IRS Releases Proposed Age Discrimination Regulations
In December, the IRS published proposed regulations explaining how cash balance plans can demonstrate compliance with age discrimination laws and general nondiscrimination tests. The draft regulations are primarily age discrimination rules that apply to all employer-sponsored retirement plans, with specific attention paid to cash balance plans. 108th Congress to Address Benefits Issues
The 108th Congress is underway, with the new Republican majority bringing significant changes — the most important being Republican control of the Senate and the House. The DOL Speaks on ESOP Loan Refinancing
In a new form of informal guidance called a Field Assistance Bulletin (FAB), the U.S. Department of Labor’s national office explained to its regional office staff (and indirectly to the private sector) what it believes are the fiduciary considerations under ERISA involved with refinancing an employee stock ownership plan (ESOP) loan. Payment of Expenses From Multiemployer Plan Assets
The U.S. Department of Labor’s Pension and Welfare Benefits Administration has released Field Assistance Bulletin 2002-2, describing circumstances under which multiemployer trustees may be acting in a settlor — rather than a fiduciary — capacity. IRS Finalizes Plan Loan Regulations Proposed in 2000
After making a few changes, the IRS has finalized plan loan regulations proposed in 2000. The regulations address multiple loans, refinancing, suspension of loan repayments due to military leave and loans subsequent to a deemed distribution. Increased Scrutiny of Executive Pay at Tax-Exempt Employers
The IRS recently released two Technical Advice Memoranda concerning section 4958 taxes on excess benefit transactions, reflecting increased IRS scrutiny of tax-exempt organizations’ pay practices. TAM 200244028 emphasizes how important it is for board compensation committees at tax-exempt organizations to rely upon appropriate pay data in establishing the pay level of certain executives, referred to as disqualified persons.
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