Products June 23, 2009

FTSE in Partnership for Currency Indexes

FTSE Group and Record plc, a specialist currency investment manager, have hashed out an agreement to create a new range of currency Forward Rate Bias (FRB) indexes.

Reported by

Fred Schneyer

The indexes will aim to provide investors with a passively managed and transparent benchmark for currency FRB returns, used for portfolio construction, index-tracking, and benchmarking, according to a news release.

“This new co-operation combines FTSE’s global brand equity, track record in strategic partnerships, and renowned indexing expertise with Record’s comprehensive knowledge of currency investment management,” said Mike Bruno, head of Fixed Income at FTSE Group, in the release.

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More information is available at www.ftse.com.

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Compliance June 23, 2009

IRS Finalizes List of 403(b) Documents Declared Out-of-Date

The Internal Revenue Service (IRS) has finalized its list of guidance documents issued in the last 45 years dealing with 403(b) plans declared obsolete in light of the agency's recent comprehensive rules rewrite.

Reported by

Fred Schneyer

In Rev. Rul. 2009-18, issued Tuesday, the tax agency listed the documents now officially obsolete as:

Rev. Rul. 64-333 (1964-2 CB 114)
Rev. Rul. 65-200 (1965-2 CB 141)
Rev. Rul. 66-254 (1966-2 CB. 125)
Rev. Rul. 66-312 (1966-2 CB 127)
Rev. Rul. 67-69 (1967-1 CB 93)
Rev. Rul. 67-78 (1967-1 CB 94)
Rev. Rul. 67-361 (1967-2 CB 153)
Rev. Rul. 67-387 (1967-2 CB 153)
Rev. Rul. 67-388 (1967-2 CB 153)
Rev. Rul. 68-179 (1968-1 CB 179)
Rev. Rul. 68-482 (1968-2 CB 186)
Rev. Rul. 68-487 (1968-2 CB 187)
Rev. Rul. 68-488 (1968-2 CB 188)
Rev. Rul. 69-629 (1969-2 CB 101)
Rev. Rul. 70-243 (1970-1 CB 107)
Rev. Rul. 87-114 (1987-2 CB 116)
Rev. Rul. 90-24 (1990-1 CB 97)
Notice 90-73 (1990-2 CB 353)
Notice 92-36 (1992-2 CB 364)
Announcement 95-48 (1995-23 IRB 13).

The tax agency said Notice 89-23 (1989-1 CB 654) is also obsolete except to the extent described in the last paragraph of the “Treatment of Controlled Groups that Include Tax-Exempt Entities” section of the preamble to Treasury Decision 9340 at 72 FR 41138, and 2007-2 CB 499.

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