| BenefitsLink Retirement Plans Newsletter |   |
August 30, 2006
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Delay in Effective Date for Regulations Under Section 403(b)
Excerpt: "The Internal Revenue Service announced [on Tuesday, 8/29/2006] that the general effective date for the regulations regarding section 403(b) arrangements that were proposed in 2004 (including the related controlled group regulations under section 414(c)) will be extended. . . . [T]he final regulations generally will not be effective earlier than January 1, 2008." (Internal Revenue Service)
Text of IRS Employee Plans News (August 29, 2006 News Flash) (PDF)
1 page; repeats text of IRS press release. Excerpt: "In order to provide employers, employees, insurance carriers, and mutual funds involved in section 403(b) arrangements a reasonable advance period before the regulations go into effect, the final regulations generally will not be effective earlier than January 1, 2008." (Internal Revenue Service)
Final Regs: Dividends Paid Deduction for Stock Held in Employee Stock Ownership Plan (PDF)
4 pages. Excerpt: "This document contains final regulations under sections 162(k) and 404(k) of the Internal Revenue Code (Code) providing that a payment in redemption of employer securities held by an employee stock ownership plan (ESOP) is not deductible. . . . These regulations are effective on August 30, 2006. . . . These regulations apply with respect to payments to reacquire stock that are made on or after and amounts paid or incurred on or after August 30, 2006." (Internal Revenue Service)
Cooper v. IBM Personal Pension Plan: A Critique
Full 31-page document can be downloaded from any of the sites listed at the bottom of the target page under the heading "SSRN Electronic Paper Collection." Excerpt: "Cooper is laudably transparent in its reasoning and contains many important insights. However, given what the pre-PPA pension age discrimination statutes say, in the final analysis, Cooper is wrong on the merits." (Prof. Edward A. Zelinsky of Cardozo University Law School via Social Science Research Network)
Side-by-Side Chart of Current Law and PPA Provisions: Fiduciary and Prohibited Transaction Rules (PDF)
20 pages. Block Trading; Electronic or Alternative Trading Systems; Foreign Exchange Transactions; Transactions with Party-in-Interest Service Providers; Cross Trading; Bonding; Plan Assets Definition; Corrected Party-in-Interest Transactions; Fiduciary Advisers; Default Investments, Automatic Enrollment and Preemption of State Law; Mapping; Divestment of Employer Securities; Notice to Employees of Right to Divest; Periodic Benefit Statements; Missing Participants; and Interference Penalties. (Groom Law Group)
Side-by-Side Chart of Current Law and PPA Provisions: DC Plans, IRAs, Gov't and Tax-Exempt Plans (PDF)
26 pages. Includes New or Modified Requirements for Defined Contribution Plans; EGTRRA and Saver's Credit Permanence; Changes Affecting Plan Distributions; Automatic Enrollment - Nondiscrimination Safe Harbor; Additional Provisions Affecting Automatic Enrollment; ERISA Fiduciary Provisions Primarily Affecting Defined Contribution Plans; IRA-Related Amendments; Governmental and Tax-Exempt Employer Plans; Church Plans; Corporate Owned Life Insurance and Other Insurance Programs; and Miscellaneous. (Groom Law Group)
Side-by-Side Chart of Current Law and PPA Provisions: Multiemployer Pension Funding Reforms (PDF)
33 pages. Includes Minimum Required Contributions; Additional Funding Rules For Plans in Endangered or Critical Status; Rules Applicable to Plans in Endangered Status; Rules Applicable to Plans in Critical Status; General Provisions Applicable To Plans in Endangered or Critical Status; Deductible Amounts; Disclosure; Withdrawal Liability; Transfer of Excess Pension Assets; and General Effective Date and Sunset. (Groom Law Group)
Side-by-Side Chart of Current Law and PPA Provisions: Single-Employer Funding and Cash Balance Plans (PDF)
37 pages; very nice. Topics covered: Minimum Required Contribution and Funding Shortfall; Determination of Liabilities; Valuing Plan Assets; Credit Balances; Benefit Restrictions; Deferred Compensation Restrictions; Lump Sum Distributions; Deductible Amounts; Enhanced Disclosure; PBGC Premiums; PBGC Guarantees and Other PBGC-Related Changes; Cash Balance and Other Hybrid Plans; Transfer of Excess Pension Assets; and Miscellaneous and Plan Amendments. (Groom Law Group)
How U.S. Public Pension Funds Fuel Private Equity
Excerpt: "By channeling an increasing portion of the nation's retirement pool into buy-out funds, the public custodians are feeding the cycle of takeovers, restructurings and sell-offs that define private equity. 'We are the big bucks now,' says Jay Fewel, an Oregonian who has been running the private-equity division of his state's investment office since 1989." (FT.com via MSNBC)
Links to Items on Executive Comp, Benefits in General
EBSA Seeks Nominations for Vacancies on ERISA Advisory Council (PDF)
Excerpt: "The terms of five members of the [Advisory Council on Employee Welfare and Pension Benefit Plans] expire on November 14, 2006. The groups or fields they represent are as follows: (1) Employee organizations; (2) employers; (3) actuarial counseling; (4) investment counseling; and (5) the general public. . . . Recommendations must be delivered or mailed on or before October 1, 2006." (Employee Benefits Security Administration, U.S. Department of Labor)
Newly Posted Events
ERISA Workshop - With Significant Coverage of PPA 2006
in Massachusetts on October 3, 2006
presented by SunGard Corbel
ERISA Workshop - With Significant Coverage of PPA 2006
in New York on October 4, 2006
presented by SunGard Corbel
ERISA Workshop - With Significant Coverage of PPA 2006
in California on October 5, 2006
presented by SunGard Corbel
ERISA Workshop - With Significant Coverage of PPA 2006
in Pennsylvania on October 5, 2006
presented by SunGard Corbel
Journey deep into the world of IRAs
in Iowa on September 12, 2006
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Texas on September 13, 2006
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Texas on September 13, 2006
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Texas on September 14, 2006
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Iowa on September 14, 2006
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Texas on September 14, 2006
presented by Wolters Kluwer Financial Services
Selling Stock Directly to Employees
Nationwide on November 20, 2006
presented by National Center for Employee Ownership
The Pension Protection Act of 2006: What Employers Should Begin Focusing on Now
Nationwide on September 12, 2006
presented by McGuireWoods LLP
Newly Posted Press Releases
Segal Survey Predicts Declines In Trends in 2007
(The Segal Company)
Delay in Effective Date for Regulations Under Section 403(b)
(Internal Revenue Service (IRS))
401kLoans LLC Announces Efficient New 403(b) Loan Origination And Documentation Solution
(401kLoans, LLC)
Newly Posted or Renewed Job Openings
Account Executive – Group Employee Benefits
for BWD Group LLC
in NY
Retirement, Trust & Estate Specialist
for Charles Schwab
in IN
Union Benefits Manager
for Cadbury Schweppes Americas
in TX
Operations Manager
for Milliman, Inc.
in WA
Associate Product Manager
for Citigroup - Smith Barney
in NY
Assistant Director of FSA/HRA Administration
for MidAmerica Administrative & Retirement Solutions, Inc.
in FL
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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