Break from the Grind April 6, 2017

A Little Friday File Fun

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In Kent, Ohio, a woman went into a clothing store fitting room and started stuffing clothes in her purse. She heard store closing announcements, but wanted to finish her deed. When she came out, she realized she was locked in the store, so she called 911. According to the Associated Press, police found the stolen items in her purse and arrested her.

In Leesburg, Florida, when a nurse heard a couple had named their newborn baby Juliette, she told the parents a baby named Romeo was born that same day. Due to privacy laws, she couldn’t tell them where Romeo’s mother’s room was, but Juliette’s parents found them. According to the Orlando Sentinel, hospital staff dressed Romeo in a tuxedo and Juliette in a dress for pictures.

The most chill cat ever.

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In Murfreesboro, Tennessee, a woman found the longest Cheeto ever. [pic]


longest cheeto

Compliance April 6, 2017

Lawmakers Reintroduce Bill About DB Plan Nondiscrimination Rules

The bill would amend the nondiscrimination rules that apply to DB plans that have been closed or frozen.
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U.S. Senators Ben Cardin (D-Maryland) and Rob Portman (R-Ohio), both members of the Senate Finance Committee, and U.S. Representatives Pat Tiberi (R-Ohio) and Richard E. Neal (D-Massachusetts), both members of the House Ways & Means Committee, introduced updated legislation —The Retirement Security Preservation Act of 2017 (RSPA)—amending the nondiscrimination rules that apply to defined benefit (DB) plans that have been closed or frozen.

The bill builds on previous legislation and Internal Revenue Service (IRS) regulations to address this issue, and was approved unanimously by the Senate Finance Committee as part of a retirement-related legislative package in September 2016.

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Over the past several years, many companies have transitioned from DB plans to other retirement plan models. When a plan is “soft closed,” existing participants or a subset of participants continue to earn benefits under the DB plan. When a plan is “hard frozen,” employees earn no new benefits under the plan.

Over time, existing employees in the closed plan typically build seniority and become more highly compensated than younger, newer employees, who are more likely to have greater job turnover. This widens the income gap between the employees in the closed plan and the new employees.

Because the grandfathered group in the closed plan generally becomes more highly compensated, closed plans almost always end up inadvertently violating the IRS nondiscrimination testing rules.

The RSPA addresses the problem by amending the nondiscrimination rules to protect older workers in plans that have been closed or frozen. The bill also contains anti-abuse rules related to closed and frozen plans.

Text of the bill may be found here.

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