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

On December 30, 2010, ASPPA filed comments with the IRS with respect to the Form 8955-SSA, Annual Registration Statement Identifying Participants with Deferred Vested Benefits and the accompanying instructions. The Form 8955-SSA replaces the Schedule SSA to the Form 5500. The comments provide recommendations as to how to clarify the instructions and improve the filing process. [Comment]

On November 5, 2010, ASPPA filed supplemental comments with the DOL with respect to a previous ASPPA proposal to create a self correction component for the late deposit of employee contributions as part of the Voluntary Fiduciary Correction Program. [Comment]

On November 3, 2010, ASPPA and CIKR submitted a comment letter to the Securities and Exchange Commission with respect to proposed amendments to the rules for mutual fund distribution fees, including changes to 12b-1 fees. The comments provide recommendations as to how the proposed amendments could be improved, including suggesting the adoption of a plan investor “safe harbor.” [Comment]

On October 8, 2010, ASPPA and NTSAA submitted comments to the Department of Labor requesting relief with respect to the 2009 Form 5500 filing process for 403(b) plans and associated independent audits. The reason for the request relates problems that have been uncovered as the data collection process for the 2009 plan year has unfolded. [Comment]

On October 12, 2010, ASPPA and ACOPA submitted comments to PBGC on proposed substantial cessation of operations rules under ERISA 4062(e). [Comment]

On October 7, 2010, ASPPA submitted supplemental comments to the IRS with respect to proposed modifications to Circular 230, which governs the rules of practice before the IRS. The supplemental comments relate to changes proposed with respect to approval of programs for continuing education credit as may be required by Circular 230. [Comment]

On October 1, 2010, ASPPA submitted comments to the Department of Labor and the Internal Revenue Service requesting an extension for filing the 2009 Form 5500 series reports due on or before October 15, 2010. The basis for this request is the substantial number of filings expected within the first two weeks of October which are later than normal primarily due to the challenges plan sponsors and administrators face in filing reports for the first time under the revised form and the new EFAST2 filing system. ASPPA also requested liberal application of “reasonable cause” waivers for reports that are filed late because of the same challenges. [Comment]

On September 16, 2010, ASPPA submitted a comment letter to the IRS with respect to proposed modifications to Circular 230, which governs the rules of practice before the IRS. In the letter, ASPPA recommends that Circular 230 be modified to provide that only a single individual be required to obtain (and potentially furnish) a Tax Preparer Identification Number (“PTIN”) with respect to the preparation of Form 5500 and related schedules. [Comment]

On August 29, 2010, ASPPA and CIKR submitted a comment letter to the Department of Labor with respect to the Interim Final Regulation under ERISA §408(b)(2) which relates to the disclosure obligations of certain service providers to retirement plan fiduciaries. The comments provide suggestions and recommendations as to how the Interim Final Regulation could be improved before it becomes effective on July 16, 2011. [Comment]

ASPPA and NTSAA submitted a comment letter to the IRS on June 25, 2010, to  request limited relief with respect to hardship distributions from certain 403(b) contracts.   Due to the recent economic downturn, there has been a significant increase in the number of requests for financial hardship distributions from contracts issued by “de-selected” 403(b) providers under Revenue Procedure 2007-71. Compliance with the final 403(b) regulation standards to process a hardship distribution is problematic for “de-selected” contracts.  Consistent with marketplace practices prior to the final 403(b) regulations, the letter recommends that hardship distributions from “de-selected” 403(b) contracts be permitted  upon a participant’s certified statement as to the existence of the financial hardship provided certain other requirements are satisfied. [Comment]

On June 22, 2010, ASPPA and NTSAA filed a comment letter with the IRS asking for guidance with respect to the termination of an IRC §403(b) plan. There is much confusion with respect to the manner in which a liquidating distribution is made when a 403(b) plan is terminated. Several common examples of liquidating distributions are included in the letter and  ASPPA and NTSAA requested that guidance be issued to clarify the Service’s position in this area. [Comment]


On June 8, 2010, ASPPA submitted comments to the IRS with respect to the safe harbor model notice to participants under IRC §402(f). The comments provide recommendations for areas needing clarification as well as ways the model language could be improved [Comment]

On June 4, 2010, ASPPA submitted comments to the IRS requesting that guidance be issued with respect to the impact of mid-year plan design changes on the status of a safe harbor 401(k) plan. ASPPA had previously provided comment to the IRS on this issue on November 16, 2007. [Comment]

On May 6, 2010, ASPPA submitted comments with the IRS requesting that the determination letter program for pre-approved plans using IRS Form 5307 remain open beyond April 30, 2010. The comment letter lists a number of circumstances where an adopting employer of a pre-approved plan might want or need to apply for an individual determination letter after April 30, 2010.  Limiting the ability of employers using pre-approved plan documents to request an individual determination letter after April 30, 2010 will result in undue hardship for plan sponsors.  [Comment]

On May 5, 2010, ASPPA submitted comments to the Department of Labor on the proposed rule relating to the provision of investment advice to participants and beneficiaries of individual account plans [Comment]

On May 3,2010, ASPPA submitted comments to the Department of Labor and the Department of the Treasury in response to a Request for Information Regarding Lifetime Income Distribution Options for Participants and Beneficiaries in Retirement Plans issued jointly by the Agencies on February 2, 2010. The comments were prepared by an ASPPA Task Force, Chair Bruce Ashton. The members of the Task Force were: Mark Dunbar; Scott Hayes; Joan McDonagh; Robert J. Toth; and Craig Hoffman.  [Comment]

On April 23, 2010, ASPPA submitted comments to the Department of Labor and the Internal Revenue Service requesting a blanket extension for filing the 2009 Form 5500 series reports so that plan sponsors would not have to file IRS Form 5558 to obtain an extension. The basis for this request are the challenges plan sponsors and administrators will face in filing reports for the first time under the new EFAST2 filing system. [Comment]

On March 18, 2010, ASPPA and NTSAA filed  comments with the DOL regarding the “limited involvement” safe harbor exemption from Title I of ERISA  for certain 403(b) arrangements offered by 501(c)(3) organizations. Relief was requested for arrangements which may now be subject to Title I as a result of the guidance provided by FAB 2010-01. [Comment]

On March 4, 2010,  ASPPA filed comments with the IRS providing recommendations on the how the procedures for determination letters, plan remedial amendments and other matters covered by Revenue Procedure 2007-44 could be improved. The letter was filed in anticipation of the issuance of an updated revenue procedure in this area. [Comment]

On February 18, 2010, ASPPA submitted recommendations to the IRS with respect to ways the EPCRS program could be improved and enhanced [Comment]

On February 12, 2010, ASPPA filed comments with the DOL requesting that a self correction component for the late deposit of employee contributions be added to the Voluntary Fiduciary Correction Program. [Comment]

On February 3, 2010, ASPPA and NTSAA filed comments with the DOL requesting clarification of the application of the exemption from ERISA coverage for certain 403(b) arrangements using an “open architecture investment platform. [Comment]

On February 2, 2010, ASPPA filed a petition with the DOL regarding a potential problem with the  sharing of signing credentials under the new EFAST2 Form 5500 filing system. Also included in the filing was a supplemental letter with a proposed solution to the problem. [Comment]

On January 22, 2010, ASPPA and ACOPA submitted comments to PBGC on the proposed rule relating to reportable events and other notice requirements. [Comment]