Retirement Plans Edition
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June 21, 2000
IRS Provides Relief Regarding Exemption From 20% Withholding For Hardship Distributions
Excerpt: "In Notice 2000-32, the Internal Revenue Service provides additional relief relating to the exception from the definition of 'eligible rollover distribution' for hardship distributions from Sec. 401(k) plans and IRC Sec. 403(b) tax-sheltered annuities. That exception ... exempts hardship distributions from the mandatory 20% withholding tax..." (Spencernet)
Why Are You Really Requiring Vesting in Your 401(k) Plan?
Excerpt: "With two tweaks in plan design, 401(k) plan sponsors can do a great deal to help ensure the retirement potential of their employees: Eliminate the vesting schedule in your plan and change the eligibility requirements for plan enrollment." (IOMA's Report on Managing 401(k) Plans)
What Will the Next Decade Bring for 401(k) Plans?
Excerpt: "Plan sponsors can and should expect an entirely different environment in the next decade, marked by increased litigation, more government regulations, and additional legislation affecting 401(k) plans..." (IOMA's Report on Managing 401(k) Plans)
Should Day Trading Be Part of 401(k) Plans?
Excerpt: "So are 401(k) participants starting to "day trade"? The market's volatility in January and February put 401(k) participants' holding power to the test..." (IOMA's Report on Managing 401(k) Plans)
How Many Investment Choices Should Your 401(k) Plan Have?
Excerpt: "The push to offer more investment options in 401(k) plans is undeniable, but is the current emphasis on quantity of import? Not to participants, it seems." (IOMA's Report on Managing 401(k) Plans)
N. D. Texas: 120 Individual Severance Pay Agreements Are Not an ERISA Plan
Excerpt: "Individual severance pay agreements, offered to 120 of 4000 employees, contained an "entire agreement" provision with no mention of ERISA ... The court held that the severance agreement was not governed by ERISA and that the plaintiff was entitled to a jury trial." (EBIA Weekly)
Raising the Amounts That Can Be Contributed to Roth IRAs: Short Run and Long Run Dangers
Excerpt: "Over the next few weeks, the House of Representatives is expected to consider a proposal to raise the amount that can be contributed to a Roth Individual Retirement Account (IRA) from $2,000 to $5,000 ... This paper explores three key problems that the [Roth IRA increase] bill raises." (Center on Budget and Policy Priorities)
IRS Opens Determination Letters for Full GUST Approval
Excerpt: "In addition to extending the GUST remedial amendment period, Rev. Proc. 2000-27 fully opens the IRS' determination letter program for GUST." (TRI Pension Services)
IRS Extends GUST Remedial Amendment Period
Excerpt: "Rev. Proc. 2000-27 extends the GUST remedial amendment period to the end of the plan's 2001 plan year." (TRI Pension Services)
Analysis: Different Plans, Same Challenge
Excerpt: "The campaign debate over Social Security has devolved quickly into a simple set of negative attack lines. George W. Bush's campaign says Al Gore's plan fails to fix Social Security's long-term financing problem. Gore's campaign says the Bush plan would wreck the system." (Washington Post)
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