| BenefitsLink Retirement Plans Newsletter |   |
May 23, 2003 - 13,225 subscribers
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(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
BenefitsLink Newsletters Will Not Publish Monday, May 26
We'll be observing Memorial Day. Have a good weekend! (BenefitsLink.com)
Overview: Proposed Regs Issued for Deemed IRAs in Qualified Retirement Plans (PDF)
Excerpt: "Perhaps most significantly, under the proposed regulations, if any Deemed IRA fails to satisfy the applicable requirements to be a Traditional or Roth IRA under Code section 408 or 408A, the entire plan will be treated as failing to satisfy the plan's qualification requirements." (Sutherland Asbill & Brennan LLP)
Charging Participants' Accounts for Plan Expenses (PDF)
2 pages. Excerpt: "The DOL position, as set forth in the [Field Assistance Bulletin], expressly permits the allocation of five common expenses directly to an individual participant's account. These expenses include the costs to: ..." (Powell Goldstein Frazer & Murphy LLP)
Overview: DOL Issues Guidance on Allocation of Benefit Plan Expenses (PDF)
Excerpt: "The FAB, representing a relaxing of the DOL's position on expense allocation, observes that plan sponsors and fiduciaries have 'considerable discretion' in allocating plan expenses among participants and beneficiaries. The plan sponsor can prescribe the method for allocating plan expenses by specifically incorporating it in the plan document, which then must be followed by the plan fiduciaries." (Kirkpatrick & Lockhart LLP)
PSCA Publishes 2002 Annual Review of Its Operations, Results (PDF)
5 pages. Excerpt: "In a year challenged by a slowing economy, corporate scandal and the aftermath of September 11, PSCA continued its mission of advocacy, representation, education and service to its members." (Profit Sharing/401(k) Association of America)
Links to Items on Executive Comp, Benefits in General
Executive Comp Reform Provisions Dropped by Conference Committee, Not in Tax Bill (PDF)
7-page excerpt from Conference Committee report, obtained from House Rules Committee web page at http://www.house.gov/rules/hr2_conf.htm - the Senate version of the tax bill contained changes to Code section 83 and would have added a new Code section 409A. (U.S. Congress, House Rules Committee)
DB-to-Health-Account Asset Transfers Extension Dropped by Conference Committee, Not in Tax Bill (PDF)
Excerpt: "2-page excerpt from Conference Committee report, obtained from House Rules Committee web page at http://www.house.gov/rules/hr2_conf.htm - the Senate version of the tax bill would have extended the current provision, to allow such transfers through 2013; under current law they become unavailable after 2005." (U.S. Congress, House Rules Committee)
Split Dollar Redux
Excerpt: "[T]he IRS has issued revenue notices 2002-8 and 2002-59, as well as proposed regulations, which together make many of the benefits of split-dollar a thing of the past. Here's how the changes affect clients with split-dollar insurance plans and what CPAs can do about them." (Journal of Accountancy)
Report: SEC Finalizes Rules for Section 16(a) Reports (PDF)
Excerpt: "The SEC issued final rules eliminating the use of paper forms and mandating the electronic filing of beneficial ownership reports for 'insiders' under Section 16(a) of the Exchange Act. Additionally, companies with websites must provide access to these forms via their website by the end of the business day after filing by the insider." (Frederic W. Cook & Co., Inc.)
Newly Posted or Renewed Job Openings
Account Executive
for Principal Financial Group
in NY
Conversion Specialist
for New York Life Investment Management
in MA
Employee Benefits Account Manager
for Andreini & Company
in CA
Retirement Plan Specialist
for Diversified Investment Advisors
in MI
DC/DB Plan Administrator
for Columbia Benefits, LLC - Englewood Colorado
in CO
Newly Posted Press Releases
(Post Yours!)
Labor Department Proposes Rules on Notices for COBRA Continuation Health Care Coverage
(U.S. Department of Labor, Employee Benefits Security Administration)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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