The Internal Revenue Service (the “IRS”)has issued final regulations (the “final regulations”) on the disclosure of relative values of optional forms of benefit distribution offered under defined benefit plans, money purchase pension plans, and certain other defined contribution plans subject to Section 401(a)(11) of the Internal Revenue Code (the “Code”). The final regulations generally retain […]
Author: Trucker Huss
Amounts held under individual retirement accounts (“IRAs”) can be a substantial source of retirement income. The growth of 401(k) plans and other defined contribution plans (as opposed to traditional defined benefit pension plans) has generated additional opportunities for employees and retirees to use IRAs. A defined contribution plan may offer a lump sum form of […]
On January 27, 2006, the Securities and Exchange Commission (SEC) released proposed rules regarding the disclosure requirements for executive and director compensation in annual proxy statements filed by public companies. The proposed rules would require public companies to revamp the way in which they report executive and director compensation each year in the proxy, and […]
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) added a new Section 402A to the Internal Revenue Code (the “Code”) effective January 1, 2006, which provides that 401(k) and 403(b) plans may permit participants to designate some or all of their elective deferrals as Roth contributions. These “designated Roth contributions,” unlike pre-tax […]
On December 19, 2005, the Department of Labor, Veterans’ Employment and Training Service (“DOL”) issued final regulations that interpret the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended (“USERRA”). These final USERRA regulations (“final regulations”) are effective January 18, 2006. An article in our January issue described the effects of the final […]
On December 19, 2005, the Department of Labor, Veterans’ Employment and Training Service (“DOL”) issued final regulations that interpret the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended (“USERRA”). These final USERRA regulations are effective January 18, 2006. The final USERRA regulations (“final regulations”) follow the proposed USERRA regulations that were issued […]
On September 29, 2005, Treasury and the IRS issued proposed regulations on deferred compensation under Section 409A of the Internal Revenue Code. Section 409A governs arrangements that provide deferred compensation to employees, including severance plans (referred to in the proposed regulations as “separation pay arrangements”). However, the proposed regulations exempt certain types of severance plans […]
The Internal Revenue Service (“IRS”) has released the 2005 Cumulative List of Changes in Plan Qualification Requirements (the “2005 Cumulative List”). In general, the cumulative list identifies the provisions from statutes, regulations and other guidance that must be taken into account and that are required to be incorporated into the plan document when an application […]
Effective for calendar year 2005, the IRS has suspended the rules requiring companies to report amounts deferred or accrued under nonqualified deferred compensation plans on Forms W–2 and 1099–MISC. New rules under Internal Revenue Code sections 6041 and 6051 (which were enacted as part of the American Jobs Creation Act of 2004) require that companies […]
A new voluntary prescription drug benefit called Medicare Part D was established by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (the “Act”). Beginning January 1, 2006, Medicare Part D plans will be available to individuals who are eligible for Medicare. This article describes the notice obligations for plan sponsors that sponsor or […]
In June and September of this year, both the Sixth Circuit Court of Appeals and the U.S. District Court for the Middle District of North Carolina issued decisions that counsel in favor of careful treatment of contested claims for a decedent’s benefit from an employee benefits plan. These two courts grappled with the following questions: […]
The Internal Revenue Service has announced the annual cost-of-living adjustments applicable to dollar limitations for pension plans and other items for Tax Year 2006. Several limitations are scheduled to increase at the beginning of 2006 under the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”). In addition, the increase in […]
As we reported to you in our Special Alert earlier in October, proposed regulations have been published under Internal Revenue Code section 409A covering a variety of deferred compensation arrangements, including stock options, stock appreciation rights and restricted stock awards, restricted stock unit awards and other stock awards. IRS Notice 2005–1, which we summarized in […]
In December 2003, the Internal Revenue Service (the “IRS”) issued regulations regarding the content of qualified joint and survivor annuity (“QJSA”) and qualified pre-retirement survivor annuity (“QPSA”) explanations. The regulations specify how the relative value of optional forms of distribution offered under defined benefit plans, money purchase pension plans, and certain other defined contribution plans […]
As recovery efforts continue following the devastation wrought by Hurricane Katrina, affected employers face the daunting tasks of responding to the needs of displaced employees and reestablishing destroyed business operations. This article discusses some of the employee benefits issues that these employers may face in meeting those objectives as well as the relief provided or […]
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