Diversions September 19, 2007

We have days to commemorate Moms, Dads, Grandparents…

Of course, they say every day is Children’s Day!
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But did you realize that this is “Unmarried and Single Americans Week?’

“National Singles Week’ was started by the Buckeye Singles Council in Ohio in 1984 to celebrate single life and recognize singles and their contributions to society. The name was later broadened to “Unmarried and Single Americans Week,’ as an acknowledgment that many unmarried Americans do not identify with the word “single’ because they are parents, have partners or are widowed. According to the Census Bureau, 60% of unmarried and single Americans 18 and older have never been married, while 25% are divorced, and 15% are widowed.

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Nearly half (42%) of all U.S. residents 18 and older were single in 2006. More than half (54%) of those singles are women.

The Census Bureau says that there were 5 million unmarried-partner households in 2006. There are 30.5 million people who live alone, 27% of all households, up from 17% in 1970.

You can find more information about Unmarried and Single Americans at http://www.census.gov/Press-Release/www/releases/archives/facts_for_features_special_editions/010329.html

Compliance September 19, 2007

IRS Announces Temporary Halt to Determination Letter Process

The Internal Revenue Service (IRS) announced on Wednesday it will temporarily stop taking applications from pre-approved defined contribution plans for determination letters on December 18, 2007.
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IRS officials said in Announcement 2007-90 they were taking the step to better prepare to receive such applications from all master and prototype and volume submitter plans during a two-year period, which the tax agency said it would likely announce early next year.

The pre-approved plans are required to be restated to comply with the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and submitted to the IRS for determination letters on Form 5307. As provided in Rev. Proc. 2007-44, when the review of the pre-approved defined contribution plans is near completion, the IRS will publish an announcement providing the date by which adopting employers must adopt the newly approved plans.

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Officials said they would keep processing determination letter applications for defined contribution plans filed on Form 5307 before December 18, 2007, provided the plan has a favorable GUST opinion or advisory letter. GUST refers to a number of Acts that include qualified retirement plan rules.

Any determination letter application for a defined contribution plan filed on Form 5307 on or after December 18, 2007 and before the opening of the approximately two-year period for adopting EGTRRA-restated pre-approved defined contribution plans will be returned to the applicant, the IRS said.

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