Disaster Relief for New York

Disaster Relief Annoucement 11-31 provides disaster relief for affected plans and parties in New York. Document Excerpt Pension Benefit Guaranty Corporation (“PBGC”) is waiving certain penalties and extending certain deadlines in response to the Tropical Storm Lee that occurred beginning on September 7, 2011, in New York. Link http://www.pbgc.gov/res/other-guidance/dr/dr11-31.html

Relief to Insurance Companies administering certain Self-Insured Plans

Notice 2011-78 provides relief to insurance companies administering certain self insured arrangements from the information reporting requirements under Section 6050W Insurance companies may rely on the notice until the  regulations are amended. Document Excerpt Upon further consideration, the Treasury Department and the Internal Revenue Service have decided to amend the existing regulations under section 6050W […]

Renewal of PTIN

Notice 2011-80 provides that the PTIN must now be renewed on a calendar year basis. Document Excerpt This Notice provides guidance to individuals who have or will obtain a preparer tax identification number (PTIN), including a provisional PTIN, or who become registered tax return preparers. Section 1 of this Notice provides guidance regarding the last […]

Upcoming IRS Phone Forum

The upcoming telephone forum will cover current development topics as well as issues from the office of rulings and agreements. Document Excerpt Link http://www.irs.gov/pub/irs-tege/ra_phoneforum_presentation.pdf

Modifications to Letter Ruling Request Procedures by Church Plan

Revenue Procedure 2011- 44 modifies the procedures for filing a letter ruling request under Section 414(e) for church plans. Document Excerpt The purpose of this revenue procedure is to supplement the procedures for requesting a letter ruling under § 414(e) of the Internal Revenue Code (Code) relating to church plans. This revenue procedure modifies Rev. Proc. 2011-4, […]

DOL Pulls Proposed Fiduciary Regulation

Responding to complaints from numerous stakeholder groups including some that sent their complaints directly to the White House, the DOL has announced that it will issue a re-proposed regulation governing the definition of “fiduciary”. Document Excerpt The U.S. Department of Labor’s Employee Benefits Security Administration will re-propose its rule on the definition of a fiduciary. […]

Interest Rates for October

The PBGC releases the interest rates for valuing lump sums for October. Document Excerpt The immediate interest rate for valuing lump sum payments for the month of October 2011 is 1.75%. The deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. (The immediate interest rate for September 2011 was 2.25% for […]

Disaster Relief For New York

Disaster Relief Announcement 11-22 provides relief to affected parties in New York resulting from hurricane Irene. Document Excerpt Link http://www.pbgc.gov/res/other-guidance/dr/dr11-22.html

Disaster Relief for Affected Plans in Puerto Rico

Disaster Relief Announcement 2011-21 provides relief for affected parties affected by huricane Irene in Puerto Rico. Document Except Link http://www.pbgc.gov/res/other-guidance/dr/dr11-21.html

Interim Policy on Electronic Disclosure

The DOL releases Technical Release 2011-03 providing interim guidance on the use of electronic disclosure under Labor Reg. Section 2550.404a-5, participant-level fee disclosures. Document Excerpt General. Disclosures required by section 2550.404a-5 that are not included in a pension benefit statement in accordance with section 2550.404a-5(e)(1) or (2) may not be furnished electronically under the guidance provided […]

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