| Test Your Human Resources Knowledge | ||
|
| Labor Law Journal Submissions | ||
|
| Labor Arbitrators' Awards and Biographies | ||
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.
A recent White House memorandum directing agency heads to finalize regulations by November 1, 2008 will not apply to the IRS, according to Treasury Department officials. However, the memorandum, which was issued with little fanfare or explanation, does not expressly exclude the IRS. Moreover, the memorandum could impact joint guidance projects of the IRS and other federal agencies, which must follow the White House’s directive to finalize guidance by November 1.
On May 9, 2008, White House Chief of Staff Joshua B. Bolten issued a memorandum directing executive departments and agencies to finalize regulations before November 1, 2008. “Except in extraordinary circumstances, regulations to be finalized in this Administration should be proposed no later than June 1, 2008 and final regulations should be issued no later than November 1, 2008,” Bolten instructed.
A Treasury Department spokesperson told CCH on May 29, 2008 that the memorandum will not apply to the IRS. “Generally, we believe the White House directive does not affect our normal process of issuing business plan guidance,” the Treasury Department spokesperson explained. This view appeared to be affirmed by W. Thomas Reeder, benefits counsel, Office of the Treasury Assistant Treasury for Tax Policy, on June 4, 2008.
Reeder, speaking at the Profit Sharing/401(k) Council of America’s 2008 Legislative and Regulatory Outlook conference in Washington, D.C., said that the Treasury Department and the IRS are working to finalize Code Sec. 401(a)(9) regulations for government plans, Code Sec. 402(f) notices, and guidance on Code Sec. 404(k) dividends. “These projects are not subject to the Bolten memorandum,” Reeder said. However, he conceded that the memorandum does not say “except for tax regulations.”
Looking ahead, Reeder said that the government needs to finalize a number of guidance projects under the Pension Protection Act of 2006 (P.L. 109280). These include finalizing proposed 401(k) automatic enrollment regulations and cash balance regulations. These projects will likely be completed in the Treasury Department’s 2008-2009 business plan year, Reeder indicated.
The Treasury Department and the IRS work frequently with the Department of Labor’s Employee Benefits Security Administration (EBSA) and the Pension Benefit Guaranty Corporation (PBGC) on joint guidance projects. A PBGC spokesperson told CCH on June 6, 2008, that the White House memorandum applies to the PBGC. CCH asked the DOL if the memorandum applies to EBSA but did not receive a response by press time. The impact that this clash of interpretations (one agency following the White House memorandum and another not) will have on joint guidance projects is also unclear at this point.
©2005-2024 CCH Incorporated or its affiliates
