Compliance

IRS Publishes Taxable Wage Base for 2008

The Internal Revenue Service has issued Revenue Ruling 2007-71, providing the table of covered compensation for the 2008 year for use in determining contributions to defined benefit plans and permitted disparity.

Morgan Stanley Sued for Allowing Banned Broker to Trade

A lawsuit filed against Morgan Stanley claims that, although the Securities and Exchange Commission (SEC) barred an adviser from trading over-the-counter securities in the 1980s, Morgan Stanley's predecessor Dean Witter incorrectly told her in 1995 that the ban had been lifted.

DoL Announces Changes to 2009 Form 5500

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA), the Internal Revenue Service, and the Pension Benefit Guaranty Corp. (PBGC) announced the publication of revisions to the Form 5500 annual return/report for plan year 2009.

DoL Working on Clarifications of QDIA Regs

Although the final Qualified Default Investment Alternatives (QDIAs) regulations answered many questions posed by commenters after the proposed regulations were issued, more questions are emerging concerning implementation of the rules.

IRS Releases Reminder About Saver’s Credit

The Internal Revenue Service (IRS) has put out a reminder that low- and moderate-income workers may be eligible for the saver’s credit for their contributions to an IRA or defined contribution savings plan.

SEC: Stay Tuned for 12b-1 Changes

While the Securities and Exchange Commission (SEC) is actively considering changes to Rule 12b-1, most of the comments on the subject appear to be opposed to change.

Auto Enrollment Guidance Issued

The Treasury Department and the Internal Revenue Service (IRS) issued proposed regulations implementing new rules that facilitate the adoption of automatic contribution arrangements in 401(k), 403(b), and 457 plans.