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June 5, 2003 - 13,189 subscribers
Today's sponsor: APSCREEN, Employee Locator
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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)
Complete Hypertext (Web) Version of Rev. Proc. 2003-44, Prepared by BenefitsLink
Browse through the new Rev. Proc. in bite-sized pages rather than printing or scrolling through the 97-page PDF version! Our version's table of contents has links to take you to any particular section. Each cross-reference in the text is now a hypertext link. Plus each defined term in the text is now a hypertext link to the definition set forth in the revenue procedure. Enjoy! (Please don't copy and repost this version elsewhere on the Web. Thanks, --Dave Baker) (Internal Revenue Service; Hypertext Links Prepared by BenefitsLink)
Text of Rev. Proc. 2003-44, Restated EPCRS Program for Correcting Plan Defects (PDF)
97 pages. Excerpt: "The modifications ... include: consolidating all voluntary correction procedures into a single [program] ... expanding EPCRS to SIMPLE IRA Plans ... adding correction methods and reporting instructions for SEPs and SIMPLE IRA Plans ... expanding the Anonymous and Group Submission procedures to all submissions under VCP including SEPs and SIMPLE IRA Plans ... providing rules relating to reporting plan loan failures ... providing guidance for EGTRRA nonamenders ..." (Internal Revenue Service)
Link to IRS-Prepared Chart Comparing Old EPCRS Rev. Proc. to New 2003 Restated Rev. Proc. (PDF)
27 pages; in tabular format. Walks you through the old Revenue Procedure (2002-47) and itemizes changes made by new Rev. Proc. 2003-44. (Internal Revenue Service)
Link to IRS-Prepared Slide Presentation About New EPCRS Revenue Procedure (PDF)
35 pages; effectively shows the highlights. (Internal Revenue Service)
Text of IRS-Prepared 'Redlined' Version of Rev. Proc. 2003-44, Showing Changes from Previous EPCRS (PDF)
109 pages. (Internal Revenue Service)
Text of IRS Employee Plans News: Special Edition (June 2003) (PDF)
2 pages. Excerpt: "On June 5, 2003, Employee Plans of the TE/GE Operating Division of the IRS issued Revenue Procedure 2003-44, which enhanced the EPCRS, the IRS' comprehensive system of correction programs for sponsors of retirement plans that have failed to meet one or more requirements of the Internal Revenue Code. This new revenue procedure significantly streamlines the EPCRS process." (Internal Revenue Service)
Britain to Create Pension Guaranty Fund Modelled After PBGC
Excerpt: "The [British] government has decided to opt for a U.S.-style benefits guarantee fund in its search for an insurance safety-net for company pensions, according to industry sources [on June 3, 2003]. A compulsory insurance scheme modelled on the Pension Benefits Guarantee Corporation is said to have been approved by the Department of Work and Pensions, after civil servants visited the US to study its workings last month." (The Herald via the International Foundation of Employee Benefit Plans)
Consider a Cash Balance Plan Design for Your Small Business
Excerpt: "Often, the greatest design flexibility occurs through a formula that does not constitute a uniform allocation formula, but rather, satisfies the modified general test.... The formula must be based on objective classifications and the resulting allocation must satisfy a mathematical non-discrimination test. The test is computed, however, after imputing social security benefits and age-based factors." (George M. Morrison of Continental Benefits Group, Inc.)
The Employee Ownership 100 List
The NCEO presents the 2003 update of the Employee Ownership 100 list, consisting of America's largest companies that are at least 50% owned by an ESOP or other qualified plan, or have at least 50% of their stock owned by at least 50% of their full-time employees through some other arrangement. (National Center for Employee Ownership)
Opinion: Federal Thrift Savings Plan is Model for Social Security Reform
Excerpt: "The TSP has three features designed to insulate the fund from politics-- including attempts to use the participants' savings to make political or ethical statements, influence corporate behavior or fund federal government deficits." (National Center for Policy Analysis)
Newly Posted or Renewed Job Openings
Retirement Plan Coordinator
for American Funds
in VA
Retirement Plan Documentation Associate II
for Glens Falls National Bank & Trust Company
in NY
401(k)/ DC Plan Administrator
for National Associates Metro, Inc.
in NJ
Newly Posted Conferences
(Post Yours!)
Qualified Retirement Plans - A Full Day Seminar by Sal Tripodi, J.D., LL.M.
in IN
June 17, 2003
Central Indiana Chapter ISCEBS
Newly Posted Press Releases
(Post Yours!)
IRS Helps Small Business Retirement Plans Stay Compliant
(Internal Revenue Service)
Assist America Names Christopher Gibbs Director of Operations
(Assist America)
PHS, Inc. Introduces Stand Alone Consumer-Driven Pharmacy Carve-Out
(Proweh Health Systems, Inc.)
Ceridian Adds Dreyfus To Its Tier One List Of Mutual Funds
(Ceridian)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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