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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
The Bush Administration's fiscal year 2008 budget, released on February 5, 2007, again includes proposals to simplify the retirement plan and IRA rules in an effort to expand personal savings. The proposals are similar to those included in the past several budget requests.
To simplify and encourage savings, the Administration proposes to consolidate traditional IRAs, nondeductible IRAs and Roth IRAs into Retirement Savings Accounts (RSAs), a streamlined type of account with rules similar to current law Roth IRAs and to authorize the creation of tax-free nonretirement savings accounts, called Lifetime Savings Accounts (LSAs). The President's proposal would also consolidate employer-based plans, such as 401(k), 403(b), and 457 plans, into a single employer retirement savings vehicle, called Employer Retirement Savings Accounts (ERSAs).
In addition, the Administration has recommended that the exclusion from income of qualified distributions made after age 70½ from a traditional or Roth IRA directly to a qualified charitable organization be made permanent.
For more information on this and related topics, consult the CCH Pension Plan Guide.
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