Applications Accepted for Membership on IRS Advisory Committee

IRS is accepting applications for membership on its Advisory Committee on Tax Exempt and Government Entities including two for representatives of employee plans.

403(b) Telephone conference with IRS Official

Join Bob Architect as he discusses the new Section 403(b) final regulations effective January 1, 2009.

Court Declines to Follow Sherwin-Williams in VEBA UBTI Issue

The Federal Court of Claims rejects the Sixth Circuit’s analysis in Sherwin-Williams Co. Employee Health Plan Trust v. Commissioner, 330 F. 3d 449 (6th Cir. 2003) and holds that investment income earned by a VEBA may be considered set aside and subject to UBTI where it exceeds the account limit.

Legislators Ask for Suspension of Required Minimum Distribution Rules

Members of Congress ask the Treasury to suspend the required minimum distribution requirements and the accompanying tax penalty during this current financial crisis.

PBGC Announces 2009 Flat Rate Premium

The flat rate per participant premium rate for PBGC covered single employer plans will be $34 for the 2009 plan year, up from $33.00.

Final Interim Regulations on Executive Compensation under TARP

The Treasury has issued interim final regulations (31 CFR Part 30) under section 111(b) of the Emergency Stabilization Act of 2008 providing guidance on the executive compensation and corporate governance provisions of section 111(b) of EESA with respect to the CPP.

New Veterans Law Adds Criminal Penalties for Interest Rate Violations

The Veterans’ Benefits Improvement Act of 2008 amends the Servicemembers Civil Relief Act to impose criminal fines and penalties for violations of the laws provisions governing the maximum interest rate that can be charged while a participant is on active military duty.

PBGC Final Rule on Interest Assumptions for Valuing and Paying Benefits

PBGC issues final rule on interest rate assumptions in valuing and paying benefits under a terminating single-employer plan.

DOL Announces Hearings on Fiduciary Adviser Proposed Regulation

DOL announces hearings on its proposed regulations and class exemptions governing the provision of investment advice by a fiduciary adviser.

Interpretive Bulletin Relating to Exercise of Shareholder Rights

DOL releases an Interpretive Bulletin relating to fiduciary responsibility requirements with respect to voting of proxies on securities held in employee benefit plan investment portfolios on securities held in a plan and compliance with statements of investment policy, including proxy voting policy.

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