The Savitz Organization

DOL Finalizes Small Plan Contribution Safe Harbor Rules

Wed, 20 Jan 2010 21:05:21 GMT

On January 14th, the Department of Labor (DOL) published final regulations applicable to pension plans with fewer than 100 participants. The regulations have an immediate effective date. Under the regulations, employers are required to transmit employee payroll contributions and loan payments as soon as they can be reasonably segregated from general employer assets.

DOL Update on COBRA Extensions, Including Model Notices

Thu, 14 Jan 2010 13:14:03 GMT

The Department of Labor has updated its COBRA web site (www.dol.gov/COBRA) to include information on the extension of the COBRA subsidy, including new model notices.

President Passes COBRA Extension

Wed, 13 Jan 2010 02:12:11 GMT

The U.S. Senate and the President have acted quickly to pass legislation extending the COBRA subsidy. The new law does the following:
1. Extends the eligibility period from December 31, 2009 through February 28, 2010.
2. Extends the reimbursement period from 9 months to 15 months, and is retroactive to March 1, 2009.
3. Allows those who stopped paying COBRA coverage because their subsidy ran out to re-enroll in COBRA under the subsidy extension without any gaps in coverage.

Savitz Leaders Recognized by ASPPA

Wed, 13 Jan 2010 02:10:57 GMT

The American Society of Pension Professionals & Actuaries (ASPPA) honored longtime member Samuel J. Savitz with the 2009 Harry T. Eidson Founders Award at its annual conference November 5. Savitz is an original founding member of the Society and served as its president in 1972. Throughout his business career, Savitz's principal interest has been corporate retirement planning, a subject on which he has written extensively, and lectured throughout the country.

Preparing Defined Benefit Plan Sponsors for 2010

Wed, 13 Jan 2010 02:09:25 GMT

For defined benefit plans, it has been a roller coaster ride through the last decade. Market losses in the early years of the decade wreaked havoc on pension funding, seemingly countless pieces of funding relief and ultimately funding "reform" legislation were put forth by Congress, new pension funding and benefit restriction rules and regulations created a whole new set of requirements, and in late 2008 the infamous market downturn left the retirement industry scrambling on all fronts.

Benefit Statements Under PPA

Wed, 13 Jan 2010 02:08:31 GMT

One of the areas of the 2006 Pension Protection Act ("PPA") that has received relatively little attention, at least with respect to defined benefit pension plans, is the requirement to issue employee benefit statements.

EGTRRA Document Restatements for Defined Contribution Plans

Wed, 13 Jan 2010 02:07:48 GMT

Over the last seven years, Congress and the Internal Revenue Service have been busy overhauling the laws and regulations that govern the operation of qualified retirement plans.

PPA Required Amendments for Defined Benefit Plans

Wed, 13 Jan 2010 02:07:12 GMT

Defined contribution plans are not alone in facing a significant amendment deadline in the coming months.

Do You Look At Your Health Benefits Like Car Insurance or Your Electric Bill?

Wed, 13 Jan 2010 02:06:29 GMT

Allow us to explain the mystery of self funding by using those two examples.

Amortization Extensions for Multiemployer Plans

Wed, 13 Jan 2010 02:05:14 GMT

These days, many multiemployer plan trustees are walking a fine line between risking employers' future solvency to fund pension plans that were hard hit by the investment losses of 2008 and disappointing employees by reducing future pension benefits. In certain situations, an amortization extension may be an effective tool in delaying or eliminating the potential for an Endangered Status certification and would allow time for investment and economic recoveries to have a positive impact.