Products November 21, 2011

Revised Handbook Released for Multiemployer Plan Sponsors

A revised handbook for multiemployer plan trustees and administrators has been released from the The International Foundation of Employee Benefit Plans.
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“The Trustee Handbook: A Guide to Labor-Management Employee Benefit Plans, Seventh Edition,” is for multiemployer plan trustees and administrators who want guidance in fulfilling their fiduciary responsibilities. The book is a guide for professional providers who work with multiemployer plans. More than 40 industry experts contributed to the revised handbook.

Topics covered include:

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•  Fiduciary responsibility under ERISA
•  Health care benefits
•  Retirement benefits
•  Investment management
•  Administration
•  Apprenticeship and training programs

The handbook has been revised and updated to include essential fiduciary information without the legalese, said the foundation. It includes tips and checklists, sample materials and short summaries of important legal decisions concerning the management of pension, and health and welfare benefit plans. Purchasers have access to a website that will provide updates as new issues appear and changes occur.

The book is priced at $87 ($65 for Foundation members), and is available at www.ifebp.org/trusteehandbook.

Compliance November 21, 2011

Pres. Obama Signs Repeal of 3% Withholding Tax

Included in a law giving tax credits to companies that hire unemployed veterans, President Obama has repealed a 3% withholding tax for government contractors.
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President Obama signed the 3% Withholding Repeal and Job Creation Act (H.R. 674) after the legislation passed the House of Representatives with a vote of 422-0 and a 95-0 vote in the Senate earlier this month. The mandate was originally introduced in the Tax Increase Prevention and Reconciliation Act of 2005.

H.R.674 is a bipartisan bill that repeals a requirement that federal, state and local governments begin withholding 3% of payments to contractors (financial advisers included) in 2013. The Senate and House passed the legislation on Nov. 10 and Nov. 17, respectively.

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