Build your credibility and earn the privilege of representing clients before the IRS. This is your last chance to assure your slot in the 2010 summer ERPA exam window which runs from July 7 - August 31. Take advantage of the extended ERPA exam registration deadline by registering by July 19.
For more details and registration, visit www.erpaexam.org
IRS 401(k) Compliance Check Questionnaire Goes Beyond Just the Facts
Excerpt: "Most of the questions request factual information regarding the sponsor's 401(k) plan. Some questions, however, require information regarding the existence of other plans, including the number of the sponsor's nonqualified deferred compensation arrangements, which could involve certain compensation arrangements that are imbedded in various employment contracts."
(Miller & Chevalier Chartered)
California Governor Wants Public Pension Changes
Excerpt: "At a minimum, the governor said he wants legislators to roll back current pension terms to those that existed before 1999 legislation created more generous rules."
(The Sacramento Bee)
States May Face Pension Pressure as New GASB Rules Widen Gaps
Excerpt: "The proposed accounting revisions, which are subject to comment through October, come as states are reporting widening pension liabilities following declines in asset values in the year through June 2009. Wilshire Associates, based in Santa Monica, California, has estimated the median investment loss at 17 percent that year."
Website: Pension Padding in New York State
Excerpt: "In July 2010, NYSAG released its Preliminary Report, Pension Padding: We All Pay the Price . . . . This website is intended to inform public employers, who have a fiduciary duty to utilize taxpayer dollars in the most efficient manner and to avoid waste."
(New York State Office of the Attorney General)
Threatened Cutbacks to State's Early Retirement Plan Prompts Many to Sign Up
Excerpt: "The DROP program is intended to encourage people to retire early and make way for younger, less expensive workers. It allows most public employees to effectively retire and begin collecting retirement checks that go into a separate account that draws interest and a cost-of-living allowance. People can keep working and earning a salary for up to five years."
(St. Petersburg Times)
SEC Proposes New Rules to Make Target-Date Mutual Funds More Transparent
Excerpt: "Under the SEC's proposed rule changes, marketing materials for a target-date fund would have to specifically disclose the asset allocation mix, and this information would have to appear with the fund's name the first time that name is used."
(The Washington Post; free registration required)
ASPPA has partnered with the Institute for Pension Plan Management at Indiana University-Purdue University Fort Wayne (IPFW) to offer convenient webcourses leading to a number of credentials, including your QKA and QPA. Registration includes all 7 sessions for each webcourse. Register now for the July-December cycle!
Visit www.asppa.org/webcourse for info and pricing.
Executive Compensation; Benefits in General
IRS Changes Position on Application of Section 162(m) in Acquisition Context
Excerpt: "A relatively recent development in the IRS' interpretation of section 162(m) has received little attention, notwithstanding that it will often result in an additional deduction disallowance when a public company is acquired. The issue has to do with the application of section 162(m) to the year before a public company is acquired."
(Miller & Chevalier Chartered)
Fringe Benefits a 'Key Area' of Upcoming IRS Audits
Excerpt: "The IRS is on a mission to learn what issues are hiding in employers' records; thus, the [employment tax national research program] audits will prove to be more invasive than they would be if auditors had a specific target."
(Thompson Publishing Group Inc.)
Study Rekindles Debate Over Federal Pay and Benefits
Excerpt: "A right-leaning Washington think tank once again has added fuel to the debate over federal employee pay with a report asserting civil servants earn significantly higher salaries and more generous benefits than their private sector counterparts, while enjoying far greater job security."
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