions, employee contributions and forfeitures, but not earnings) allocated to each account in any "limitation year" (usually the same as the plan year, though it is possible for the two to differ) /2/ may not exceed the lesser of the dollar limit ($45,000 for 2007, adjusted for inflation in $1,000 increments) or 100 percent of the participant's compensation. Annual additions under all plans maintained by members of a controlled group or an affiliated service group are aggregated to determine whether the limitation has been exceeded (with modifications to the IRC § 414(b) and (c) test of "control" by substituting a "more than 50 percent" test for the standard "at least 80 percent" test in the definition of "parent-subsidiary group", IRC § 415(h)).

To a large extent, the final regulations reflect IRS guidance issued in various forms over the past 26 years. The description below includes those changes but does not generally call attention to the fact that the current regulations have been updated. We have, however, noted points where the final regulations differ from the pre-existing guidance and represent a change in the law and where they differ from the proposed regulations.

II -- Plans and Contributions Subject to § 415(c)

1. Defined Contribution Plans

A "defined contribution plan" ("DC plan") is a plan with individual participant accounts and benefits based solely on contributions and forfeitures allocated to those accounts and earnings thereon. IRC § 414(i); Treas. Reg. § 1.415(c)-1(a)(2). Separate accounts maintained for defined benefit plan ("DB plan") participants (e.g., to hold voluntary employee contributions) are treated as separate DC plans for IRC § 415 purposes. For example, each plan included in a DB/DC floor-offset arrangement is independently subject to the limitations applicable to its type of plan. Hence, projected annual benefits under the "floor" (DB) plan cannot exceed the IRC § 415(b) DB plan limit, and annual additions to "offset" (DC) plan accounts cannot be greater than permitted by IRC § 415(c).

Thanks to the repeal of IRC § 415(e), effective in 1999, there is no longer a combined DB/DC limitation to consider. An individual may receive the maximum permitted benefit under one type of plan without any effect on his accrual or allocation under the other type. /3/

2. Employee Contributions to Defined Benefit Plans

Some defined benefit plans are designed to include mandatory employee contributions that fund a portion of the benefit. Those contributions are subject to IRC § 415(c) limits, and the portion of the participant's benefit that they fund is disregarded in applying the IRC § 415(b) DB limit. Note: This rule does not apply to employee contributions to a defined benefit plan that are "picked up" by a governmental employer under IRC § 414(h)(2). Picked-up contributions to a defined benefit plan are not treated as employee contributions and are not IRC § 415(c) annual additions. Therefore, the benefit attributable to those contributions is subject to IRC § 415(b). On the other hand, picked up contributions to a defined contribution plan are annual additions and tested under IRC § 415(c), as one would expect.

Voluntary employee contributions to DB plans are treated as if they were made to a separate DC plan and are annual additions subject to the IRC § 415(c) limit.

3. Other Plans and Contributions Subject to IRC § 415(c) Limits

Also limited by IRC § 415(c) are contributions to tax-sheltered annuities or custodial accounts (IRC § 403(b)), Simplified Employee Pensions (IRC § 408(k)) and SIMPLE plans (IRC § 408(p)). Contributions to any of these arrangements are annual additions and must be aggregated with annual additions under qualified plans to determine compliance with IRC § 415(c). IRC § 415(f); Treas. Reg. § 1.415(f)-1. In addition, contributions to an account in a pension plan (see IRC § 401(h)) or welfare benefit trust (see IRC § 419A(d)(2)) to provide post-retirement medical benefits for a "key employee" (as defined in IRC § 416(i)) are treated as annual additions under a defined contribution plan.

Exception: Contributions to an IRC § 403(b) plan are treated, for IRC § 415 purposes, as if the employee were the employer maintaining the plan. As a result, they are not aggregated with contributions to any other plan, unless the employee and the employer that maintains the other plan form a controlled group or affiliated service group. Treas. Reg. § 1.415(f)-1(f). This rule is particularly important for doctors affiliated with tax exempt hospitals, who are able to receive full IRC § 415(c) allocations under both the hospital's qualified plan and its 403(b) plan, subject to aggregating the 403(b) contributions with any qualified plans that they maintain in their private practices.

