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ARTICLE · 24 NOVEMBER 2010

Year-End Wrap-Up for Benefit Plans

Venable LLP
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As the end of 2010 draws near, we want to highlight some of the key year-end action items for benefit plan sponsors to consider before 2011.

United StatesEmployment and HR
Meredith Horton
Meredith Horton
Thora Johnson
Thora Johnson
Andrea O'Brien
Andrea O'Brien
Lisa Tavares
Lisa Tavares

As the end of 2010 draws near, we want to highlight some of the key year-end action items for benefit plan sponsors to consider before 2011.

RETIREMENT PLANS

Pension Protection Act of 2006 (PPA)

Retirement plans that have a calendar plan year may need to be amended by the end of 2010 to reflect certain PPA provisions. Although most employers amended plans last year for PPA, the amendment deadlines for the following items were extended to the end of 2010. Consequently, you should review your plan with your advisors to determine whether additional PPA amendments are needed to:

  • Provide employees with freedom to divest publicly traded employer securities.

  • Incorporate funding-based restrictions on benefits and benefit accruals provided under single employer defined benefit plans. The IRS has stated informally that it may extend this amendment deadline beyond 2010, but has not yet made an official announcement.

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