Keep abreast of legislative and regulatory changes, as well as those that are proposed, and how they affect retirement plans/accounts
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From ICMA-RC -Farm Bill Includes Provision for Governmental Roth 457 Plans:A provision that would allow Governmental Roth 457 plans was included in the Senate Farm Bill approved on Dec. 14, 2007 as part of the Manager’s Package of Amendments (Amendment 3855). The House did not move on the Senate version of the farm bill before the holiday recess and the two will have to reconcile the differences in a conference in early 2008. More here
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Permitted Disparity and taxable wage base for 2008: Revenue Ruling 2007-71 provides covered compensation tables for the year 2008, which are for use in determining contributions to defined benefit plans and permitted disparity.
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October 31, 2007 :Delinquent Filer Voluntary Compliance Program Penalty Calculator: EBSA is providing the Delinquent Filer Voluntary Compliance Program (DFVCP) penalty calculator to aid you in the filing process and to reduce the number of over and under payments made to the DFVCP. Click here for details
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403(b) Final Regulations :The Treasury Department and the IRS released final regulations related Section 403(b) Plans . These regulations are the first comprehensive section 403(b) regulations since 1964, and incorporate numerous changes to 403(b) plans, including changes in the Employee Retirement Income Security Act of 1974 (ERISA), the Tax Reform Act of 1986, the Small Business Job Protection Act of 1996 (SBJPA), the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Pension Protection Act of 2006 (PPA). The regulations generally apply for taxable years beginning after December 31, 2008. A copy of the regulations is attached. Click on the link above for a copy of the regulations.
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RIP Schedule P: The IRS issued Announcement 2007-63, in which they explained that Schedule P is no longer required. This is not really news, as our friend JEVD over on http://benefitslink.com/boards/ brought to our attention in July of last year that the 2006 version of The Instructions for Form 5500 did not include the Schedule P, and in fact stated that “The Internal Revenue Service no longer requires the filing of Schedule P, Annual Return of Fiduciary of Employee Benefit Trust”. The filing of a complete Form 5500 return will now replace Schedule P as the means of starting the running of the 3/6-year statute of limitations.
- See Announcement 2007-63, for additional details.
- Visit the Form 5500 Series section of the department of labor’s website for information about Form 5500
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415 Final Regulations Issued :The Treasury and the IRS issued Final Income Tax Regulations under section 415 of the Internal Revenue Code were published in on April 5, 2007. These regulations provide an extensive update of IRC 415, regarding limitations on benefits and contributions under qualified plans and certain other retirement plans. Generally, these regulations apply to limitation years beginning on or after July 1, 2007.
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Guidance on PPA Rollover and Distribution Provisions :The IRS issued Notice 2007-07, which includes guidance on rollovers, distributions and vesting of non-elective contributions.
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New Insurance Benefit Limits under PBGC : PBGC Announces Maximum Insurance Benefit for 2007:The Pension Benefit Guaranty Corporation (PBGC) today announced that the maximum insurance benefit for participants in underfunded pension plans terminating in 2007 is $49,500 per year for those who retire at age 65. The amount is higher for those who retire later and lower for those who retire earlier or elect survivor benefits (see chart). If a pension plan terminates in 2007 but a participant does not begin collecting benefits until a future year, the 2007 maximum insurance limits still apply. Details available at http://www.pbgc.gov/media/news-archive/2006/pr07-07.html
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