III -- Annual Additions

1. In General

The limits of IRC § 415(c) apply to the "annual additions" allocated to a participant for the limitation year. Annual additions include employer contributions (including pre-tax employee contributions), after-tax employee contributions, and forfeitures.

Not included in annual additions are earnings on participants' accounts, amounts trans¬ferred or rolled over from another plan, and elective deferrals in excess of the maximum permitted by IRC § 402(g) (provided that they are timely distributed to correct the excess deferral). Elective or matching contributions that exceed the maximum permitted by the IRC § 401(k)(3) or 401(m)(2) "nondiscrimination" standards (the "ADP/ACP test") are annual additions, even if they are distributed or forfeited to correct the violation.

Reflecting a change made by EGTRRA, /4/ ESOP dividends that are reinvested pursuant to IRC § 404(k)(2)(A)(iii) are not annual additions.

The IRS has the authority to recharacterize as "annual additions" gains accruing to a par¬ticipant's account from sources other than contributions and forfeitures. For example, the sale of employer stock or other property to a plan, whether by the employer or the employee, for less than fair market value could give rise to annual additions. The amount of annual addition in such a case is equal to the difference between the value of the assets transferred and the consideration paid by the plan.

2. Employer Contributions

Employer contributions credited for a limitation year are one component of a participant's "annual additions". Treas. Reg. § 1.415(c)-1(b)(2)(i). In general, amounts contributed by the employer for the benefit of the employee are employer contributions for purposes of IRC § 415. There are, however, several exclusions:

3. Employee Contributions

Pre-tax and after-tax employee contributions (including, as noted above, contributions to DB plans) are IRC § 415(c) annual additions. Not included in annual additions are:

4. Determining the Amount or Value of Annual Additions

(a) In General

In general, the amount of an annual addition simply equals the amount contributed or, where the contribution is made in kind, the fair market value of the contributed property. The final regulations do not address situations in which a contribution is made before the date of allocation. Most practitioners assume that earnings between the contribution and allocation dates are annual additions.

(b) Special Rules for Leveraged ESOPs

In a leveraged ESOP, employer contributions are used to make principal and interest payments on the ESOP's indebtedness. As repayments are made, stock acquired with the loan proceeds is allocated to participants' accounts. Under the 1981 final regulations, the resulting annual addition was based on the amount contributed by the employer, not on the value of the allocated stock. Treas. Reg. § 1.415-6(g)(5) (1981). The newly finalized regulations retain this rule, but, following the lead of several IRS private letter rulings (PLRs), allow a plan to provide that if the value of the allocated shares is less than the related principal and interest payment, the annual addition is limited to the value of the shares at the time of allocation. Treas. Reg. § 1.415(c)-1(f)(2)(ii).

5. Other Rules for ESOPs

Under IRC § 415(c)(6), if no more than one-third of the contributions to an ESOP are allocated to the accounts of highly compensated employees (as defined in IRC § 414(q)), allocations arising from forfeitures of employer securities and from payment of interest on the ESOP loan are excluded from "annual additions." Treas. Reg. § 1.415(c)-1(f)(3). The effect of this rule is that, unless the stock has declined in value, the annual addition equals the plan's cost basis in the shares allocated to a participant's account.

6. Timing of Annual Additions

a. In general

A contribution or forfeiture is considered an annual addition for a limitation year if it is allocated to the participant's account under the terms of the plan as of any date in the limitation year. An allocation is not considered to have been made within a limitation year, however, if it is dependent on the satisfaction of any condition that has not been satisfied by the end of that year (e.g., a continued employment requirement or occurrence of an event). Treas. Reg. § 1.415(c)-1(b)(6)(i)(A).

b. Employer contributions

Under both the prior and the new regulations, employer contributions cannot be treated as annual additions in a particular limitation year unless they are made no later 30 days after the due date, including extensions, of the employer's federal income tax return for its taxable year containing the last day of the limitation year. Treas. Reg. § 1.415(c)-1(b)(6)(i)(B). For tax-exempt employers, the new regulations set the deadline as the 15th day of the tenth month following the end of the entity's fiscal year.

