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[Guidance Overview] Funding Relief for Single-Employer Pension Plans Under Worker, Retiree and Employer Recovery Act (PDF)
2 pages. Brief (2-page) summary of the Act's changes to the PPA funding provisions; includes an example scenario. (Deloitte)
http://benefitslink.com/articles/guests/deloitte-funding-relief-for-single-employer-pension-plans-summary-jan-2009.pdf
2009-1-8 14:57:38
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[Guidance Overview] Final Regulations Adopted on ERISA Civil Penalties for PPA Disclosure Violations (PDF)
2 pages. Excerpt: "Under the final regulations, DOL is authorized to assess civil penalties not to exceed $1,000 per day for violations . . . ." (Sutherland)
http://www.sutherland.com/files/News/f18e023a-db71-4458-86ac-089651606ab2/Presentation/NewsAttachment/4220269e-2c72-4dae-89bb-08e7340a83ee/EmpBenAlertSection502CivilPenalties1609.pdf
2009-1-8 14:57:38
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[Guidance Overview] Layoffs May Trigger 100% Vesting in Retirement Plans
Excerpt: "Employers working to stay afloat in these challenging economic times have one more thing to think about: layoffs and other employee terminations may result in a 'partial termination' of the employer's 401(k) plan or other retirement plan. An amendment to exclude an employee group from the plan could also trigger a partial termination. If a partial termination occurs, the plan must 100% vest the accounts of all affected participants. In essence, the plan is treated as terminated with respect to those participants. A partial termination also requires an allocation of any unallocated accounts (e.g., forfeitures) that the plan may be holding." (Holland & Hart LLP)
http://www.hollandhart.com/newsitem.cfm?ID=1314
2009-1-8 14:57:38
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[Guidance Overview] The 2008 Cumulative List of Changes in Plan Qualification Requirements
Excerpt: "The 2008 Cumulative List reflects changes required under the following laws: Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), including technical changes made by the Job Creation and Worker Assistance Act of 2002 (JCWAA), Pension Funding Equity Act of 2004 (PFEA), American Jobs Creation Act of 2004 (AJCA), Katrina Emergency Tax Relief Act of 2005 (KETRA), Gulf Opportunity Zone Act of 2005 (GOZA), Pension Protection Act of 2006 (PPA'06), and U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007." (The Segal Group, Inc.)
http://www.segalco.com/publications-and-resources/compliance-alert/archives/?id=1123
2009-1-8 14:57:38
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[Guidance Overview] PBGC's Updated Table for Pension Plans Subject to Partial Lump Sum Restrictions
Excerpt: "The PBGC has published a table that defined benefit pension plans need to administer partial restrictions on 2009 lump sums and other accelerated distributions. For plans at least 60% but less than 80% funded, PPA limits lump sums (or other accelerated distributions) to the lesser of (i) 50% of the present value of the benefit otherwise payable or (ii) the present value of the participant's PBGC maximum guarantee. Plans subject to the restrictions must use the 2009 Present Value of PBGC Maximum Guarantee table for participants with annuity starting dates in 2009, regardless of the plan year." (Mercer LLC)
http://us.select.mercer.com/blurb/140549/
2009-1-8 14:57:38
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[Guidance Overview] reference guide to 2009 Retirement, Health and Welfare Plan Limits, Social Security and Medicare Changes (PDF)
Excerpt: "[The guide includes] a Table of Retirement Plan Limits from 1990 to Present. Plan administrators must concern themselves with a broad array of annual limits and thresholds that affect a variety of employee benefits. This Reference Guide consolidates these limits to give plan administrators quick access to this information. Page 1 lists updated limits and other cost-of-living adjusted numbers affecting retirement plans. Page 2 lists 2009 health, welfare and fringe benefit plan limits and 2009 figures needed to determine Social Security benefits and contributions. Page 3 lists 2009 Medicare premiums. Page 4 provides key retirement plan-related annual limits from 1990 to 2009. Page 5 provides the 2009 covered compensation tables." (Hay Group)
http://www.haygroup.com/downloads/us/Hay_Group_Benefits_2009_Reference_Guide.pdf
2009-1-8 14:57:38
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Registration Deadline Extended to Friday, January 9 for Enrolled Retirement Plan Agent Designation Exams
Examinations are now being offered for retirement plan practitioners who are not eligible to act as clients' agents pursuant to IRS Form 2848 and who seek the new IRS-blessed Enrolled Retirement Agent Designation. The examinations are being offered during 'window' periods; the first window has opened and will remain open (i.e., the exam can be taken) through a date in mid-February. Registration to take the exam during this initial window period now can be made as late as Friday, January 9, according to an announcement on January 5 (the original deadline was January 6). As of Tuesday morning the text of the ERPA web site had not been updated to reflect the extension but practitioners can follow our hypertext link for immediate registration and more information. (American Institute of Retirement Education, a Partnership of ASPPA & NIPA)
http://www.erpaexam.org/Default.aspx
2009-1-8 14:57:38
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[Official Guidance] Text of Technical Update 08-4: Minimum Lump Sum Assumptions for Single-Employer Plans that Terminate in a Plan Year Beginning On or After January 1, 2008
Excerpt: "This Technical Update expands guidance provided in Technical Update 07-3 on lump sum valuation issues for single-employer plans that terminate in a standard termination pursuant to ERISA section 4041. This Technical Update applies to plans that terminate on or after the effective date of certain amendments to the law as enacted by the Pension Protection Act of 2006 ('PPA 2006'). It provides guidance on how to apply the PPA 2006 changes in the interest rate and mortality table used in calculating minimum lump sum amounts." (Pension Benefit Guaranty Corporation)
http://www.pbgc.gov/practitioners/law-regulations-informal-guidance/content/tu16620.html
2009-1-8 14:57:38
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[Official Guidance] Text of Final ERISA Regs on Civil Penalties Under Pension Protection Act of 2006 (PDF)
5 pages. Excerpt: "The regulation is necessary to reflect recent amendments to section 502(c)(4) by the Pension Protection Act of 2006, under which the Secretary of Labor is granted authority to assess civil penalties not to exceed $1,000 per day for each violation of section 101(j), (k), or (l), or section 514(e)(3) of ERISA. . . . [T]he PPA amended . . . ERISA by adding a new disclosure requirement . . . under which the plan administrator of a single-employer defined benefit pension plan must provide written notice of limitations on benefits and benefit accruals to participants and beneficiaries . . . . A notice of benefit limitations must be furnished within 30 days after a plan becomes subject to an ERISA section 206(g) funding-based restriction . . . . [PPA made other amendments that are subject to the new rules, as described herein.]" (Employee Benefits Security Administration, U.S. Department of Labor)
http://edocket.access.gpo.gov/2009/pdf/E8-31188.pdf
2009-1-8 14:57:38
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DOL Finalizes Rules on Disclosure Penalties
Excerpt: "According to a DoL press release, this regulation implements the DoL's authority to assess civil penalties against plan administrators who fail to disclose certain documents to participants, beneficiaries and others as required by the Employee Retirement Income Security Act, as amended by the Pension Protection Act (PPA)." (PLANSPONSOR.com; free registration required)
http://www.plansponsor.com/pi_type11/?RECORD_ID=44363
2009-1-8 14:57:38
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