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2010
Manage | s y s c o m : g m

 Robert Richter, president-elect of the American Society of Pension Professionals & Actuaries (ASPPA), provided testimony regarding recommendations to modify Circular 230 (31 CFR part 10 §REG-138637-07) before a hearing of the Internal Revenue Service (IRS) on Friday October 8, 2010. In his testimony, Richter advocated that the IRS permit a single preparer (the individual with supervisory authority) to register on behalf of the firm as the tax return preparer for purposes of filing Form 5500 and that guidance be issued on which components of Form 5500 have sufficient impact on tax returns to require registration.[Testimony]

On September 15, 2010, Sheldon Smith, Esq., a partner in the Compensation and Benefit Practice Group of the law firm of Holme Roberts & Owen LLP, testified on behalf of ASPPA before a joint hearing held by the Department of the Treasury and the Department of Labor on issues relating to Lifetime Income Distribution Options for Participants and Beneficiaries. (LINK) ASPPA previously submitted comments to both Agencies in response to a Request for Information on this topic issued jointly on February 2, 2010. [Testimony]

On August 31, 2010, M. Kristi Cook, of the Law Offices M. Kristi Cook PC, testified on behalf of ASPPA and NTSAA before the U.S. Department of Labor Advisory Council on Employee Welfare and Pension Benefit Plans on the subject of pension plan auditing, “limited scope” audits and financial reporting models in the context of 403(b) plans and arrangements. [Testimony]