Budget Proposal Addresses Employee Benefits and Compensation
In early February, President Bush sent Congress his budget proposal for fiscal year 2004. It includes benefit and compensation provisions, Medicare reform and proposals to help the uninsured gain health care coverage. Declining Funded Status of U.S. Pensions
The funded status of U.S. pension plans has declined sharply since 2000, and more employers will be required to make contributions for the 2002 plan year, according to Watson Wyatt’s 2002 Survey of Actuarial Assumptions and Funding.
DOL Finalizes Blackout Notice Guidelines
The U.S. Department of Labor (DOL) has finalized, with some changes, requirements for
blackout notices to 401(k) plan participants as required by the Sarbanes-Oxley Act. IRS Seeking Comments On Contingent Event Benefits
The IRS is soliciting comments on the application of the anti-cutback rule to contingent event benefits, such as plant shutdown benefits or involuntary separation benefits. New Rollover Rules Preserve Retirement Savings
In Revenue Procedure 2003-16, the IRS explains how taxpayers can apply for a waiver of the
60-day rollover requirement and describes circumstances in which a waiver is automatic.
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