Effen Posted December 11, 2008 Posted December 11, 2008 The House passed a pension bill House Bill 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.
flosfur Posted December 12, 2008 Posted December 12, 2008 Did anyone see the (anxiously) expected 50% cusion which was to apply to Target Normal Cost as well as Funding Target? I didn't see it!
david rigby Posted December 12, 2008 Posted December 12, 2008 If you refer to the cushion amount in IRC 404(o)(3), it appears this section is not modified. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
AndyH Posted December 12, 2008 Posted December 12, 2008 If this is all there will be, I will clap with one hand. Actually I will clap not all. This is mostly minutia. Where is the relief? If this is all ASPPA/COPA is pushing for, I am extremely dissapointed. The ASPPA ASAP describes this as "critical short term relief". Not so for 95% of my clients.
AndyH Posted December 12, 2008 Posted December 12, 2008 Did anyone see the (anxiously) expected 50% cusion which was to apply to Target Normal Cost as well as Funding Target?I didn't see it! I read on this board quite a while ago comments that the cushion was no longer being included in drafts.
Dougsbpc Posted December 12, 2008 Posted December 12, 2008 I agree with Andy. Where is the relief on the restriction for paying lump sum distributions for a plan that happens to fall below 80%? In a small non-covered plan, why couldn't a majority owner forgo a portion of his/her accrued benefits on plan termination to allow non-restricted benefit payments?
david rigby Posted December 13, 2008 Posted December 13, 2008 Were you expecting intelligent legislation? I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
goldtpa Posted December 13, 2008 Posted December 13, 2008 Everyone on the board should come up with an idea on how to provide relief and send it to congress and the papers, assuming that the papers are still in business. For one, I think that they should have allowed lump sum distributions of up to 10k despite AFTAP being under 60%. Anyone have any other ideas?
Andy the Actuary Posted December 13, 2008 Posted December 13, 2008 Too much criticism about the new legislation. It will keep your bird cage bottom clean for 78 days. Like the rest of you, it was disappointing that ASPPA grabbed self-kudos. The law did clear up one thing. There was a post awhile ago about a difference of opinion on whether the amortization base was based upon the full unfunded funding target or the transitional percentage of the funding target. Those who read the law knew it was 100% of the funding target; those who read the the Pension Answer Book were advised otherwise. The good news is now the Pension Answer Book will not need to be revised. 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.
Effen Posted December 13, 2008 Author Posted December 13, 2008 Maybe Aspen's lobbiests were better connected then ASPPA/ACOPA's It would cost a lot of money to revise a book just for one page. 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.
Guest GMP Posted December 15, 2008 Posted December 15, 2008 WORKER__RETIREE__AND_EMPLOYER_RECOVERY_ACT_OF_2008.pdf The House passed a pension billHouse Bill
AndyH Posted December 15, 2008 Posted December 15, 2008 Too much criticism about the new legislation. It will keep your bird cage bottom clean for 78 days.Like the rest of you, it was disappointing that ASPPA grabbed self-kudos. How about this:
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