Text of IRS Notice 2010-57: Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates (PDF)
4 pages. Except: 'This notice provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code as in effect for plan years beginning before 2008. It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), the 24-month average segment rates, and the funding transitional segment rates under § 430(h)(2). In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, the 30-year Treasury weighted average rate under § 431(c)(6)(E)(ii)(I), and the minimum present value segment rates under § 417(e)(3)(D) as in effect for plan years beginning after 2007."
(U.S. Internal Revenue Service)
Listing of IRS Published Guidance for May-July 2010
The target page links to guidance published by the Service relating to retirement plans: Treasury Regulations; Revenue Rulings; Revenue Procedures; Notices; and, Announcements.
(U.S. Internal Revenue Service)
IRS's HIRE Act Guidance on Self-Employed Individuals and More
Excerpt: "[A]n employer will be eligible for the payroll tax exemption under the HIRE Act, if it hires a self-employed individual, assuming the other requirements are met (e.g., the individual has not been employed (i.e., worked for an employer) for more than 40 hours during the 60-day period ending on the hire date)."
Social Security Finances: Findings of the 2010 Trustees Report
Excerpt: "According to the 2010 Trustees report, the Social Security trust funds will have an annual surplus of $77 billion in 2010. Annual surpluses are projected to continue for the next 15 years (2010-24) and reserves are projected to grow to $4,200 billion by the end of 2024."
(National Academy of Social Insurance)
General Dynamics Settles 401(k) Fee Suit
Excerpt: "General Dynamics Corp. . . . and Fiduciary Asset Management tentatively agreed to a $15.15 million settlement to resolve a class-action lawsuit alleging GD violated its fiduciary responsibilities by allowing Fiduciary Asset Management to charge excessive fees to participants in two GD 401(k) plans."
(Pensions & Investments; registration may be required)
Longevity Concerns High Among Retirement Savers
Excerpt: "Half of employees (52%) believe they are behind in their retirement savings and a nearly equal number of workers (53%) are very concerned about outliving their retirement money, according to MetLife's 8th Annual Employee Benefits Trends Study."
The ASPPA Annual Conference is attended by 1,600 of your colleagues, with more than 60 workshops and 80 vendor displays in the exhibit hall focusing on all areas of the retirement business. Attendees even get face time with representatives from every aspect of the retirement plan industry, including the IRS and DOL and Members of Congress and their staffs.
Benefits in General; Executive Compensation
The Latest on Medicare and Social Security
Excerpt: "According to the reports, the date of insolvency for Medicare's hospital fund was pushed back, from 2017 to 2029, because of cost-saving measures in health reform. As for Social Security, without any changes, it will be able to pay full benefits until 2037 and partial benefits after that, the same estimate as in last year's report, despite temporary setbacks from the recession."
(The New York Times; free registration required)
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