Magazine article The Small Business Advocate

Roundtable Examines Pension and Retirement Plan Issues

Magazine article The Small Business Advocate

Roundtable Examines Pension and Retirement Plan Issues

Article excerpt

On July 15, Advocacy hosted a roundtable where representatives from the federal government and small businesses discussed a number of important pension and retirement plan issues.

Leading off was a presentation by a Treasury Department official describing President Obama's 2010 budget proposal to pair Individual Retirement Accounts (IRAs) with a workplace payroll system that would enable employees to make ERA contributions via payroll deductions through their employers. The proposal is intended to expand retirement savings to those who currently do not have employersponsored retirement plans available. The proposal is also intended to be simple and inexpensive for employers to implement. Employers with 10 employees or fewer would be exempted from the automatic IRA proposal. The proposal would also make available a tax credit for employers that offer employees automatic IRAs.

A second presenter, Denise Farris of the Farris Law Firm, discussed why she supported this proposal regarding contributions to IRAs.

Paula Calimafde of the Small Business Council of America discussed several proposals to reduce unnecessary burdens on employers with respect to retirement plans. These proposals included eliminating the requirements for the Annual Notice of 401 (k) Match, the Annual Summary Plan Document, and quarterly 401(k) statements. Calimafde also proposed revising the "top-heavy" rules and actual deferral percentage (ADP) testing rules.

Gary Kushner, from Kushner & Company, made a presentation on Internal Revenue Code Section 125 "cafeteria plans. …

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