Chester

You would use projected pay to calculate the target benefit. For short plan years you would want to use annualized pay for the projection of the target benefit. The current average pay should not be an issue unless a participant is within 5 years of the normal retirement age.

A news release from ASPPA indicates that instructions will be coming out in the future indicating that the statute of limitations for 2006 will begin with the date of the 5500 filing (rendering the Schedule P meaningless). The Schedule SSA will also eventually be eliminated once e-filing becomes mandatory.

I agree with Texas Acty. While I agree with Frank about the inappropriate use of PBO for this purpose (and wrote a comment letter to the FASB Board regarding the use of PBO instead of ABO), the Board does set the rules and we are required to play by them. Hopefully this will be changed during phase 2 of the FASB project to rewrite the pension accounting standard, but phase 2 may well bring us other more ominous changes.

I agree with RCline. You need to make more than the minimum salary for an officer ($140,000 in 2006) to be considered a key employee. The old rules used to say the highest paid officer was a key employee, but that law changed many moons ago.

There is an exemption from the minimum participation rules if there are no highly compensated employees benefitting under the plan and the plan is not aggregated with another plan to enable the other plan to satisfy 401(a)(4) or 410(b). The plan also must not be top heavy in order to meet the exemption.

I was wondering if anybody could point me to old DB exams (or sample exams) that students could take to prepare for the upcoming exam. I am teaching a study class for the exam, and my students need to have some exams to practice on. Thanks for any help you can provide me.

Getting a BS degree in 1 1/2 years seems fishy. It took me 4 years to get my BS degree going to school as a full-time student. Unless you had prior schooling where the credits transferred (2 year community college or extension courses) I don't think this would be doable (unless they are handing out diplomas like candy, which means the degrees are bogus!)

Since when has Wells ever been fit--everytime I see him he's overweight (or at least pudgy in appearance). He does know how to pitch however.

Is it true that a new plan that grants past service and has more than 100 participants does not have a deficit reduction contribution in the first year of the plan because the plan did not have more than 100 participants in the prior plan year (the plan did not exist in the prior year)?

DING DONG THE CURSE IS DEAD, THE CURSE IS DEAD, THE CURSE IS DEAD!!!!

Has anyone even thought of the possibility that the Red Sox could lose 4 straight to the Cardinals? If that would happen, you would hear so much about the curse still being alive the Red Sox nation would never recover. Believe me, I am rooting for the Red Sox to win, but that definitely would be a cruel fate to endure (especially after the Red Sox just came back against the Yanks to become the first team in MLB to accomplish this feat). Boston needs to close this Series out tonight and not allow St. Louis any reason to think they can come back like the Bosox did in the ALCS.

What do the Sox do with Ortiz when the games are played in St. Louis (no DH)? Do they play him at first even though he is a defensive liability? I would think they can't afford to not have his bat in the line-up. I also wondered why Martinez was used for one inning in the 7th game with a 7 run lead--if he doesn't pitch in that game you can use him as the starter on Saturday night, and have the ability to start him 3 games in the World Series if it goes 7 games.

I know what you mean Belgarath. In my last post I referred to the Yankees-Red Sox series as the World Series--I think the lack of sleep is catching up to me. Wow, what a comeback! Who woke up Damon last night?

Whichever ever way tonight's game turns out (I hope the Sox win) this World Series will have to go down as one of the most (if not the most) entertaining, memorable and dramatic Series of all time! I thought last year's Series was good, but this one beats it hands down. Kudos to the Sox for hanging in there and showing some guts and determination--coming back to foil Rivera two nights in a row was unbelievable. Ortiz is one fantastic clutch hitter (does he have another clutch hit left for tonight?).

I'm sorry Lori, I didn't mean to touch a nerve. I am in the Midwest, and I do know that the sportswriters and radio pundits here have not written off the Sox at all--almost uniformly they lauded the Sox for their grit and determination in fighting back from the 8 run deficit and almost winning the game. Maybe the East Coast media has a different spin to the situation. I know I certainly enjoyed last year's ALCS (except for the outcome) and I am hoping for much of the same this year--hopefully a 7 game series with the Sox winning this time!