Tag: Defined benefit

IRS Announces 2010 Taxable Wage Base for Permitted Disparity

The Internal Revenue Service has issued Revenue Ruling 2009-40, providing the table of covered compensation for the 2010 plan year for use in determining contributions to defined benefit plans and permitted disparity in defined contribution plan contributions.

CDM Retirement Consultants Adds DB Administration

CDM Retirement Consultants, Inc., a Towson, Maryland, provider of open-architecture retirement plan solutions, is now offering administration services for defined benefit plans, including cash balance plans.

IRS Sets Benefits Limits for 2010

The Internal Revenue Service has announced cost of living adjustments applicable to dollar limitations for pension plans and other items for Tax Year 2010. 

Goodyear Makes DB to DC Switch for Union Employees

Goodyear Tire & Rubber Co. will phase out a defined benefit pension plan covering union employees and set up a 401(k) plan under a new contract with the United Steelworkers (USW) union, Business Insurance reported.

Vick to Turn Over $400K to DoL

Disgraced NFL quarterback Michael D. Vick has agreed to pay $416,461 in restitution to a pension plan sponsored by his company MV7 LLC to settle allegations Vick had funneled off plan assets for his personal use.

DoL Sues Plan Trustees for Misuse of Plans' Assets

The U.S. Department of Labor has sued defunct Vinyl-Mark Products Inc. of Hueytown, Alabama, and the company's pension and profit-sharing plan trustees for allegedly misusing plan assets to pay the operating expenses of the company.

Standard Releases DB Modeling Tool

Standard Retirement Services has released an online defined benefit calculator that allows retirement plan participants to compare alternative pension income scenarios based on different assumptions and variables.