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[Guidance Overview]
Qualified Plans Issues Relating to Rollovers for Roth Conversions (PDF)
– "This column explores potential impacts on qualified defined contribution plans and legal issues that may be raised as more participants seek to take distributions from qualified plans in order to move funds to Roth IRAs. The column covers plan design, plan operation, and [IRS] reporting issues to consider in light of potential increases in demand for in-service distributions from qualified defined contribution plans."
(Aspen Publishers via Steptoe & Johnson, LLP)
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[Guidance Overview]
Employers' Additional Plan Asset Disclosures Required in 2010 Financial Statements
– "In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update 2010-06 (ASU 2010-06), amending ASC 715, Compensation - Retirement Benefits, to require fair value disclosures by 'class' of assets and liabilities rather than by 'major category' as previously required. The disclosure at the asset class level could potentially result in a more granular level of plan asset disclosure in employers' financial statements. Companies will need to review their prior year footnote disclosures to determine if additional plan asset class disclosures will be necessary for 2010."
(PricewaterhouseCoopers LLP)
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[Guidance Overview]
IRS Sets Forth Procedures for Multiemployer Plan Amortization Extensions (PDF)
– "The IRS has issued Rev. Proc. 2010-52, which updates the procedures set forth in Rev. Proc. 2008-67 for sponsors of multiemployer defined benefit pension plans to obtain 'automatic' or discretionary 'alternative' extensions of the amortization period for unfunded liabilities. The new procedures, which are effective for ruling requests submitted on or after January 1, 2011, follow the prior procedures but make some helpful changes, especially extra time to file the application and the actuary's ability to consider pending extension requests when doing 'zone' certifications."
(Buck Consultants)
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Social Security Across Generations: Benefit Cuts Will Fall on Today's Children and Grandchildren (PDF)
– "This fact sheet explains how the children and grandchildren of today's retirees would bear the brunt of the benefit cuts currently being proposed by some policymakers and commentators. It outlines how raising the retirement age means lowering benefits at any age they are claimed, which many people don't realize. The fact sheet also compares retirement benefits under current law to benefits under the plan proposed by the co-chairs of President Obama's fiscal commission."
(National Academy of Social Insurance)
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Analyzing Defaulted Participant Behavior and QDIA Target Date Design (PDF)
– "Defaulted participants represented a sizable portion -- almost 50% -- of all participants in our proprietary database who were invested in a target date strategy . . . . Based on the investment behaviors of this group, we identified several patterns that may prove useful when evaluating different QDIA target date designs."
(JPMorgan Chase & Co. via Pensions & Investments; registration may be required)
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GE Freezes DB Plan for Salaried Employees
– "New salaried employees instead 'will receive a new retirement contribution equal to 3% of eligible pay to their GE 401(k) account,' . . . ."
(Pensions & Investments; registration may be required)
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Benefits in General; Executive Compensation
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[Official Guidance]
Fact Sheet: The President's Regulatory Strategy
– "As part of the immediate implementation of this strategy, the President also issued a memorandum to the heads of Executive Agencies and Departments calling for more transparency and accountability in regulatory compliance, as well as a memorandum emphasizing the need to reduce burdens on small businesses whenever possible."
(The White House)
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[Official Guidance]
Text of Present Law and Historical Overview of the Federal Tax System, January 18, 2011
– "The Committee on Ways and Means has scheduled a public hearing on January 20, 2011, on the costs imposed on families, employers, and the economy at large by the current structure of the Federal income tax. This document . . . provides a summary of the Federal tax system, briefly describes its historical development over the period of time beginning in 1975, and provides an appendix of selected historical data on Federal tax rates, Federal tax receipts, components of adjusted gross income, and other features of the Federal tax system."
(U.S. Congress Joint Committee on Taxation)
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[Guidance Overview]
Reporting Deadline Approaches for 2010 ISO Exercises and ESPP Stock Transfers
– "Beginning with regard to exercises or transfers that occurred in 2010, public and private corporations are also required to file an information return with the [IRS]. The IRS issued two forms, Form 3921 and Form 3922, which now are used in satisfying both of these requirements."
(Michael Best & Friedrich LLP)
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SEC Brings Litigation for the Alleged Failure to Disclose Perks
– "Earlier this week, the SEC charged a company and its current and former executives with failing to disclose to investors more than $1.18 mil.lion in perks paid to the former CEO over a six-year period. The SEC alleged that NIC Inc.'s public filings failed to disclose that the company provided perks enjoyed by former CEO, his girlfriend, and his family -- including vacations, computers, and day-to-day personal living expenses, and failed to disclose that it paid thousands of dollars per month for the CEO to live in a Wyoming ski lodge and commute by private aircraft to his office at NIC's Kansas headquarters."
(Michael S. Melbinger via Winston & Strawn LLP)
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Health Care, Financial Reform Skirt Obama Review
– "President Barack Obama's government-wide review of federal regulations will have little effect on two of the president's major regulatory victories: an overhaul of Wall Street and the health-care market, according to a White House budget official."
(The Wall Street Journal)
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Press Releases
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