IRS Extends Multiemployer Election Period

Notice 2009-42 extends the multiemployer plan election period under WRERA.

Statement of Vince Snowbarger, Acting Director, PBGC on Chrysler Bankruptcy

PBGC Acting Director comments on Chrysler bankruptcy.

PBGC Updates Monthly Interest Rate for Valuing Lump Sums

The PBGC has updated interest rate information for valuing lump sums for May, 2009.

Required Quarterly Contribution Reporting Relief

Technical Update 09-3 provides reflief from part 4043 reporting requirements if a required quarterly contribution for the 2009 plan year is not timely made to a plan, and the failure is not motivated by financial inability. The Technical Update waives reporting in such cases if the plan has fewer than 25 participants and provides a simplified reporting requirement if the plan has at least 25 but fewer than 100 participants. (04/30/09)

PBGC and Daimler Agree to Cash Infusion into Chrysler Pension

The PBGC and Daimler agree to a $600 million dollar cash infusion into the Chrysler pension plan to help shore up the funding of that plan.

Sample 403(b) Prototype Language

The IRS has published sample Section 403(b) prototype language on its website.

Guidance on Treatment of Military Differential Pay

The IRS issues guidance on the treatment of military differential pay by employers.

GAO Study on Proposed Buyouts of DBs by Financial Firms

GAO issues whitpaper on issues of concern and potential benefits of proposed buyouts of defined benefit plans by financial firms.

IRS Announces Intent to Establish Pre-Approved 403(b) Program

IRS will establish a pre-approved prototype program for Section 403(b) plans.

Update on Weighted Average Interest Rates

Update on weighted average interest rates.

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