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Benefits & ERISA Law

Pension Protection Act Blog

The Pension Protection Act made the most sweeping changes in thirty years to ERISA and employee benefits law. This blog examines how PPA impacts every aspect of employee benefits and focuses on qualified plans - both defined contribution and defined benefit.

Post Frequency: 2.6/day

Last Entry: February 26, 2012 at 23:40:54

This Blog has Moved

Posted on February 26, 2012
Some months ago, this blog broke. For a while, it seemed that it was irretrievably broken and all my information was lost. Thanks to a spectacular save by an amazing tech guy, I have all of the information contained in … Continue reading →

IRS Extends DC Opinion/Advisory Deadline to April 2, 2012

Posted on December 22, 2011
It is rare that anything released by the IRS elicits a response of “We celebrate tonight!”, but it happened today with Announcement 2012-3. At 11:31am ET today, Dec. 22, 2011, the IRS extended the deadline to submit defined contribution opinion/advisory … Continue reading →

2011 IRS Cumulative List Provides Year in Review

Posted on December 14, 2011
Nothing provides a Year in Review list for plan documents like the annual IRS Cumulative List. Yesterday, the IRS released Notice 2011-97 containing the 2011 Cumulative List. It’s primary purpose is to provide the guidance which must be included in … Continue reading →

Target Benefit Plans: On the Edge of Extinction

Posted on December 13, 2011
One of the more interesting effects caused by the IRS’ elimination of the National Sponsor category in Rev. Proc. 2011-49 may be the projected elimination of pre-approved target benefit prototype and volume submitter plans. While some of you may be … Continue reading →

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Just in Time ? The IRS Issues an Extension and a Sample Amendment for Code sec. 436

Posted on November 30, 2011
Just when the mad scramble to adopt last minute Code section 436 amendments was about to begin, the IRS has issued another extension, accompanied by a sample amendment. Notice 2011-96, released Nov. 29, 2011, extends the deadline to adopt an … Continue reading →

Free ERPA CPE from the IRS on Nov. 30, 2011

Posted on November 15, 2011
On Nov. 30, 2011, the IRS is holding a free phone forum on the Self Correction Program (SCP) and the Closing Agreement Program (CAP). It will focus on: (1) current EPCRS issues found in SCP and CAP cases; (2) procedures … Continue reading →

ERPAs and the PTIN Requirement ? as Clear as Mud

Posted on November 03, 2011
Today, Nov. 3, 2011, the IRS issued Notice 2011-91 on Certain Enrolled Retirement Plan Agents Not Required to Obtain a PTIN. The notice is a short 2-pages long. It states that the IRS intends to amend Circular 230 to remove … Continue reading →

ESOP/KSOP Determination Letter Backlog Here to Stay (for now)

Posted on November 01, 2011
I was fortunate to attend the IRS phone forum on ESOP determination letters last Friday. The webinar was very good. The IRS addressed a number of outstanding issues, and provided some handy tips. First, the IRS acknowledged that there is … Continue reading →

Free IRS Webinar about ESOP Determination Letters on Oct. 28, 2011

Posted on October 27, 2011
Tomorrow, Oct. 28, 2011, the IRS is holding a free webinar on ESOP determination letter applications from 2pm ET to 3pm ET. Even if you do not handle ESOPs, it is worth taking an hour to attend this webinar because … Continue reading →

IRS Re-Interprets the Form 8717 Determination Letter Fee Exemption

Posted on October 25, 2011
On Oct. 20, 2011, the IRS issued Notice 2011-86, which re-interprets when a plan qualifies for exemption from paying user fees when filing a determination letter application. With the recent IRS increase in user fees for determination letter applications (individually … Continue reading →

DOL Issues New Final Regs on Investment Advice for 401(k)s

Posted on October 24, 2011
Today, Oct. 24, 2011, the IRS issued new Final Regs on Investment Advice to Participants and Beneficiaries in individual account plans, including 401(k) plans. The regulations say they affect plan sponsors, fiduciaries, participants and beneficiaries of participant-directed individual account plans, … Continue reading →

PPA Restatements: Information is Power and Monopoly is Powerful

Posted on October 21, 2011
I never thought posting a simple chart to make gathering information about PPA restatements pricing easy would be so controversial. (You can get a copy of the chart at http://www.erisafile.com/ppa_restatement_fees.pdf) A few weeks ago, I blogged about the video of … Continue reading →

Free ERPA CPE from the IRS on Oct. 28, 2011

Posted on October 11, 2011
On Friday, Oct. 28, 2011, at 2pm ET, the IRS is hosting a free phone forum on Determination Letter Issues Regarding Employee Stock Ownership Plans. The phone forum will focus on technical issues affecting ESOPs and recurring issues noted in … Continue reading →

IRS Extends Plan Document Deadline to Jan. 31, 2012

Posted on October 05, 2011
The IRS released Rev. Proc. 2011-49 today (Oct. 5, 2011). Rev. Proc. 2011-49 is the update to Rev. Proc. 2005-16, and officially supersedes Rev. Proc. 2005-16. Rev. Proc. 2005-16 contained the specifics on applying for EGTRRA opinion/advisory letters during the … Continue reading →

