Washington Update

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ASPPA Submits Letter to DOL on Participant Contribution Safe Harbor
On April 29, 2008, ASPPA submitted a comment letter to the DOL on their proposed amendment of the plan asset regulation relating to participant contributions. [Comments]

ASPPA submitted comments to IRS and Treasury on Correcting Certain Document Errors
On April 25, 2008, ASPPA submitted a comment letter to the IRS and Treasury discussing current methods available to plan sponsors through EPCRS to retroactively correct certain document errors, and providing additional examples to assist plan sponsor and practitioners in determining when correction may be appropriate. [Comments]

ASPPA and CIKR Submit Letter of Support to H.R. 3185, as amended
On April 15, 2008 - ASPPA and CIKR submitted a Letter of Support to H.R 3185, as amended, to House Education and Labor Chairman George Miller (D-CA). [H.R. 3185 Support Letter][News Release]

ASPPA submitted comments to Treasury and the IRS
On April 2, 2008 – ASPPA submitted comments to Treasury and the IRS on their proposed regulations on the diversification requirements for qualified defined contribution plans holding publicly traded employer securities. [Comments]

ASPPA & CIKR Testify at DOL Public Hearing on ERISA 408(b)(2)
On March 31, 2008, ASPPA & CIKR testified before a DOL ERISA 408(b)(2) fee disclosure public hearing, addressing issues raised in the joint February 11, 2008 comment letter. [Oral Testimony]

ASPPA, in cooperation with COPA, submitted comments to Treasury and the IRS
On March 31, 2008 – ASPPA, in cooperation with COPA, submitted comments to Treasury and the IRS on their proposed funding regulations, and requested revised proposed regulations be issued on both IRC 430 and 436. [Comments]

ASPPA, in cooperation with COPA, submitted comments to Treasury and the IRS
On March 27, 2008, ASPPA, in cooperation with COPA, submitted comments to Treasury and the IRS on their proposed regulations regarding hybrid defined benefit plans. [Comments]

ASPPA, CIKR and the Small Business Council of America (SBCA) submitted comments in opposition to Connecticut 401(k) plan legislation
On March 11, 2008, ASPPA, CIKR and the Small Business Council of America (SBCA) submitted comments in opposition to Connecticut 401(k) plan legislation. [CT Written Comments]

ASPPA submitted comments to the DOL on ERISA Section 408(b)(2) proposed regulations
On February 11, 2008, ASPPA & CIKR submitted comments to the DOL on ERISA Section 408(b)(2) proposed regulations. [Comments]

ASPPA submitted comments to the IRS and Treasury on Automatic Contribution Arrangements
On February 6, 2008, ASPPA submitted comments to the IRS and Treasury on the Automatic Contribution Arrangements proposed regulations. [Comments]

ASPPA'S Judy A. Miller testifies before the IRS and Treasury
On January 28, 2008, Judy A. Miller, ASPPA Chief of Actuarial Issues and Director of Retirement Policy, testified before the IRS and Treasury on proposed benefit restriction regulations for underfunded pension plans. [Testimony Outline]

Rep. Earl Pomeroy (D-ND) sends letter to Treasury Secretary
On January 18, 2008, Rep. Earl Pomeroy (D-ND) sent a letter to Treasury Secretary Henry M. Paulson asking for clarification that a “reasonable interpretation” of PPA is permitted until funding regulations become effective. [Pomeroy Letter]

ASPPA submitted comments to the IRS and Treasury on Revenue Ruling 2007-43
On January 18, 2008, ASPPA submitted comments to the IRS and Treasury requesting additional clarification to the guidance on partial plan terminations provided in Revenue Ruling 2007-43. [Comments]

ASPPA submitted comments and a proposal to the IRS on EPCRS
On January 18, 2008, ASPPA submitted comments and a proposal to the IRS and Treasury requesting consideration of EPCRS to correct scrivener’s errors on a limited basis. [Comments] [Examples]

ASPPA Submits Comment to Treasury and IRS on Benefit Restrictions
On November 28, 2007, ASPPA, in cooperation with COPA, submitted comments to Treasury and the IRS on their proposed regulations regarding benefit restrictions for underfunded pension plans. [Comments]

ASPPA Submits Comments to IRS on Safe Harbor Plans
On November 16, 2007, ASPPA submitted comments to the IRS on mid-year modifications of the provisions of a safe harbor plan, pursuant to Announcement 2007-59. [Comments]

DOL Releases Final Form 5500 Regulations
On November 16, 2007, the DOL released final regulations and revisions to the 2007 Form 5500 Annual Report. [Revisions Part 1][Revisions Part 2][Final 5500 Rule]

ASPPA Submits Comments to W&M Committee on PPA Technical Corrections Legislation
On November 1, 2007, ASPPA submitted a comment letter on the House Ways and Means Committee on their PPA Technical Corrections legislation (H.R. 3361), setting forth recommendations on pending and new technical corrections needed for the successful implementation of PPA. [Comment Letter]

ASPPA and CIKR Testify Before the House Ways and Means Committee on 401(k) Fee Disclosure
On October 30, 2007, Tommy Thomasson, Chair of CIKR, testified on behalf of ASPPA and CIKR before the House Ways and Means Committee at a hearing on the appropriateness of retirement plan fees, focusing on the need for uniform disclosure requirements from all service providers to plan fiduciaries. [Testimony] [Fiduciary Disclosure] [Participant Disclosure] [Press Release] [House W&M Committee Websitee]

ASPPA and CIKR Testify Before the Senate Special Committee on Aging
On October 24, 2007, Michael Kiley of Plan Administrators Inc. testified on behalf of ASPPA and CIKIR before the Senate Special Committee on Aging on how transparency in 401(k) fee disclosure can increase the retirement security of American workers. [Testimony] [Fiduciary Disclosure] [Participant Disclosure] [Senate Aging Committee]

DOL Announces Extended Deadline for Trustee-Directed DC Plan Benefit Statements
On October 12, 2007, DOL announced that annual benefit statements for trustee-directed DC plans would not have to be given to participants until the Form 5500 for the plan is filed. ASPPA, along with the NFIB, SBCA and the U.S. Chamber, worked with DOL on obtaining this extension. [Announcement ]

ASPPA and CIKR Testify Before the House Education and Labor Committee
On October 4, 2007, Tommy Thomasson, Chair of CIKR, testified on behalf of ASPPA and CIKR before the House Education and Labor Committee on the proposed fee disclosure rules in H.R. 3185, focusing on the need for uniform disclosure requirements from service providers to plan fiduciaries.[Testimony] [Fiduciary Disclosure] [Participant Disclosure] [Press Release] [House Ed & Labor Committee Website]

CIKR Testifies on Revenue Sharing Issues before DOL
On September 20, 2007, Samuel T. Brkich testified on behalf of CIKR before the DOL’s ERISA Advisory Council’s Working Group on Fiduciary Responsibilities Update and Revenue Sharing, focusing his testimony on fiduciary issues surrounding revenue sharing and current revenue sharing practices. [Testimony] [Press Release]