Benefits February 11, 2014

Most Don't Want to Marry Debt

February 11, 2014 (PLANSPONSOR.com) – Expecting a marriage proposal, or acceptance of one, this Valentine’s Day? Maybe not, if you’re in debt.
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The majority of those who participated in a recent National Foundation for Credit Counseling (NFCC) poll, the Financial Literacy Opinion Index, say they would have serious reservations about taking on the debt of the person they love, even to the point of ending the relationship.

Thirty-seven percent of respondents said would not marry until the debt was repaid, while 10% indicated they would marry but not help pay the debt, and 7% reported they would end the relationship. The remaining 46% were willing to marry and jointly pay off the debt.

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“It appears that debt overrides love, at least temporarily, when deciding to move forward in a relationship. It’s money over marriage,” says Gail Cunningham, spokesperson for the Washington, D.C.-based NFCC.

The NFCC offers resources for managing debt through its “Sharpen Your Financial Focus” program. More information about the program can be found here.

The poll was conducted from January 1 to 31, with 2,170 individuals participating.

Compliance February 11, 2014

IRS Phone Forum to Cover 2013 Cumulative List

February 11, 2014 (PLANSPONSOR.com) – The Internal Revenue Service (IRS) will host a phone forum next month on the 2013 Cumulative List.
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The one-hour forum, “An Overview of the 2013 Cumulative List of Changes in Plan Qualification,” is scheduled to be held March 13 at 2 p.m. EST. The IRS asks that all questions be emailed in advance to ep.phoneforum@irs.gov. The deadline for questions is February 28.

During the call, the IRS Employee Plans (EP) Technical Guidance staff will discuss the list of changes plan sponsors and practitioners must make to a plan before submitting determination letter applications beginning February 1 (Notice 2013-84). Cycle D filers (i.e., single employer individually designed defined contribution plans, single employer individually designed defined benefit plans and Internal Revenue Code Section 413 multiemployer plans) should use the cumulative list to determine if a plan has been updated for all current laws (see “IRS Issues 2013 Cumulative List”).

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