Was George Orwell Right About Plan Documents

Posted on September 30, 2011
It?s that time again. Time to decide whose defined contribution plan documents you will be using during the next six year cycle. On the day my competitors are raising their prices and worrying about losing revenue because a small group … Continue reading →

IRS Issues Mandatory Model Notice for Nonelecting Church Plans

Posted on September 26, 2011
Last week, I was fortunate to attend the IRS’ phone forum on Current Developments and Issues from the office of Employee Plans Rulings and Agreements. As with all IRS phone forums, it was excellent. During that forum, the IRS said … Continue reading →

IRS Selects Kinsail Corp. for Approving ERPA Continuing Education Providers

Posted on September 20, 2011
On Sept. 19, 2011, the IRS announced that it has selected Kinsail Corporation as the vendor to administer application and renewal services for Continuing Education Providers that serve Registered Tax Return Preparers, Enrolled Agents, and Enrolled Retirement Plan Agents...

Differences Between Plan Sponsor and Plan Administrator

Posted on September 19, 2011
On May 16, 2011, the U.S. Supreme Court issued an opinion in Cigna Corp. v. Amara, No. 09-804. It involved a dispute between Cigna Corp., the plan sponsor, and approximately 25,000 participants in Cigna?s defined benefit plan over Cigna?s decision … Continue reading →

Earning ERPA CPE: There has to be a Better Way

Posted on September 16, 2011
I normally write a content blog (blog about guidance) and not an opinion blog. There are some excellent ERISA opinion blogs, including my favorite written by Ary Rosenbaum. A few weeks ago, I had the duty and privilege of writing … Continue reading →

Free ERPA CPE from the IRS on Monday, Sept. 12, 2011

Posted on September 08, 2011
The IRS is hosting a free phone forum on Monday, Sept. 12, 2011, on Participant Loans. The webinar will focus on the treatment of loans as distributions under Code section 72(p), their taxability, and their relationship with Code section 4975 … Continue reading →

Are Employer Provided Cell Phones Coming Soon to Definition of Compensation

Posted on September 06, 2011
On Friday (Sept. 2, 2011), the IRS released the 2011-2012 Priority Guidance Plan (PGP). 37 items in the PGP relate to retirement plans, and 29 items relate to Executive Compensation, Health Care and Other Benefits, and Employment Taxes. More about … Continue reading →

20 Questions on Terminations, Partial Terminations and Severance from Employment

Posted on August 24, 2011
How much do you know about terminations, partial terminations and severance from employment? Here is your chance to find out! Test your knowledge of IRS guidance on terminations, partial terminations and severance from employment by playing 20 Questions on Terminations, … Continue reading →

IRS Updates FAQ on Hardship Distributions

Posted on August 11, 2011
The IRS has posted a new FAQ on hardship distributions. It includes a handy list of items which plan administrators should follow when processing a hardship distribution. It starts with this reminder: A plan may only make a hardship distribution: … Continue reading →

IRS Seeks Comments on ERPA CPE Redesign

Posted on July 29, 2011
On July 18, 2011, the IRS issued Notice 2011-61 seeking comments on how ERPA CPE should be provided. The IRS must receive comments by August 17, 2011. The Notice contains the email address for submitting comments electronically and also the … Continue reading →

Can a Multiple Employer Plan use a Prototype Plan Document?

Posted on July 20, 2011
Can a 413(c) multiple employer plan use a pre-approved prototype plan document? I am asked this question frequently, and I’m not sure what the answer is. Will the IRS accept a 413(c) multiple employer plan created by using a pre-approved … Continue reading →

Free ERPA Ethics CPE from the IRS

Posted on July 08, 2011
On July 29, 2011, at 2pm ET (11am PT), the IRS is hosting a phone forum on Ethics for Employee Plans Practitioners. Karen Hawkins, the Director of the IRS’ Office of Professional Responsibility and Gabriel Minc, a Senior Tax Law … Continue reading →

ASPPA Issues ASAP on Multiple Employer Plans

Posted on July 06, 2011
On July 5, 2011, ASPPA issued an ASAP on Multiple Employer Plans. Within that ASAP, Advisory Opinion 83-15A is mentioned for the idea that: “The opinions take a limited view of associations that, in the DOL’s opinion, don’t have the … Continue reading →

Help Wanted: ERISA Attorney ? The DOL is Hiring

Posted on July 05, 2011
The Dept. of Labor is looking for an ERISA attorney with 4 years of experience to work in the Plan Benefits Security Division.� The job duties include working on ERISA enforcement litigation or regulatory projects, or a combination of both.� … Continue reading →

Have Ethics Presentation and Will Travel

Posted on June 10, 2011
One of my favorite ERPAs called today.� He is a member of a small regional group of retirement plan professionals.� The group has a non-existent budget for speakers, and everyone in the group needs ethics CE.� They were wondering if … Continue reading →

ESOP Style Over Substance Loses in Tax Court

Posted on June 08, 2011
?These transactions lacked economic substance and economic purpose and were entered into for the primary purpose of obtaining tax benefits.? �In Weekend Warrior Trailers, Inc., et al. v. Commissioner, T.C. Memo 2011-105 (May 19, 2011), the U.S. Tax Court addressed … Continue reading →

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