Contributions to correct "nondiscrimination" violations under IRC § 401(a)(4), 401(a)(26) or 410(b) may be made as late as the 15th day of the 10th month following the end of the plan year in accordance with Treas. Reg. § 1.401(a)(4)-11(g). Those contributions are also treated as annual additions for the limitation year to which they relate, even if that is later than the standard deadline. The final regulations do not apply this rule to contributions to correct ADP/ACP test failures, though that omission may be an oversight.

Contributions made after the deadline are annual additions for the limitation year in which they are actually made, with one important exception: A contribution to restore an erroneous forfeiture or on behalf of a participant who was erroneously omitted from a prior year's allocation is credited to the year in which it should have been made. Treas. Reg. § 1.415(c)-1(b)(6)(ii)(A).

c. Employee contributions

Employee contributions (voluntary or mandatory) are not included in the annual additions for a limitation year unless they are actually made to the plan within 30 days after the close of the limitation year. Treas. Reg § 1.415(c)-1(b)(6)(i)(C). This rule does not apply to elective deferrals described in IRC § 402(g), which are treated as employer contributions for tax purposes (including for purposes of IRC § 415), although other ERISA rules generally require those contributions to be made shortly after they are withheld from participants' pay.

d. Forfeitures

Forfeitures are included in "annual additions" for the limitation year that contains the date as of which they are allocated to participants' accounts. Treas. Reg. § 1.415(c)-1(b)(6)(i)(D).

e. Contributions Made Pursuant to Veterans' Reemployment Rights

A contribution required pursuant to a veteran's reemployment rights pursuant to IRC § 414(u) is an annual addition for the limitation year to which the contribution relates, and not the limitation year in which it is made.

7. Correction and Prevention of Excess Annual Additions

The previous final regulations at Treas. Reg. § 1.415-6(b)(6) (1981) set forth mechanisms for correcting excess annual additions that could be used if certain conditions were satisfied. The most popular mechanism was refunding elective deferrals. The new final regulations have eliminated these rules. Instead, excess annual additions that may arise must now be corrected pursuant to the Employee Plans Compliance Resolution System (EPCRS). This revision may cause some inconvenience for the plan sponsor, if the correction required an application to the Voluntary Correction Program (VCP) under EPCRS. However, to ease concerns, the preamble to the final regulations notes that until further guidance is issued under EPCRS, plans that were eligible for the Self-Correction Program (SCP) will still be able to implement the correction methods that were in the 1981 regulations if they satisfy the requirements for the self-correction of "significant operational failures" under the most recent EPCRS revenue procedure.

The 1981 regulations also allowed a plan to include fail-safe provisions to prevent IRC § 415 violations, by automatically reducing allocations to the accounts of participants who would otherwise have excess annual additions. The new final regulations retain this rule, in slightly revised form. Any such provision must operate without employer discretion in order to avoid contravening the requirement that a defined contribution plan must have a definite predefined allocation formula. Treas. Reg. § 1.415(a)-1(d)(2).

IV - Compensation

1. "415 Compensation" in General

As noted, the 100 percent limit on annual additions is based on a participant's "compensation." The regulations include rules that define "compensation" for this purpose.

2. Basic Definition

The proposed regulations largely retain the structure established in the previous regulations at Treas. Reg. § 1.415-2(d)(2-3), which enumerated the items specifically included and excluded from compensation.

a. Inclusion

The following items are specifically included in IRC § 415 compensation:

The exclusions of IRC §§ 872, 893, 894, 911, 931 and 933 are disregarded. Amounts paid to an individual as compensation for services are not excluded from IRC § 415 compensation merely because of the location where the services were performed or the nature of the employer. Treas. Reg. § 1.415(c)-2(g)(5).

