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Category Archives: Plan Language
Still No News From IRS on Extension of 403(b) Written Plan Requirement
Today’s news is that there is no news on whether there will be an extension of time to comply with the Final 403(b) Regulations. The announcement made by IRS Senior Tax Law Specialist Bob Architect during the IRS’ webcast today … Continue reading
Posted in 403(b), IRS, Plan Language
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IRS Releases Cumulative List for Cycle D Plans
The IRS has released Notice 2008-108, which contains the 2008 Cumulative List of Change in Plan Qualification Requirements, also known as the Cycle D Cumulative List. Cycle D plans are: (1) individually designed single employer qualified plans where the last … Continue reading
Posted in IRS, Plan Language
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California Supreme Court’s Decision on Domestic Partnerships May Raise Some Plan Document Issues
Yesterday, in In re Marriage Cases, No. S147999 (May 15, 2008), the California Supreme Court addressed the issue of whether domestic partnership is the same as marriage. As framed by the Court, the issue they addressed in this decision is: … Continue reading
Some Plan Implications of Reclassification as IBM Reclassifies Employees from Salaried to Hourly
Paul Secunda has an interesting post today on the Workplace Prof Blog about IBM reclassifying workers from salaried to hourly. The corporate buzzword for this is “reclassification”, and the story, which originated on NPR Marketplace, also mentions FedEx reclassifying drivers … Continue reading
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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Redlined Copy of Document Required with Cycle C Submissions
Tucked away in Section 6.05 of Rev. Proc. 2008-6 is a requirement that determination letter submissions contain a highlighted or redlined copy of the plan document. It states: 6.05 Except in the case of applications involving master and prototype plans … Continue reading
Posted in Determination Letters, IRS, Plan Language
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No Plan Document Requirement for Qualified Transportation Fringe Benefits
One of the reasons I write plan documents for a living is because they are so interesting. Each plan document is like writing a novel, and a good plan document reads like a good novel. The other reason I like … Continue reading
Posted in Cafeteria Plans, Plan Language
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8 Questions to Ask When Reviewing ESOP Plan Documents
Aaron Juckett over at The One-Stop ESOP Blog posts a great reminder about items to look at when reviewing ESOP plan documents. In ESOP Planning: Plan Documents and Disclosures, Aaron discusses 8 questions to ask when reviewing the plan documents, … Continue reading
Posted in ESOP, Plan Language
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Governmental Roth 457 Plans May Become a Reality
Earlier this year, I posted about a provision contained in one of the 13 appropriate bills which would permit 457(b) plans to include a qualified Roth contribution program. H.R. 2419, also known as the Food and Energy Security Act of … Continue reading
Posted in 457 Plans, Legislation, Plan Language
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Revisiting Rollovers to NonSpouse Beneficiaries Before 2008
When the House of Representatives failed to act on the Pension Protection Technical Corrections Act of 2007 last week, it created a terrific end-of-the-year PPA question. The question: Are plans required to provide rollovers to nonspouse beneficiaries? The answer: Yes … Continue reading
Posted in Nonspouse Beneficiary, Plan Language, Rollovers
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