IRS seeks comments on Notice 2009-31 and Rev. Proc. 2009-43

The IRS is seeking comments on an extension of a currently approved collection of information concerning Notice 2009-31 and Rev. Proc. 2009-43, which provide guidance for sponsors of multiemployer defined benefit plans relating to elections described in sections 204 and 205 of the Worker, Retiree, and Employer Recovery Act of 2009 (WRERA; P.L. 110-458). There […]

IRS asked to treat tribal commercial activities as government activities

Witnesses at a July 10, 2012 IRS hearing asked the government to revise its anticipated proposed regulations to limit the classification of tribal government activities as commercial activities. This change would allow more tribal pension plans to be treated as governmental plans under Code Sec. 414(d) and ERISA. Governmental plans are subject to fewer restrictions […]

EBSA modifies fee disclosure FAQs, clarifies provision on brokerage windows

The Employee Benefits Security Administration (EBSA) has modified its field assistance bulletin providing guidance on the fee disclosure regulations under ERISA §404(a) and §408(b)(2) in order to clarify provisions relating to “designated investment alternatives” and brokerage windows. The guidance is provided in the form of frequently asked questions (FAQs). New Field Assistance Bulletin 2012-02R, which […]

Witnesses recommend safe harbors and grandfathering for government plans at IRS hearing

IRS officials at a July 9, 2012 hearing on an advanced notice of proposed rulemaking concerning the determination of government plan status under Code Sec. 414(d) received numerous recommendations on how to revise the proposed rules. IRS officials heard comments from 16 witnesses, most of whom represented public charter schools, state retirement plans, and utility […]

Major Contract Awards

Air Force Awards $370 Million Training Contract. Royal Jordanian Air Academy, Amman, Jordan, is being awarded a $370,779,589 firm-fixed-price requirements contract to provide Type I special training for English language and technical aviation training for Iraqi Air Force technical personnel. Work is to be completed by August 8, 2013. The AETC CONS/LGCI, Randolph Air Force […]

SBA Issues Policy Directives on SBIR and STTR Programs

The Small Business Administration has amended its policy directives for the Small Business Innovation Research and Small Business Technology Transfer programs. These amendments implement provisions of the National Defense Authorization Act for Fiscal Year 2012. The NDAA contained the SBIR/STTR Reauthorization Act of 2011, which made several key changes to the programs relating to eligibility, […]

Contractor’s FCA Liability Exceeded Quantum Meruit Recovery

According to the Court of Federal Claims, a contractor was subject to False Claims Act liability, despite prevailing in part on its claims for payment of unpaid invoices, because the government’s knowledge the contractor’s proposal was pretextual did not displace the contractor’s knowledge the proposal was false. The contractor sought payment for services provided under […]

Company owner not personally liable as ERISA fiduciary for unpaid plan contributions

A company owner and a supervisor were not ERISA fiduciaries and therefore could not be personally liable for unpaid contributions to a union’s pension and welfare funds, the U.S. Court of Appeals in Cincinnati (CA-6) has ruled. Unpaid contributions A union’s pension and welfare funds filed suit against a company, the company owner and a […]

Pension & Benefits NetNews – August 14, 2012

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401(k) plan eligibility key factor in retirement readiness, EBRI finds

Eligibility for participation in a workplace 401(k) plan is one of the single most important factors in closing the retirement savings gap for Generation X, according to a new report by the Employee Benefit Research Institute (EBRI). The EBRI, which has extensively measured retirement readiness levels using its Retirement Security Projection ModelTM since its launch […]