House Committee Approves Pension Funding Bill
Congress moved one step closer to pension reform when the House Education and the Workforce
Committee approved the Pension Protection Act of 2005 (H.R.2830) on June 30, 2005. Hybrid Plan Legislation Introduced
Representative John Boehner, chairman of the House Education and the Workforce Committee,
recently introduced the Pension Preservation and Portability Act, which would clarify that cash
balance and other hybrid plans do not violate age discrimination laws. Increasing Employees' Appreciation of Their Retirement Programs
Employers devote considerable resources to designing, funding and administering their retirement
programs. Medicare Part D: Employer Options and Key Considerations
Since the Medicare Modernization Act passed in December 2003, employers, health plans and
other affected entities have been busy preparing for January 1, 2006, when Medicare begins
financing a standard prescription drug benefit. IRS Permits 401(k) Deferrals Only From Certain Compensation Paid After Severance
The proposed section 415 regulations clarify that terminated employees may make elective deferrals
only from specified forms of post-severance compensation. Pension Fund Finances and Business Risk
As recently as five years ago, companies didn't have to think much about their defined benefit
pension funds. Cox's Nomination as SEC Chair May Affect Executive Compensation Initiatives
President Bush's nomination of Representative Christopher Cox to succeed outgoing Securities
and Exchange Commission chairman William Donaldson could affect the future of important
SEC executive compensation initiatives. FASB Considers Amending SFAS 87 for Plans That Pay Lump Sum Benefits
At its May meeting, the Financial Accounting Standards Board directed its staff to analyze how
accounting for a defined benefit plan that offers a lump sum payment option would be affected
if the accumulated benefit obligation for each participant eligible for a lump sum were required to
at least equal the lump sum payable to the participant as of the measurement date. IRS Clarifies Corporate Deduction Limit for Executives' Personal Aircraft Use
In the executive compensation world, the American Jobs Creation Act (AJCA) is best known for
substantially revamping the tax rules that govern nonqualified deferred compensation. News in Brief
IRS Proposes Comprehensive Section 415 Regulations
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