As a result, it is now clear (the point was controversial under the prior regulations and the 2005 proposed regulations) that compensation paid to a nonresident alien with no U.S. source income is still IRC § 415 compensation. Id. Most U.S. plans automatically exclude nonresident aliens without U.S. source income, but exceptional situations arise, and it is useful to have IRS confirmation that IRC § 415 does not limit these participants' compensation to zero.

b. Exclusion

The following are specifically excluded from IRC § 415 compensation:

Note that while distributions from a nonqualified compensation plan may be included as compensation, the final regulations clarify that this amount is limited to amounts actually included in gross income. As referenced above, the exclusion does not extend to amounts that are includible in the gross income of employees as a result of constructive receipt, or under the rules of IRC § 409A or 457(f)(1)(A). Treas. Reg. § 1.415(c)-2(b)(7).

c. Elective deferrals and other pre-tax deferrals

Various elective deferrals and salary reduction contributions to welfare plans are excluded from taxable income but added back to IRC § 415 compensation. /7/ The add-backs consist of elective deferrals under 401(k) cash-or-deferred arrangements, IRC § 408(k) SEPs, IRC § 408(p) SIMPLEs, IRC § 403(b) plans, and IRC § 457(b) plans, as well as cafeteria plan elections under IRC § 125 and qualified transportation elections under IRC § 132(f)(4).

d. Self-employed individuals

The IRC § 415 compensation of a self-employed individual is the individual's earned income. Treas. Reg. § 1.415(c)-2(b)(2). Self-employed individuals are required to use this definition of compensation exclusively, and may not avail themselves of the alternative definitions of compensation described below. Although contributions on behalf of a self-employed individual are generally excluded from "earned income", the regulations provide that the items added back to compensation (described above) are also added back for a self-employed individual. Note that for qualified plan contributions, this add-back is limited to elective deferrals.

3. Safe Harbor Definitions

In lieu of the definition set forth in the regulations, a plan may use either W-2 wages or wages subject to income tax withholding as its definition of "compensation" for IRC § 415 purposes. Also permitted is a "simplified" definition that includes only wages, salaries, fee and other amounts received for personal services and excludes all other items listed in the regulatory definition. Treas. Reg. § 1.415(c)-2(d).

4. Payments After Termination of Employment

Addressing an issue that has lain dormant since the inception of IRC § 415, the 2007 final regulations state that IRC § 415 compensation generally does not include pay¬ments made after termination of employment, unless the compensation is --

Any of the items listed above must be paid by the later of 2½ months of severance from employment or the end of the limitation year that includes the date of severance with the sponsoring employer. /8/ Treas. Reg. § 1.415(c)-2(e)(3). Furthermore, leave cashouts and deferred compensation distributions are includible in IRC § 415 compensation only if the plan so provides. Any other payment after termination of employment cannot qualify as compensation for IRC § 415 purposes. As examples of items that are not eligible for treatment as compensation, the regulations list severance pay, parachute payments, and deferred compensation whose payment is triggered by termination of employment. Treas. Reg. § 1.415(c)-2(e)(3)(iii).

Related amendments to the regulations under IRC §§ 401(k) and 457(b) provide that post-termination payments may be electively deferred if and only if they meet the con¬di¬tions for treatment as IRC § 415 compensation. /9/ If post-termination payments are 415 compensation, deferral is allowed even if payment is made after the year of termination. For instance, if a participant left in December and received a cashout of accrued PTO in January, he would be able to make an elective deferral from the cashout (assuming that the terms of the plan permitted a deferral under those circumstances and specified that cashouts of PTO were included in IRC § 415 compensation).

Whether a termination of employment has occurred is generally determined by following the rules for determining whether a severance from employment has occurred for purposes of the 401(k) rules that allow a distribution of elective deferrals only upon severance. This definition requires severance of the employment relationship with all employers that are members of the plan sponsor's controlled group. The final regulations clarified that the rules of IRC § 415(h) apply in determining whether an individual has severed employment. Hence, a transfer to an employer that is more than 50% but less than 80% owned by the plan sponsor is not a severance from employment, and post-transfer compensation from the sponsor can be considered compensation for purposes of IRC § 415.

5. Interaction with IRC § 401(a)(17)

Addressing a topic not considered in previous IRS guidance and reversing what was generally believed to be the applicable rule, the final regulations state that the amount of compensation used for applying IRC § 415 may not exceed the IRC § 401(a)(17) limit ($225,000 in 2007). Treas. Reg. § 1.415(c)-2(f).

