August 12, 2005 Today's sponsor: DATAIR Employee Benefit Systems, Inc. (Click on company name or banner to learn more.)
Summary of IRS Final and Proposed 411(d)(6) Regulations (PDF) 2 pages. Excerpt: "The proposed regulations address ... the interaction of the permitted forfeiture rules under Code Section 411(a) with the anti-cutback rules under Code Section 411(d)(6) (to reflect the holding in Central Laborers' Pension Fund v. Heinz, 541 U.S. 739 (June 7, 2004)), and a new utilization test method under which a plan amendment is permitted to eliminate an optional form of benefit that has not been utilized during a look-back period." (American Benefits Council) Public Employees Lose Case in Oregon Supreme Court Excerpt: "The Oregon Supreme Court sided with state and local governments Thursday -- and against public employees and retirees -- in a landmark lawsuit attacking practices of the state pension system." (StatesmanJournal.com) Towers Perrin Legislative Tracking Chart: Retirement (Updated Aug. 9, 2005) (PDF) 14 pages. (Towers Perrin) Text of Second Comment Letter to IRS on Proposed Section 415 Regulations Excerpt: "The correction provisions for a failure of the IRC §415 annual additions limit should be added back to the final regulations and such remedial action by the employer should not require correction under the Employee Plans Compliance Resolution System (EPCRS)." (American Society of Pension Professionals & Actuaries (ASPPA)) LRM Revisions, Including Cross-Testing LRM Excerpt: "There are a few revisions to the List of Required Modifications (LRM's) for defined contribution plans that are currently being worked." (Internal Revenue Service) Links to Items on Executive Comp, Benefits in General Overview: GASB Issues Final Statement on Accounting for Termination Benefits (PDF) 3 pages. Excerpt: "The Governmental Accounting Standards Board (GASB) recently issued Statement No. 47, Accounting for Termination Benefits, which provides guidance for state and local governmental employers on accounting and financial reporting for termination benefits. These benefits include incentives for voluntary terminations (e.g., early retirement window programs) and severance payments with respect to involuntary terminations." (Buck Consultants LLC) Towers Perrin Legislative Tracking Chart: Human Resources (Updated Aug. 9, 2005) (PDF) 7 pages. (Towers Perrin) Newly Posted Events Expensing of Stock Options: What Are The Alternatives Nationwide on August 23, 2005 presented by Retirement Capital Group Newly Posted Press Releases Ceridian Enhances Its Retirement Planning Education Service With New, First-Of-Its-Kind Interactive EAP/Work-Life Tool (Ceridian) CPI Opens Atlanta Consulting Office (CPI Qualified Plan Consultants, Inc.) Newly Posted or Renewed Job Openings Insurance Instructor (P&C) for Aon in NC Sr. Administrative Assistant for ING US Financial Services in PA Plan Accountant for Benefit Consultants Group in NJ Account Executive for The Principal Financial Group in MD Handy Links:
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