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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
The Baltimore Sun is reporting that with same-sex marriage now available, Maryland state employees in same-sex relationships have been notified that they won’t be able to include domestic partners in their health insurance as of January 1, 2014. With twelve states, the District of Columbia, and three Native American tribes having legalized same-sex marriage, employers that have domestic partner benefits are increasingly reexamining their policies in that area.
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
The IRS has issued a reminder that governmental plan sponsors who apply for IRS determination letters covering the qualified status of their plans can’t rely on a favorable letter for whether:
- contributions made to the plan are the employer’s “pick-up contributions” (i.e., pretax employee contributions under section 414(h)(2) of the Internal Revenue Code), or
- the plan has a qualified governmental excess benefit arrangement (i.e., a separate trust that provides only a participant’s annual benefit in excess of the limits under Internal Revenue Code section 415).