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Retirement Plans Newsletter

March 26, 2010

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This is the first conference designed by ERPAS for ERPAS! A one of a kind program developed from topic suggestions by current and potential ERPAs to provide practical solutions to the issues they face, the ERPA Conference offers up to 10.5 ASPPA, ERPA, JBEA and NIPA CPE credits, Ethics CPE credit, access to top speakers from the IRS, and networking with colleagues and fellow ERPAs.

For more details and registration, visit today!

Sponsored by ASPPA

[Guidance Overview]
Common Mistakes for EGTRRA Restatements
Excerpt: "[E]mployers should avoid the following common mistakes when adopting their EGTRRA Restatements: Wrong Plan Provisions. . . . Not Following Plan Procedures for Restatements. . . . Distribution of Incorrect Summary Plan Descriptions. . . ."
(McKenna Long & Aldridge LLP)

[Guidance Overview]
Employee Benefits Developments, March 2010
Excerpt: "A brief look at developments in Employee Benefits law from February and March 2010, including cases, rulings, and opinions."

Florida's Pension Fund Shortfall Expected to Grow
Excerpt: "[P]lugging the multibillion-dollar deficit will require about a 40 percent hike in contributions from local governments stretched by declining revenues."
(Miami Herald)

Small Businesses Are Big Employers But Have Small Retirement Plans
Excerpt: "Retirement is inadequate for many small business owners and employees, according to two new studies."
(Christian Science Monitor)

California League of Cities Scrutinizes Public Pensions
Excerpt: "The league is considered the leading advocate for the common interests of California's cities. According to the Committee's Executive Director Dwight Stenbakken they acknowledged in January that the high cost of public pensions are 'a real problem, unsustainable, and need to be readjusted in whatever way they can.'"
(Beverly Hills Courier)

Overhauls to Illinois State Pension System Pass Both Houses
For new hires, normal retirement age is raised to 67, a cap is placed on considered compensation, and a limit is placed on annual payment increases.
(AP via New York Times; free registration required)

Time to Shine for Cash Balance Plans
Excerpt: "Most defined benefit pension sponsors are facing a financial slug in the gut this year in the form of a spike in required funding contributions resulting from the 2007-2008 stock market crash and the drop in interest rates. . . . Will this latest development ignite another uptick in conversions to hybrid pension designs that followed the enactment of the Pension Protection Act of 2006, the law that, among other things, validated the legitimacy of cash balance plans?"
(Employee Benefit News)

Pension Protection Act implementation, fee disclosure proposals, complex correction programs, and more. A never ending stream of regulations and other guidance has been hitting 401(k) practitioners. Need some help keeping up? EBIA’s 401(k) Plans manual analyzes and explains the new developments, puts them in context, and offers practical guidance on how to deal with the constantly shifting environment for 401(k) plans.

Executive Compensation; Benefits in General

[Guidance Overview]
New Case Revives Hopes for Refunds of FICA Tax on RIF Severance Pay
Excerpt: "Employers who have made involuntary termination severance payments pursuant to a plan should consider filing protective refund claims. Time is of the essence for refunds of FICA taxes paid in 2006 because, in general, such claims must be filed no later than April 15, 2010. It should be noted, however, that the decision to file a claim may not be as clear cut as it was following the CSX trial court decision."
(Faegre & Benson)

[Guidance Overview]
IRS Publishes New Terminal Charge and SIFL Rates for Noncommercial Flights on Employer-Owned Aircraft
Excerpt: "For flights taken during the period from January 1, 2010, through June 30, 2010, the terminal charge is $40.28, and the SIFL rates are: $.2204 per mile for the first 500 miles; $.1680 per mile 501 through 1,500 miles; and $.1615 per mile over 1,500 miles."
(Wolters Kluwer CCH Tax News Headlines)

Webcasts and Conferences

Back-to-Basics Series
Nationwide on April 8, 2010
presented by McKay Hochman Co.

ERISA Basics
in Illinois on May 19, 2010
presented by American Bar Association (ABA)

Health Care Reform Update
Nationwide on April 28, 2010
presented by Lorman Education Services

Health Care Reform Update Webcast
Nationwide on April 8, 2010
presented by International Foundation of Employee Benefit Plans

Obama's Healthcare Reform Bill: What it Means to Your Business Webcast
Nationwide on April 29, 2010
presented by Progressive Business Audio Conferences

Second Quarter Update
Nationwide on May 18, 2010
presented by McKay Hochman Co.

Second Quarter Update
Nationwide on May 19, 2010
presented by McKay Hochman Co.

The NTSAA 403(b) Compliance Resolution Summit
in Illinois on May 10, 2010
presented by National Tax Sheltered Accounts Association

Top-Heavy Rules, Keys, Family Attribution, Bonding
Nationwide on March 31, 2010
presented by McKay Hochman Co.

Press Releases

Statement of Assistant Secretary Phyllis C. Borzi on Health Care Reform
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

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