Pension
Trends Volume VI, No. 4, November 2005
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Pension
Trends Volume VI, No. 4, November 2005
Download/view PDF version
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Join/Leave Email List
In this issue...
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| For previous issues of Pension Trends, visit the Pension Trends archive. |
Got Questions? We Know Where the Answers Are
Most of the time when an attorney, accountant, financial advisor, or other professional calls us with a question about retirement, we know the answers. We don’t have to look it up. We can pretty much recite the answers, chapter and verse. That comes from working with all aspects of defined benefit plans, 401(k) plans, cross tested plans, and applicable IRS and DOL Code, Regulations, Rulings, and various other pronouncements on a daily basis, year after year.
We encourage questions. In addition to helping keep our clients’ plans out of trouble, it keeps us on our toes. It also gives us a chance to demonstrate the value of the unique expertise we bring to the retirement plan community.
Occasionally, however, we get stumped. We will then look up the answer in one or more of our many reference sources we have developed over the years. Some of these reference sources are ones we purchase or subscribe to. Others are public sources that anyone can access.
We hope you will still call us with your questions, but we thought it would be helpful to share with you some of the primary sources of information we access. Maybe, on occasion, they will prove useful to you.
Books
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Tax Facts, The National Underwriter Company |
An easy reference source for answers to many pension related questions.
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The Pension Answer Book, Panel Publishers |
In-depth book in Q and A format, both lay and technical explanations. The downside is they come out with a new version yearly as pension laws change, plus the book is expensive.
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The ERISA Outline Book, Sal Tripodi |
In total, the volumes, which are quite heavy, are exceptionally well organized and complete. Not light reading.
Free Website Information
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A Portland-run website with a ton of valuable information about 401(k) plans. Contains references, links and industry trend data.
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The bulletin board is used by pension practitioners nationwide to post questions and share information. If you have a question, post it and an answer will come.
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Government Sites |
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Subscription Services
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RIA Pension Expert - ria.thomson.com |
An online service for getting to the code, regulations and other governmental edicts governing qualified plans.
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Technical Answer Group - tagdata.com |
If you want someone watching for anything that may be relevant to qualified plans and sending you a daily summary, this is your source.
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Plan Sponsor Magazine - plansponsor.com |
Provides a daily email alert with all kinds of benefit news. A great way to keep current on timely matters.
Beginning of Article | Table of Contents
Every year the IRS announces the new limits that apply to various aspects of qualified plans. For example, the maximum compensation that may be recognized for plan purposes in 2006 has increased from $210,000 to $220,000. The social security wage base will be $94,200. Visit our limits page for these and all other limits announced by the IRS.
When doing financial and tax planning with your clients, it is important to keep these changing limits in mind. The amount of tax deductible contribution that can be made to both defined benefit and defined contribution plans continues to go up.
We have a new actuary joining our staff. Steven L. Diess started working at IAI this month. Steve received his bachelor’s degree in mathematical science from Santa Clara University. In 1998 he completed the required exams to become an enrolled actuary. His areas of expertise include defined benefit retirement plans as well as post-retirement medical and life insurance plans. Steve has also been involved with plan design studies, plan termination studies and early retirement window offerings.
This newsletter has been published in order to share general information with our professional contacts. The information presented in this newsletter should not be relied upon without first seeking the advice of a CPA, Attorney or other benefit professional.