Rules governing the interaction of IRC § 401(a)(17) and 415 are included in both the defined benefit and defined contribution provisions of the 415 regulations. For defined benefit plans, this will have some consequences, as it addresses situations in which the DB plan dollar limit exceeds the 401(a)(17) dollar cap (as can occur in cases of later retirement). On its face, it has no impact on DC plans, where, for a participant making as much as $225,000, the applicable IRC § 415(c) limitation is the $45,000 dollar limit, not the limit based on compensation.

There has been concern among practitioners, however, that this change may affect the administration of IRC § 401(k) plans. The proposed regulations included an amendment to the IRC § 401(k) regulations providing that 401(k) deferrals can only be made with respect to "IRC § 415 compensation." This revision from the proposed regulations was incorporated, without further modification, in the final regulations.

The incorporation of a IRC § 401(a)(17) limit in the definition of IRC § 415 compensation has two potential impacts on deferrals of participants who receive more than the IRC § 401(a)(17) limit in compensation. First, it could mean that a participant who reaches the IRC § 401(a)(17) limit for compensation during a year must cease making deferrals at that point, even though he has not yet deferred the maximum amount permitted under IRC § 402(g). Second, a highly paid participant who earned more than $225,000 during the first half of a year but made no elective deferrals might be precluded from deferring out of pay received later in the year.

The preamble to the final regulations may partially allay this concern. It states, "a plan is not required to determine a participant's compensation on the basis of the earliest payments of compensation during a year." This statement suggests that the participant in the second example above would not be barred from making deferrals. It is less clear whether this statement would allow the participant in the first example above who is deferring, to continue to defer after he reaches the 401(a)(17) limit for the year. Arguably, there is no reason that either participant should be prevented from deferring, as long as the participant's deferrals could fit within the plan design. To illustrate: If the plan allows participants to defer at a percentage rate of 7 percent (or any higher rate), the participant could achieve the maximum amount of elective deferrals allowable under IRC § 402(g) ($15,500 for 2007) by designating a percentage of 7 percent or higher. In that case, the maximum amount of deferrals allowable under IRC § 402(g) would be withheld before he reached the 401(a)(17) limit on compensation for the year. If the plan accommodates those higher rates of deferral and the participant could freely elect it, it seems to be an odd result for the participant to be limited merely because his deferral election was smaller than it should have been.

It is unlikely that we will see additional published guidance on this point, but practitioners will likely be seeking further informal clarification from IRS officials in the near future. The problem described above can be avoided if the participant articulated his deferral election as a flat dollar amount, rather than a percentage of compensation.

6. Compensation of Disabled Participants

IRC § 415(c)(3)(C) permits a DC plan to impute IRC § 415 compensation to "permanently and totally disabled" participants, so that contributions can continue to be made in their behalf. Under this rule, a disabled participant's compensation may be treated as continuing at the rate of pay in effect immediately before he became disabled. Participants who were highly compensated employees before disability are not entitled to imputed compensation, unless the plan provides for contributions for all disabled participants for a "fixed and determinable period". How long the period must be is not specified. All contributions based on imputed compensation must be fully vested. Treas. Reg. § 1.415(c)-2(g)(4).

7. Timing of Compensation

For purposes of applying IRC § 415, compensation is treated as paid in the limitation year in which it is actually paid to the employee. The final regulations specify that 401(k) and other pre-tax deferrals are included in compensation in the year the participant would have received them but for the deferral election. Under a de minimis rule, amounts earned in one limitation year but not actually paid until the following year may nevertheless be treated as IRC § 415 compensation for the earlier year if they are paid within "the first few weeks" after year end and are included on a uniform basis for all similarly situated employees. Treas. Reg. § 1.415(c)-2(e)(2).

V - Miscellaneous

1. Plan Provisions

The final regulations contain rules concerning the incorporation of IRC § 415 by reference in plan documents. In general, incorporation by reference is permitted, but plans must specify what rules will be followed in those cases where IRC § 415 offers a choice of alternatives and no default rule. For example, if a controlled group maintains more than one DC plan, all of the plans must specify (consistently!) which one will cut back allocations if necessary to avoid exceeding the IRC § 415 limits.

