More Details on Obama Administration Pension Proposals
The Obama Administration released the final batch of documents associated with its rollout of the fiscal year 2010 budget, including the Treasury Department General Explanations of the Administration's Fiscal Year 2010 Revenue Proposals document, commonly known as the "Green Book."
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IRS Proposes Regulations to Allow Mid-Year Elimination of Safe Harbor Nonelective Contributions on Limited Basis
The IRS has just issued proposed regulations that would permit an employer to suspend nonelective contributions to a safe-harbor 401(k) plan mid-year, but only if the employer incurs a "substantial business hardship (comparable to a "substantial business hardship" described in section 412(c)," and satisfies the same other rules that apply to a suspension of safe harbor matching contributions.
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DOL Further Delays Final Investment Advice Regulations
The Department of Labor ("DOL") recently announced its decision to further delay the effective date of its final investment advice regulations until November 18, 2009. DOL indicates that the additional delay is necessary to afford DOL an opportunity to consider the significance of the issues raised by the final regulations in light of the 27 comment letters received in response to its recent request for comments.
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A Message About the ING Advisor Service
The advisory services model provided by ING Investment Advisors, LLC is based on the model that was approved by the Department of Labor in Advisory Opinion Letter 2001-09A.
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IRS Announces Withholding Adjustment Option for Pension Plans and Provides Taxpayer Education
Bowing to public pressure, the IRS has provided some relief from the recent change in withholding tables as they apply to pensioners – including recipients of periodic payments from IRAs – though it is not as straightforward as folks may have liked to see.
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Reminder: Required 2009 Tax-Qualified Plan Amendments and January 2010 IRS Determination Letter Filing Deadline
Plan sponsors should review their tax-qualified plans annually to ensure that all necessary amendments are adopted on a timely basis. This can be challenging because the timing rules for plan amendments have become quite complex due to differing rules contained in various laws enacted in recent years (including the Pension Protection Act of 2006, and several subsequent law changes) and the confusing plan amendment timing rules generally imposed by the Internal Revenue Service.
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IRS Makes Foreign Withholding Compliance A Top Enforcement Priority
The IRS has recently announced it has designated foreign tax withholding as a Tier 1 compliance issue for corporate taxpayers covered by its LMSB (Large and Mid-Sized Business) division. This compliance program will focus on withholding and reporting obligations for payments to nonresident aliens ("NRAs").
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DOL Issues Details of Appeal Process for COBRA Subsidy Denials & IRS Posts Additional Website Q&As
The American Recovery and Reinvestment Act of 2009 ("ARRA"), provides a federal subsidy for COBRA premiums for certain employees and covered family members who lost or will lose coverage due to involuntary termination of employment from September 1, 2008 through December 31, 2009.
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CMS Updates Medicare Secondary Payer User Guide With Guidance for Responsible Reporting Entities And Group Health Plans
CMS has again updated the User Guide for group health plans on its Medicare Secondary Payer (MSP) mandatory reporting website. Like the earlier versions of the guide the updated version covers numerous topics of interest to "responsible reporting entities" (RREs) who must provide information to CMS in order to help CMS identify situations in which the plans are (or have been) primary to Medicare.
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