Sample Section 436 Amendment

The IRS has released guidance which includes a sample Section 436 amendment that defined benefit plans may adopt. Document Excerpt This notice provides a sample plan amendment that plan sponsors may adopt to satisfy § 436 of the Internal Revenue Code regarding limitations on the accrual and payment of benefits under certain underfunded single employer […]

2012 Maximum Monthly Benefit

The PBGC releases the maximum monthly benefit subject to its guaranty for 2012. Document Excerpt Examples of the maximum guarantee are shown in the tables below. Each table applies to a given calendar year. The maximum guarantee is set by law and it is updated each calendar year. The maximum guarantee applicable to a plan […]

Retirement News for Employers

The Fall, 2011 version of the IRS’ Retirement News for Employers includes a lot of guidance regarding SEPs and SIMPLEs. Document Excerpt Link

Transcript of IRS Loan Phone Forum

The IRS has released the transcript of its telephone forum on participant loans. Document Excerpt  Note – Any federal tax advice contained in this transcript is intended to apply to the specific situation described and should not be considered official guidance independent of the presentation. The tax advice and statements contained herein should not be […]

December Lump Sum Interest Rate

The PBGC has released the interest rate applicable for December lump sums. Document Excerpt The immediate interest rate for valuing lump sum payments for the month of December 2011 is 1.50%. The deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. (The immediate interest rate for November 2011 was 1.50% for […]

PBGC Reports Record Deficit

The PBGC reports a record $26 Billion dollar deficit for 2011. Document Excerpt WASHINGTON—The Pension Benefit Guaranty Corporation today released its annual report for fiscal year 2011, which shows the agency’s deficit increased to $26 billion as of year-end, a $3 billion increase from the $23 billion reported last year. This is the largest deficit […]

Affordable Care Act FAQ Part VII

The DOL has released its FAQs about the Affordable Care Act implementation Part VII and Mental health Parity Implementation. Document Excerpt Set out below are additional Frequently Asked Questions (FAQs) regarding implementation of the market reform provisions of the Affordable Care Act, as well as FAQs regarding implementation of the Paul Wellstone and Pete Domenici […]

LRMs for Section 401(k) Plans

The IRS has released the updated Listing of Required Modifications for pre-approved Section 401(k) plans. Document Excerpt  This information package contains samples of plan provisions that satisfy certain specific requirements of the Internal Revenue Code, as amended through the Small Business Jobs Act of 2010 (P.L. 111-240). Such language may or may not be acceptable […]

Defined Contribution Plans LRMs

The IRS has released its updated Listing of Required Modifications for pre-approved defined contribution plans. Document Excerpt This information package contains samples of plan provisions that have been found to satisfy certain specific requirements of the Internal Revenue Code, taking into account changes in the plan qualification requirements, regulations, revenue rulings, and other guidance in […]

Updated Prohibited Transaction Exemption Procedures

The DOL has revised the procedures and requirements for filing for a prohibited transaction exemption. Document Excerpt This document contains a final rule that supersedes the existing procedure governing the filing and processing of applications for administrative exemptions from the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA), the Internal […]

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