Legislative Updates
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Title
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Release Date |
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Funding Relief for Defined Benefit Plan Sponsors On Friday June 25, 2010, President Obama signed the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (H.R. 3692). This Act gives plan sponsors of defined benefit plans new options for required annual contributions, giving some much needed relief to cash strapped employers hit by the economic downturn. |
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July 2010 |
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The IRS announced last week that it will be sending compliance questionnaires to a number of 401(k) plans. They are 46 pages long. If you get one, you have 90 days (without extension) to complete and return it. Do not ignore it. It was confirmed last week at the NIPA Seminar that if you do not return the questionnaire you will be audited. |
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May 2010 |
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The DOL has announced a new option that allows form preparers, such as ACI, to electronically sign 5500 forms on behalf of the Plan Administrator (client). |
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May 2010 |
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Presentation: EFAST2 Credential Instructions Form 5500 Electronic Filing Requirements |
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May 2010 |
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DOL publishes Final Regulations on Timely Deposit of Employee Contributions for Small Plans On January 14, 2010 the Department of Labor (DOL) announced that it had finalized its regulations on providing a safe harbor rule for timely deposits of employee’s contributions. The safe harbor rule only applies to retirement plans with less than 100 participants as of the first day of the plan year. One of the biggest operational failures that are found in qualified retirement plans are the late deposits of deferrals and loans. |
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January 2010 |
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Retirement Plan Limits for 2010 Announced On October 15, the Internal Revenue Service announced the cost-of-living adjustments that will be applied to the dollar limits in all tax-qualified retirement plans in 2010. The limits apply to calendar year plans, if you have an off-calendar plan year end, contact your plan administrator to see if there are any changes to your plan. |
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October 2009 |
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Retirement Plan Limits for 2009 Announced On October 16, the Internal Revenue Service announced the cost-of-living adjustments that will be applied to the dollar limits in all tax-qualified retirement plans in 2009. |
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October 2008 |
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Legislative Update: Retirement Plan Limits for 2008 Announced On October 17, the Internal Revenue Service announced the cost-of-living adjustments that will be applied to the dollar limits in all tax-qualified retirement plans in 2008. |
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October 2007 |
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Legislative Update: Retirement Plan Limits for 2007 Announced On October 18, the Internal Revenue Service announced the cost-of-living adjustments that will be applied to the dollar limits in all tax-qualified retirement plans in 2007. |
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October 2006 |
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Legislative Update: Pension Protection Act of 2006 On August 17, 2006 President Bush signed the Pension Protection Act of 2006 (PPA). Various provisions of this Act become effective as late as 2010 but one provision that is effective for plan years beginning after December 31, 2005, may benefit smaller companies with defined benefit plans. |
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September 2006 |
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Legislative Update: Retirement Plan Limits for 2006 Announced On October 14, the Internal Revenue Service announced the cost-of-living adjustments that will be applied to the dollar limits in all tax-qualified retirement plans in 2006. The limits apply to calendar year plans, and plans that have been amended for EGTRRA. |
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October 2005 |
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Legislative Update: IRS Releases Guidance on Automatic IRA Rollovers On January 4th the IRS released Notice 2005-5, addressing "Automatic IRA Rollovers," which were introduced with the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). If your retirement plan includes mandatory distributions (involuntary cash-outs to participants), this Notice requires your consideration... |
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January 2005 |
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Legislative Update: Retirement Plan Limits for 2005 Announced On October 20, the Internal Revenue Service announced the cost-of-living adjustments that will be applied to the dollar limits in all tax-qualified retirement plans in 2005. |
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October 2004 |
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Legislative Update: Bush Proposes Changing Retirement Plan System On February 3rd, the Bush Administration released the fiscal year 2004 budget. Among the more controversial items proposed is a dramatic overhaul of the savings and retirement plan systems... |
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February 2003 |
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Legislative Update: Retirement Plan Limits for 2003 Announced On October 18, the Internal Revenue Service announced cost-of-living adjustments for tax-qualified retirement plans for the year 2003... |
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October 2002 |
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Legislative Update: California Conforms to EGTRAA Plan sponsors who have been waiting for the State of California to conform to EGTRRA can now breathe a sigh of relief at last, the State has conformed to the Federal law... |
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May 2002 |
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Legislative Update: Pension Reform Passes! President Bush Expected to Sign Legislation Week of June 4th ... |
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June 1, 2001 |
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Legislative Update: Pension Reform under Consideration Congress is considering legislation to expand and simplify retirement savings. |
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April 15, 2001 |
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Legislative Update: IRS Announces New Limits Which Impact Retirement Plans On November 20, the Internal Revenue Service announced cost-of-living adjustments for tax-qualified retirement plans for the year 2001. |
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December 1, 2000 |
