New Rules Ahead for Nonqualified Plans
President Bush signed the American Jobs Creation Act (H.R.4520) into law on October 22, 2004. American Jobs Creation Act Has Broad Range
In addition to the highly publicized new rules for nonqualified deferred compensation plans, the
American Jobs Creation Act includes several other compensation and benefit provisions. Plans Must Soon Comply With Automatic Default Rollover Rule
The U.S. Department of Labor has released final safe harbor regulations for automatic rollovers of
mandatory distributions to IRAs. President Signs Working Families Tax Relief Act
On October 4, President Bush signed the Working Families Tax Relief Act. The act extends the
Mental Health Parity Act and changes the interest rate provisions of the Jobs Creation and Worker
Assistance Act. New Definitions in Working Families Tax Relief Act Will Have Broad Effects
The Working Families Tax Relief Act of 2004 changed the Code section 152 definition of "tax dependent,"
which is often used to determine health and group plan eligibility and benefits’ tax status. IRS Proposes New Determination Letter Procedure
The vast majority of qualified plan sponsors seek IRS confirmation of their plan’s tax-qualified
status. DOL Provides Guidance on Missing Participants in Terminated Defined Contribution Plans
In Field Assistance Bulletin (FAB) 2004-02, the U.S. Department of Labor provides guidance on steps
for plan fiduciaries to take to locate missing participants and beneficiaries in terminated defined
contribution plans. Retirement Costs: Something's Happening Here, and What It Is, Is Exactly Clear
Can America Afford to Grow Old? is the title of a book written by three economists at the Brookings
Institute and published in 1988. The book title, along with much else written on the subject since
then, suggest that the answer is no. DOL Proposes Veterans’ Rights Regulations for Health Care, Pension Plans
The U.S. Department of Labor has proposed regulations to clarify the implementation of the
Uniformed Services Employment and Reemployment Rights Act of 1994. IRS Puts a Stop to Parking Double-Dipping
In Revenue Ruling 2004-98, the IRS shuts down an abusive employment tax arrangement in which
employers were essentially reimbursing employees twice for the same parking expense. IRS Releases 2005 Benefit Limits
The IRS has announced the annual cost-of-living and statutory adjustments of various dollar limits for employee benefit plans.
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