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Government Affairs
WASHINGTON UPDATE
The Department of Labor announced today the release of final regulations under ERISA § 408(b)(2) (DOL Reg. § 2550.408b-2) regarding service provider disclosure to ERISA plan fiduciaries. The much-anticipated final rule will be published in tomorrow’s Federal Register. The effective date has been extended from April 1, 2012 to July 1, 2012. The final rule is very similar to the 2010 interim final regulation, but there are differences. An ASPPA ASAP is being drafted and will provide greater details. ASPPA’s webcast, “The Finally Final 408(b)(2) Regulations” with Ilene Ferenczy has been rescheduled for February 22, 2012 at 2:00 PM EST.
COMMENTS/TESTIMONY
ASPPAs most recent coments and testimony:
On January 23, 2012, NTSAA and ASPPA submitted comments to the Internal Revenue Service in support of the inclusion of 403(b) plans in the prototype program for pre-approved plan documents. IRS officials have recently indicated that budget concerns may result in a reexamination of whether to include 403(b) plan documents in the pre-approved plan program. NTSAA and ASPPA believe that a prototype program for 403(b) plans is essential for the proper administration of the tax laws and that it would be a mistake to abandon this integral component of 403(b) compliance. [Comment]
On December 30, 2011, ASPPA and ACOPA submitted comments to the Pension Benefit Guaranty Corporation (PBGC) providing comments on the proposed rule relating to benefit determinations and plan valuations for statutory hybrid plans. ASPPA and ACOPA recommended that: (1) proposed regulations regarding §4022 be temporary, effective only for plan terminations occurring before the effective date of final Treasury regulations regarding market rate of return; and (2) PBGC should re-propose these rules in a manner that is consistent with the final Treasury regulations after the final market rate of return regulations are issued. [Comment]
On December 19, 2011, ASPPA and CIKR submitted comments to the Department of Labor recommending an extension of the applicability dates of the Department of Labor regulations issued under ERISA sections 404(a) and 408(b)(2). [Comment]
2011 ASPPA March on Capitol Hill Documents:
401(k) is How America Saves - Charts
Retirement Plan Regulations Should be Modernized
PBGC Premiums More than a Budget Gimick