In this issue:
- Going Green
- Electronic Data Requets
- EGTRRA Defined Benefit Restatements
- Deadline Reminders
In this issue:
- New Electronic Data Requests and Form 5500
- EZFAST2 Form 5500 Filing
- Deadline Reminders
- Calculation of 2009 Keogh Contribution
In this issue:
- Stock Market Turmoil
- Updated 2009 Employee Benefit Information
- Deadline Reminders
- Calculation of 2008 Keogh Contribution
In this issue:
- Updated 2007 Employee Benefit Information
- Calculation of 2006 Keogh Contribution
- Pension Protection Act of 2006 (PPA)
In this issue:
- From the Desk of Gene Schloss
- Calculation of 2003 Keogh Contribution
- Updated 2004 Employee Benefit Information
- Year-End Reminder
- Deadline Reminders
In this issue:
- Updated 2003 Employee Benefit Information
- Year 2003
- Year-End Reminder
- Deadline Reminders
- Calculation of 2002 Keogh Contribution
Schloss & Co, LLC
Actuarial & Benefits Consulting
Newsletters
Pension And Benefit Updates
Finalized Loan Rules: Effective January 1, 2004
January 2003 On July 31, 2000, IRS issued new rules affecting participant loans from qualified retirement plans that go into effect for loans made on or after January 1, 2002. Under the new rules, IRS established specific time limits for participants to make up prior missed loan repayments. At the same time, IRS issued additional proposed regulations, which have now been finalized to be effective January 1, 2004. Please refer to item C. below for a summary.
July 2001 On June 7, 2001, the President signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). In addition to reducing personal income tax rates, EGTRRA contains a number of significant changes affecting qualified retirement plans and Individual Retirement Accounts (IRAs). These changes are in addition to those currently being made as a result of the four pension laws enacted within the last seven (7) years.
February 2001 Newly proposed IRS regulations liberalize and simplify the rules governing Required Minimum Distributions (RMDs) to individuals from certain tax-deferred retirement plans. These minimum payout's must begin by the Required Beginning Date.
December 2000 The 2001 dollar limits for Employee Benefit Plans have generally increased compared to their 2000 levels. A description of some of the important limits and the 2000 and 2001 figures are as follows:
December 1999 The 5500 Forms for 1999 have been substantially revised by the Department of Labor and Internal Revenue Service. In addition to changes in the content and format of the forms, the Government has instituted a new computerized system to scan these forms.
Articles
March - Article by Glenn Dial
As recently as a few years ago, the high costs of retirement plan design and management were overshadowed by the fact that most plan participants were enjoying 20 to 30 percent return on investment (ROI).
Client Alerts
The U.S. Department of Labor (DOL) modified the 2002 Form 5500 with respect to whether or not employer transmitted participant contributions, (i.e., 401(k) deferrals, loan repayments, voluntary after-tax, etc.), are deposited within the regulatory time period.
January 2003
A change in the investments/recordkeeping of individual account plans (such as 401(k) plans) generally requires a period of time during which all account activity (contributions, distributions and investment changes) is suspended. This Blackout Period is to enable the transfer of records from the old platform to the new platform. The U.S. Department of Labor (DOL) recently released interim final rules that will affect blackout periods of three or more consecutive business days that start on or after January 26, 2003, with a transition rule for periods beginning before February 26, 2003.
December 2001
New rules affecting participant loans from qualified retirement plans are effective for loans made on or after January 1, 2002. Under the new rules, IRS has established specific time limits for participants to make up prior missed loan repayments. Failure to make repayments within this "cure period" will result in a "deemed distribution" of taxable income charged to the participant. An additional 10% penalty will also apply if the participant has not attained age 59½.
February 2001
The U.S. Department of Labor finalized new regulations that tighten the rules regarding the audit exemption for small employee benefit plans. A small plan is generally one that covers less than 100 participants.
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