Blinky the 3-eyed Fish Posted September 17, 2008 Posted September 17, 2008 Feel free to add any comments. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
Effen Posted September 17, 2008 Posted September 17, 2008 What do you mean by "use 2007 rules"? Does that mean do a 12/31/07 FTAP and call it 1/1/2008? The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
Blinky the 3-eyed Fish Posted September 17, 2008 Author Posted September 17, 2008 For 2007 you were allowed to use the 12/31/06 information to determine the AFTAP for 2007. By "use the 2007 rules" I mean using the 12/31/2007 information in a similar manner to determine the 2008 AFTAP. Now go take the poll one and all. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
mwyatt Posted September 17, 2008 Posted September 17, 2008 Think the extension of the 2007 approach (use the 12/31/20xx-1 numbers for 1/1/20xx certification) is the only logical outcome. I don't care who you are or how clever you can be, it will be very difficult to certify a plan year by 10/1/20xx when your valuation date is 12/31/20xx.
Effen Posted September 18, 2008 Posted September 18, 2008 119 views and only 11 votes? Come on people! The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
John Feldt ERPA CPC QPA Posted September 18, 2008 Posted September 18, 2008 All of our DB plans were BOY vals to begin with and we switch to BOY for any EOYs that we take over. OY!
tymesup Posted September 18, 2008 Posted September 18, 2008 We seem to have all BOY vals, so I didn't vote. I'd probably do a 12/31/07 AFTAP if I had EOY's. While I might not listen to a fish, I think an assortment of dolphins, whales and orcas would do a better job than 535 members of Congress did with PPA.
SoCalActuary Posted September 18, 2008 Posted September 18, 2008 119 views and only 11 votes? Come on people! Many viewers, but few actuaries. Do note that this same poll was already done in the COPA site.
Blinky the 3-eyed Fish Posted September 18, 2008 Author Posted September 18, 2008 And now we have this. http://www.irs.gov/pub/irs-tege/se0908.pdf I don't like the material change caveat, especially in this market. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
tymesup Posted September 18, 2008 Posted September 18, 2008 During the COPA conference call, this was mentioned. Apparently, COPA members used ASPPA resources to get to Tom Reeder (sp?) at Treasury. Better late than never.
SheilaD Posted September 19, 2008 Posted September 19, 2008 119 views and only 11 votes? Come on people! Many viewers, but few actuaries. Do note that this same poll was already done in the COPA site. Can you share the results from the COPA site?
tymesup Posted September 19, 2008 Posted September 19, 2008 Off the top of my head, I think most were using 12/31/07 CL, some with adjustment. Since the poll was conducted before the most recent "guidance", all bets are off.
Effen Posted September 19, 2008 Posted September 19, 2008 Of the COPA members who responded, about 75% were planning on using 12/31/07 results to do 1/1/08 AFTAP. The poll was obviously done before the recent newsletter from the IRS. The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
Blinky the 3-eyed Fish Posted September 19, 2008 Author Posted September 19, 2008 And we are at about 75% too (actuarial approximation). I am closing the poll. I care no longer. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
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