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| Legislative Updates related to Nonqualified Executive Benefits, and other interrelated issues. |
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Many of these are in pdf format if you need the acrobat reader download it here.
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| Date |
Title |
Description |
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11/2007 |
Notice 2007-89 IRS Issues Notice on Reporting and
Withholding Under Code Section 409A |
In general, the Notice exempts employers from having
to report in 2007 the amount of deferrals (that are
not subject to tax under section 409A) that occur in
2007. Under the statutory provisions of section
409A, employers will at some point be required to
report (on Form W-2, for example), not only the
taxable amounts in deferred compensation plans but
also the (nontaxable) amounts that are deferred each
year. Because the IRS has not issued sufficient
guidance in this area, the IRS started (with Notice
2006-100) postponing these requirements and has
continued to do so with Notice 2007-89.
Download Notice 2007-89 with AALU Summary Bulletin |
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10/2007 |
Retention Plan Limits for 2008 Announced |
On October 17, the Internal Revenue Service
announced the cost-of-living adjustments that will
be applied to the dollar limits in all tax-qualified
retirement plans in 2008. The limits apply to
calendar year plans, and plans that have been
amended for EGTRRA.
Download Notice 2008 Retention Limits CCi Alert |
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10/2007 |
Notice 2007-78 |
Notice 2007-78 provides transition relief and
additional guidance on the application of § 409A of
the Internal Revenue Code to nonqualified deferred
compensation plans.
Download Notice 2007-78 CCi Alert |
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04/2007 |
Final Regulations -Application
of Section 409A to Nonqualified Deferred
Compensation Plans |
This document contains final regulations regarding
the application of section 409A to nonqualified
deferred compensation plans. The final regulations
are necessary to clarify and explain the rules
governing the application of section 409A to
nonqualified deferred compensation plans. The
regulations affect service providers receiving
amounts of deferred compensation and the service
recipients for whom the service providers provide
services
Download
Final Regulations |
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04/2007 |
Notice 2007-34 |
This notice provides guidance regarding the
application of section 409A of the Internal Revenue
Code (Code) to split-dollar life insurance
arrangements. This notice also provides that certain
modifications of split-dollar life insurance
arrangements necessary to comply with, or avoid
application of, section 409A will not be treated as
a material modification for purposes of § 1.61-22(j)
of the Income Tax Regulations.
Download
Notice 2007-34 |
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8/2006 |
Pension Protection Act of 2006
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This document, prepared
by the staff of the Joint Committee on Taxation,
provides a technical explanation of the “Pension
Protection Act of 2006,” as passed by the House of
Representatives on July 28, 2006, as considered by
the Senate on August 3, 2006 and signed by President
Bush on August 17, 2006.
Download
Pension Protection Act - Fact Sheet
Download
Pension Protection Act - Technical Explanation
Download Pension Protection Act - Full Bill
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07/17/2006 |
Notice 2006-64
Interim Guidance on the Application of Section 409A
to Accelerated Payments to Satisfy Federal Conflict
of Interest Requirements |
Section 409A(a)(3) provides that a plan may not
permit acceleration of the time or schedule of
payment for nonqualified deferred compensation
subject to section 409A except as provided in
regulations by the Secretary..........
Download
Notice 2006-64 |
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05/11/2005 |
COLI Best Practices Act of 2005 H.R.2251 |
COLI Best Practices Act of 2005 - Amends the
Internal Revenue Code to limit the tax exclusion for
benefits paid by employer-owned life insurance
contracts upon the death of an insured employee,
with certain exceptions for directors and highly
compensated employees and for proceeds paid to the
heirs of an insured employee. Requires employers to
provide written notice to employees of intent to
insure their lives and obtain written consent from
such employees to being insured under a
company-owned life insurance contract.
Imposes certain reporting and recordkeeping
requirements for employer-owned life insurance
contracts.
Download
Proposed Regulations |
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1/31/2005 |
National Employee Savings and Trust Equity
Guarantee Act of 2005
S.219 |
National Employee Savings
and Trust Equity Guarantee Act of 2005- Amends the
Internal Revenue Code and the Employee Retirement
Income Security Act of 1974 (ERISA) to require
defined contribution plans to allow employees to
divest employer stock and diversify their pension
asset investments.
Revises requirements relating to: (1) information to
assist pension plan participants; (2) protection of
plan participants; (3) pension plan funding and
deductions; (4) the Pension Benefit Guaranty
Corporation (PBGC); (5) replacement of the interest
rate of 30-year treasury securities for purposes of
funding, PBGC premium rates, and calculating
lump-sum distributions; (6) portability and
distribution rules; (7) the Employee Plans
Compliance Resolution System; (8) spousal pension
protection, including spousal consent for
distributions from defined contribution plans and
division of pension benefits upon divorce; (9)
railroad retirement; (10) joint and survivor annuity
benefits; and (11) compensation and pensions of Tax
Court judges.
We are mostly concerned with the section 703
entitled:
TREATMENT OF DEATH BENEFITS FROM CORPORATE-OWNED
LIFE INSURANCE
Download
Full Document
Download Section 703 |
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12/20/2004 |
IRS Bulletin 2005-1 |
The Treasury Department and IRS issued Notice 2005-1 today which provides guidance regarding transition rules under section 409A. Section 885 of the recently enacted American Jobs Creation Act of 2004 added section 409A to the Internal Revenue Code, providing new rules for nonqualified deferred compensation plans.....
Read More
Download Notice 2005-1 |
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12/06/2004 |
OCC Bulletin 2004-56a |
In a joint effort "to remind financial institutions that the purchase and risk management of bank-owned life insurance must be consistent with safe and sound banking practices. While bank-owned life insurance is a useful product to recover costs associated with providing employee benefits, the agencies are concerned that some institutions have invested a significant amount of capital in bank-owned life insurance without an adequate understanding of the full array of risks it poses," the four federal agencies primarily responsible for supervising the banking industry- the Office of the Controller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of Thrift Supervision- have issued a statement, OCC 2004-56.
Download Notice OCC 2004-56a |
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10/28/2004 |
NonQualified Deferred Compensation - RE: Jobs Creation Act 2004 |
Both the House and the Senate passed the American Jobs Creation Act of 2004 which was signed into law by the President with an effective date of January 1, 2005 . The bill contains provisions that will affect the treatment of nonqualified deferred compensation (NQDC) plans created both before and after its date of enactment.
Read More |
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