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Keeping Current—A Regulatory Update on Retirement Plans

admin | November 18, 2011 | 0 Comments

ASPPA News from the Field
2011 Annual Conference

WASHINGTON (October 24, 2011) – The American Society of Pension Professionals & Actuaries (ASPPA) held their Annual Conference at the Gaylord National Harbor Hotel October 23 – 26. Monday’s sessions kicked off with an update on current legislation, regulations and guidance particular to retirement plans. Ilene H. Ferenczy and S. Derrin Watson, both ERISA attorneys and well known speakers, presented the technical update.

Ferenczy and Watson have paired up for the annual conference technical update for several years and though a lot of information is covered in a short span of time, the pair play off of each other well and are able to add humor and interest amid discussion of tax code and ERISA regulations. Watson is known to set current regulation issues to tune, so those familiar with his presenting style enter the room wondering if there will be a song before the session is over.

The increase in the Cost of Living Allowance was a hot topic, given the contribution and compensation limits will increase for 2012 for the first time since 2008. The Puerto Rico tax code has also been updated to modify their contribution and compensation limits to be more in line with the U.S. tax code limits.

In December 2010, the Internal Revenue Service (IRS) issued guidance regarding conversion of pre-tax dollars to Roth dollars by performing a rollover within a retirement plan. The intricacies of managing the pre-tax to post-tax maneuver were outlined.

Many other topics, including Multiple Employer Plans (MEPS), new prototype document approval cycles and new fee disclosure requirements were also discussed, providing attendees resources at additional workshops and sessions throughout the conference, as well as citing the appropriate regulations.

True to form, Ferenczy and Watson provided a fast-paced review of the hottest topics in the retirement plan industry. Yes, Watson did burst forth in song before it was all over, set to the tune of Disney’s Pocahontas theme song, lamenting the volumes of paper required for proper fee disclosure. And the audience was well pleased.

—Mickie Murphy, QPA, QKA, ERPA
Senior Manager, Employee Benefit Services
Clifton Gunderson
ASPPA Member since 1998