Compliance December 28, 2010

IRS Corrects Hybrid DB Plan Rule

December 28, 2010 (PLANSPONSOR.com) – Saying that a previous version of final regulations on hybrid defined benefit plans contain errors “that may prove to be misleading and are in need of clarification,” federal officials have issued a correcting document.

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The Internal Revenue Service corrections for TD 9505 were contained in a document published Tuesday in the Federal Register that become effective immediately and applicable on October 19, 2010 when the original version was first published (see IRS Issues Rules on Hybrid Retirement Plans ). 

The corrections to the Hybid Plan rules are at http://origin.www.gpo.gov/fdsys/pkg/FR-2010-12-28/pdf/2010-32539.pdf .

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 Further information is available by calling Neil S. Sandhu, Lauson C. Green, or Linda S.F. Marshall at (202) 622–6090. 

Benefits December 28, 2010

OHPRS Releases Emerging Markets Equity RFP

December 28, 2010 (PLANSPONSOR.com) – The Ohio Highway Patrol Retirement System (HPRS) has issued an RFP for a $20-million emerging markets equity investment in a commingled account. 
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The system said the tentative schedule for the selection process for an investment management firm is as follows:

  • Responses due, January 14, 2011.
  • Selection of finalists, January 27, 2011
  • Presentations by finalists, TBD
  • Selection of manager, TBD

The source of funding is yet to be determined; however, it is expected to originate from the existing core international portfolio. Details are available at https://www.ohprs.org/ohprs/Investments.jsp.

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HPRS is a $703-million defined benefit plan for uniformed members of the Ohio State Highway Patrol. 

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