Compliance June 2, 2011

ASPPA Proposes Extension for Form 8955-SSA Filing

The American Society of Pension Professionals & Actuaries (ASPPA) has requested that the Internal Revenue Service revise the due date for filing the Form 8955-SSA for 2009 and 2010 plan years.
Reported by

ASPPA says the reason is because of the delay in the release of the official forms and instructions. In its letter to the IRS, ASPPA pointed out that it is impossible for filers to submit the large number of filings that are due within the currently provided time frame without the official forms, instructions, and ability to file the Form 8955-SSA electronically through the Filing Information Returns Electronically (FIRE) system.  

A revision of the due date for filing the 2009 and 2010 Form 8955-SSA would eliminate the need to file Form 5558 to extend the due date of such filings.  

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ASPPA suggested that the filing deadline for the Form 8955-SSA for any plan year beginning in 2009 and 2010 should be changed to no earlier than 180 days following the date the IRS releases the official form and instruction to the public and the FIRE system is available to support receipt of Form 8955-SSA filings. Thereafter, such 2009 and 2010 plan year filings should be due by the due date, with extensions, for filing the related plan’s 2010 Form 5500 series report.  

ASPPA’s letter is here.
Products June 2, 2011

IndexIQ Launches Japanese Equities ETF

IndexIQ has launched the IQ Japan Mid-Cap exchange-traded fund (ETF), which is dedicated to providing access to Japan’s mid-cap stock sector. 
Reported by

The ETF (ticker: RSUN) is intended to provide pure-play exposure to the Japanese mid-cap sector, either as a stand-alone vehicle or in combination with small- and large-cap Japanese ETF offerings, to create a broad-based portfolio.

As in the U.S., the Japanese mid-cap sector includes companies that combine the possibilities for growth characteristic of small-cap companies with the size and financial stability of larger-cap companies. The announcement said RSUN seeks to replicate, before fees and expenses, the performance of the IQ Japan Mid Cap Index, a float-adjusted market cap-weighted index that aims to track the overall performance of the mid-cap sector of publicly traded companies domiciled and primarily listed on an exchange in Japan.   

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“To date, there has been no way for individuals in the U.S. to get focused exposure to the potential of these mid-sized companies,” said Adam Patti, CEO of IndexIQ. “RSUN allows investors to isolate and access this sector of the Japanese economy in a low cost, highly liquid, tax-efficient way.”   

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