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The Checklist of Federal Tax Law Rules Applicable to Public Retirement Systems has now been extensively updated. The chart, which identifies each of the Internal Revenue Code sections that does and does not apply to governmental plans, now includes links to each of the Internal Revenue Code sections referenced, as well as various updates to reflect recent legislative and administrative developments.
ERISA section 3(32), 29 U.S.C. § 1002(32), defines a governmental plan (exempt from Title I of ERISA) as:
a plan established or maintained for its employees by the Government of the United States, by the government of any State or political subdivision thereof, or by any agency or instrumentality of any of the foregoing.
Internal Revenue Code section 414(d) defines a governmental plan as:
a plan established and maintained for its employees by the Government of the United States, by the government of any State or political subdivision thereof, or by any agency or instrumentality of any of the foregoing.
So what happens if a plan is established by a private entity, but later maintained by a government or one of its agencies or instrumentalities? The Eastern District of Louisiana considered this issue in Smith v. Regional Transit Authority (May 10, 2013).
Carol V. Calhoun‘s article, “Maryland to End Benefits for Employees’ Domestic Partners,” has now been published in Baltimore OUTloud. The article discusses the trend toward eliminating domestic partner benefits as more states enact same-sex marriage, and the pros and cons of doing so.
As of May 10, 2013, the Internal Revenue Service has updated its page on determination letters for governmental plans. The page contains information for any governmental plan considering obtaining an IRS determination letter, including the following: Read more
An article in Forbes magazine alleges that the Employees’ Retirement System of Rhode Island paid kickbacks to placement agents. As most are aware, the Employee Retirement Income Security Act of 1974 (ERISA) does not apply to governmental plans. So, what kinds of protections are available in the case of kickbacks from public retirement systems? Read more