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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.
Senate Finance Committee Chairman Max Baucus (D-MT) has introduced a new tax extenders bill, which contains a handful of technical corrections to pension funding relief. Congress is expected to take up the legislation after the November elections.
The Job Creation and Tax Cuts Bill of 2010 (S. 3793), introduced on September 16, 2010, consists primarily of an extension of expiring tax breaks that were contained in an earlier extenders bill, the American Jobs and Closing Tax Loopholes Bill (H.R. 4213), which failed to move in the Senate. The new extenders package, however, also contains technical corrections to the pension funding provisions of the Preservation of Assets to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (P.L. 111-192), which was signed into law on June 25, 2010.
The principal purpose of these proposed changes is to make the provisions that were enacted clearer and more administrable. According to a summary of the bill prepared by the Senate Finance Committee, the changes would allow companies access to the important relief without having to wait for administrative guidance. "These technical changes do not represent any change in policy from the funding relief provisions as originally enacted," the SFC summary stated.
Source: Summary of the Baucus Job Creation and Tax Cuts Act, Senate Finance Committee, September 16, 2010.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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