Roles and Responsibilities of a Fiduciary

March 1, 2006

The last several years have seen issues surrounding employer sponsored retirement plans make headlines. The company stock scandals connected with the Enron collapse, the recently predicted death of traditional pension plans and the pending pension legislative reform currently being considered in joint committee to reconcile the US Senate and House pension bills are a few. The laws that govern retirement plans are complex and often little understood by those who are required to adhere to them.

Frequently Asked Questions About 409A

February 2, 2006

What is 409A?

In 2004, Congress passed the American Jobs Creation Act of 2004. As part of this Act, Congress completely rewrote the rules governing nonqualified deferred compensation by adding Section 409A to the tax code. The rules are effective starting January 1, 2005, and all deferred compensation plans must operate in compliance with the rules as of that date. Documentary compliance must be completed by December 31, 2005.

CU Exempt Status Revocations

January 13, 2006

In the category of “What can go wrong,” the IRS has notified at least 20 federal credit unions and 239 state-chartered credit unions that their tax-exempt status has been revoked.  The reason:  the credit unions failed to file their Form 990 for three years in a row.  Under the Pension Protection Act of 2006, failure to file for three consecutive years results in automatic revocation.


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