Congress Continues Talks on Interest Rate Reform
The U.S. Treasury Department released a controversial proposal to measure pension liabilities using a yield curve, and the Ways and Means Committee approved legislation that would temporarily use a corporate bond rate. FASB Considers Different Rules for Different Types of Cash Balance Plans
At its May 15 meeting, the Emerging Issues Task Force concluded that a cash balance plan should be considered a defined benefit plan for accounting purposes and that the traditional unit credit (TUC) actuarial cost method should be used in accounting for cash balance plans. Update on FASB Project on Revised Pension Disclosures
The FASB has tentatively decided to make some changes to FAS 132 pension disclosures. IRS Proposes 401(k) and 401(m) Regulations
The IRS has proposed new comprehensive regulations for CODAs under Internal Revenue Code
section 401(k) and for matching contributions and employee contributions under section 401(m). EEOC Proposes ADEA Exemption for Coordinating Retiree Health Plans With Medicare
The EEOC has issued a proposed exemption to the ADEA that would allow employers to alter, reduce or eliminate employer-sponsored retiree health benefits when retirees become eligible for Medicare or a state-sponsored retiree health benefits program. Comparison of NYSE and NASDAQ Shareholder Approval Requirements for Equity Compensation Plans
The SEC approved the NYSE and NASDAQ proposals to change their respective requirements for the shareholder approval of equity compensation plans. DOL Issues Proposed COBRA Notice Regulations
The DOL is proposing new rules to improve the consistency and clarity of four COBRA notices furnished by employers, plan administrators, employees and their families. IRS Reverses Position on Excess Asset Transfers to Replacement DC Plans
Revenue Ruling 2003-85 concerns the tax treatment of transfers that exceed 25 percent of excess assets from a terminating defined benefit plan to a replacement defined contribution plan. IRS Releases Revenue Ruling on Pension Distributions and Cafeteria Plan Benefits
In Revenue Ruling 2003-62, the IRS provides definitive, final guidance on the tax consequences of using distributions from a qualified retirement plan to pay for benefits offered under a cafeteria plan. IRS Finalizes Catch-Up Contributions Regulations
The IRS has issued final regulations on catch-up contributions, which allow workers age 50 and older to defer more money to retirement plans that accept elective deferrals.
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