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Category Archives: Defined Benefit
Just in Time – The IRS Issues an Extension and a Sample Amendment for Code sec. 436
Just when the mad scramble to adopt last minute Code section 436 amendments was about to begin, the IRS has issued another extension, accompanied by a sample amendment. Notice 2011-96, released Nov. 29, 2011, extends the deadline to adopt an … Continue reading
Posted in amendments, Defined Benefit, IRS
Tagged AFTAP, IRS, Notice 2010-77, Notice 2011-96
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IRS Extends Deadline to June 30th for Multiemployer Plans
Today (April 30th) was the deadline for multiemployer plans to make certain elections described in sections 204 and 205 of the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA). Recognizing that some multiemployer plans need additional time, the IRS … Continue reading
Posted in Defined Benefit, IRS, multiemployer
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Termination Premiums are not Pre-Petition Claims Dischargeable in Bankruptcy
In PBGC v. Oneida, No. 08-2964-bk (CA 2nd, April 8, 2009), the Court of Appeals for the 2nd Circuit reversed the decision of the U.S. Bankruptcy Court for the Southern District of New York. The 2nd Circuit found that payments … Continue reading
Posted in Defined Benefit, Litigation, Termination
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Motorola Freezes Defined Benefit Plan and Ends 401(k) Match
In a sign of the times, Motorola announced that, effective March 1, 2009, it is freezing its defined benefit plan and, effective January 1, 2009, it will end matching contributions to its 401(k) plan. Motorola also announced that its co-CEOs … Continue reading
401(k) is Just a Number, not a Plan for Retirement
I’ve been blogging recently about defined benefit plans providing a more secure retirement than defined contribution plans, such as 401(k) plans. With Congress again discussing how to amend the tax code to provide a portable individual retirement plan for employees … Continue reading
Posted in Defined Benefit, Industry News
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Maybe What We Need is a Deregulated Individual Defined Benefit Plan
A few years ago, there was a lot of buzz about Congress creating some type of defined contribution plan for employees whose employer did not sponsor a plan. The idea was that if the employer was not sponsoring a qualified … Continue reading
Posted in Defined Benefit
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IRS Expands Transitional Relief for Defined Benefit Plans
One impact of Congress’ failure so far to pass any version of the Pension Protection Technical Corrections Act is that defined benefit plans have been forced to operate while awaiting guidance. Earlier this year, the IRS issued transitional relief in … Continue reading
Posted in Defined Benefit, IRS
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Effective Dates for Code Section 430 and the Code Section 430 Regulations
The effective dates for the Code section 430 regulations are an interesting mix. Congress made new Code section 430 effective to plan years beginning after December 31, 2007. With the Pension Protection Act being enacted into law on August 17, … Continue reading
Posted in Defined Benefit, IRS
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More Proposed Regs Released for New Code section 430
When Congress created new Code section 430 in Section 112 the Pension Protection Act in 2006, the impact of this new Code section was not immediately clear. The IRS has now provided a clear statement on their belief of the … Continue reading
Posted in Defined Benefit, IRS
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Married for One Year Language Defeats Claim for Benefits
Common language contained somewhere in most qualified plan documents is the definition of spouse. Within that definition can be the requirement that a participant must be married for a period of one year before the spouse is recognized by the … Continue reading
Posted in Defined Benefit, Litigation, Plan Language
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