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January 7, 2010
Extension of Deadline to Adopt Certain Retirement Plan Amendments
The Pension Protection Act of 2006 (“PPA”, Public Law 109-280) as subsequently amended by the Worker, Retiree, and Employer Recovery Act of 2008 (“WRERA”, Public Law 110-458), require several changes to qualified plans. Many of these changes were required to have been made by December 31, 2009 for calendar year plans.
Updated IRS Publications
The IRS has recently updated several publications that may be of interest to employers:
IRS Provides Relief for NQDC Plan Document Failures
Code Section 409A governs taxation of nonqualified deferred compensation. It provides specific rules relating to funding and distribution (also see409A Documentation Limited Relief from the Oct 2007 Benefit Beat). The IRS just issued Notice 2010-6, providing a voluntary document correction program for failures occurring in these plans.
December 3, 2009
DOL Investment Advice Withdrawn Altogether
On November 19, 2009, the DOL announced that it was withdrawing its rules relating to investment advice (see prior Benefit Beat articles: Investment Advice Regulations Postponed…Yet Again! and Investment Advice Regulations Postponed Again).
Retiree Health Plan Flexibility Under Fire
The national health care reform debate is in full swing. It is far too early to project what might, or might not, come out of this debate. However, for those who sponsor, or are contemplating adopting, a retiree health benefit, one point bears watching.
IRS Pilot Project Aims to Reduce Identity Theft
In an effort to address identity theft issues, the IRS and Treasury Department have started a 2-year pilot project for 2009-2010 (IRS Notice 2009-93), that would permit, but not require, the use of a truncated Social Security Number (SSN) number on paper copies of the Form 1098 series, the Form 1099 series, and the Form 5498 series. The pilot project is only available for paper filings of these types of payee statements. It would allow SSNs, or other 9-digit IRS tax identifying number, to be truncated by replacing the first five digits of the 9-digit number with asterisks or Xs (for example, a social security number 123-45-6789 would appear on the paper payee statement as ***-**-6789 or XXX-XX-6789).
DOL Updates its Employment Guide
The DOL recently released its updatedEmployment Law Guide. This Guide is made available to employers to provide general overview information and compliance assistance of the various laws administered and enforced by the DOL, including:
Form 5500 Updates
Schedule C Guidance
November 5, 2009
Notice Reminders: Medicare Part D
2010 Retirement Plan COLAs
Following are highlights of the 2010 cost-of-living adjustments (COLAs) issued by the IRS, applicable to defined benefit and defined contribution plans. You will note that, by and large, there are no adjustments for 2010. A COLA is based on the cost of living index; which has dropped; and thus, there are no increases for 2010.