You do not have the Flash plugin installed, or your browser does not support
Javascript (you should enable it, perhaps?)
Recent Developments
Recent developments
403(b) Form 5500 relief On July 20, 2009, the DOL issued Field Assistance Bulletin (FAB) 2009-2 to provide transitional relief to ERISA 403(b) plans that are now required to meet the Form 5500 reporting requirements for the 2009 plan year. The DOL understands the challenges that many 403(b) plan administrators are facing in terms of accurately reporting required financial information on the Form 5500. Many administrators are finding it difficult to gather financial information on old annuity contracts and custodial accounts with vendors that have either been deselected or are no longer receiving contributions. FAB 2009-2 listed several requirements that must be met for a 403(b) plan to be permitted to exclude certain contracts or accounts from the 2009 Form 5500.
Final investment advice regulations delayed The final rules regarding investment advice that must be provided to participants and beneficiaries in qualified plans and IRAs have been delayed until November 18, 2009. Originally issued January 21, 2009, with an effective date of March 23, 2009, the rules were initially delayed until May 22, 2009. The Department of Labor then pushed back the effective date to November to allow more time to evaluate the comment letters it had received, several of which raised issues with the final rules. Congress is also working on legislation that may change these regulations.
Extension ending for charitable donations from IRAs. The Pension Protection Act of 2006 (PPA) created a provision allowing taxpayers age 70½ or older to make direct, tax-free contributions of up to $100,000 per year from their IRAs to qualified charitable organizations. This tax benefit was then extended until December 31, 2009. Subsequently, required minimum distributions from IRAs were waived for 2009. However, charitable donations are still eligible for the tax-free treatment through the December deadline.