2. Cost of Living Adjustments

The IRC § 415(c) dollar limit is adjusted each calendar year to reflect cost-of-living increases, with changes rounded to the nearest $1,000. The adjusted limitation applies to all limitation years ending within the calendar year. For example, the $45,000 limit for the year 2007 applies to the year running from June 1, 2006, through May 31, 2007, of a plan that uses a May 31 plan and limitation year. However, the regulations also state that the higher limit does not apply until the beginning of the calendar year in which it is effective. To illustrate: In the previous example, if the participant terminated employment prior to January 1, 2007, his annual additions for the period between June 1, 2006, and his termination of employment would be limited to the $44,000 annual addition limit in effect on January 1, 2006.

3. Aggregation of Plans

Under IRC § 415(f), all defined contribution plans maintained by a single employer are treated as a single plan for purposes of IRC § 415(c). All members of a controlled group or affiliated service group are treated as one employer, applying the rules of IRC §§ 414(b), (c), (m) and (o). Controlled group principles are modified for this purpose by substituting "more than 50 percent" for "at least 80 percent" in the control tests. For example, a corporation and its 51-percent-owned subsidiary do not form a controlled group under the standard rules of IRC § 414(b) but do for IRC § 415 purposes.

4. Limitation Year

For a defined contribution plan, the limitation year is the basis for measuring annual additions for determining whether the limits of IRC § 415(c) have been satisfied. The limitation year does not have to coincide with the plan year, though it almost always does. The default, if no limitation year is specified in the plan, is the calendar year. A change in limitation year creates a short limitation year, for which the IRC § 415(c) dollar limit must be prorated. In a change from prior law, the final regulations provide that if a defined contribution plan is terminated effective as of any day during its limitation year prior to the end of that limitation year, the applicable dollar limitation must be prorated. Obviously, it will rarely be advisable in the future to terminate DC plans on any day other than the last day of the year. The regulations also contain rules for applying IRC § 415(c) in the rare case where a controlled group maintains DC plans with different limitation years, modeled on those set forth in Revenue Ruling 79-5, 1979-1 C.B. 165.

/1/ See II.3.

/2/ See IV.4

/3/ But note that the combined DB/DC deduction limitation in IRC § 404(a)(7) may make it impracticable to provide the maximum IRC § 415 benefit under both types of plan.

/4/ The Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. No. 107-16, 115 Stat. 38 (2001).

/5/ The Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et. seq. (2005).

/6/ The preamble to the final regulations explains that this language was added to address contributions to plans that are not subject to Title I of ERISA (e.g., certain governmental or church plans).

/7/ See Small Business Job Protection Act of 1996, Pub. L. No. 104-188, 110 Stat. 1755, §1434(a) (1996) (note, the changes were effective for plan years beginning after 1997).

/8/ This represents an expanded time period over the period in the proposed regulations, which only allowed amounts to be paid within 2 ½ months after employment. The IRS expanded the time period to avoid having to carve out specific equitable exceptions.

/9/ 2005 proposed regulations included similar limiting language for IRC § 403(b) annuity contracts, but the IRS has decided to incorporate these provisions into finalized IRC § 403(b) regulations and removed them from the final 415 regulation package. Proposed IRC § 403(b) regulations had been previously released in November, 2004. See 69 Fed. Reg. 67075 (Nov. 16, 2004).

The information in this Washington Bulletin is general in nature only and not intended to provide advice or guidance for specific situations. If you have any questions or need additional information about articles appearing in this or previous versions of Washington Bulletin, please contact: Robert Davis 202.879.3094, Elizabeth Drigotas 202.879.4985, Taina Edlund 202.879.4956, Laura Edwards 202.879.4981, Mike Haberman 202.879.4963, Stephen LaGarde 202.879-5608, Erinn Madden 202.572.7677, Bart Massey 202.220.2104, Laura Morrison 202.879.5653, Martha Priddy Patterson 202.879.5634, Tom Pevarnik 202.879.5314, Tom Veal 312.946.2595, Deborah Walker 202.879.4955. Copyright 2007, Deloitte.