Break from the Grind December 28, 2010

TRIVIAL PURSUITS: Who Served Two Presidents as Vice President?

December 28, 2010 (PLANSPONSOR.com) - On this day in 1832, John C. Calhoun became the first vice president in U.S. history to resign the office.

Reported by

Nevin E. Adams

However, he was not only the first vice president to resign the office, he was also one of only two men to hold that office under two different U.S. Presidents. Who was the other man?

Answer: George Clinton, who was the first Governor of New York, and then the Vice President of the United States under Thomas Jefferson and James Madison.

As for Calhoun, in addition to serving as Vice President in the presidencies of John Quincy Adams and Andrew Jackson, he served in the House of Representatives (1810–1817) and the United States Senate (1832–1843; 1845–1850). He was appointed Secretary of War (1817–1824) under James Monroe and Secretary of State (1844–1845) under John Tyler.

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Ask the Experts December 28, 2010

(b)lines Ask the Experts – Amending Plans for the HEART Act

December 28, 2010 (PLANSPONSOR (b)lines) – Retirement plans should be amended for provisions of the Heroes Earnings Assistance and Relief Tax Act of 2008 by December 31, 2010, but what if a 403(b) plan hasn’t amended?

Reported by

David Levine, Groom Law Group, answers:

Luckily, the IRS took the position in Announcement 2009-89 that amendments for a 403(b) plan that (1) adopted a plan document by December 31, 2009, and (2) adopts a plan document that receives an opinion letter using the IRS’ upcoming determination letter program or applies for a determination letter will be able to retroactively amend its plans for compliance with laws like the HEART Act, so an amendment will still be timely if adopted in 2011.

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If a plan does not qualify for this IRS relief it is expected that the upcoming update to the Employee Plans Compliance Resolution System (EPCRS) will allow sponsors to pay a user fee (potentially as low as $375) to correct by retroactively adopting a HEART Act amendment.

The HEART Act contains provisions relating to treatment of differential pay in pension calculations, in-service withdrawals to active duty military members, and benefits for beneficiaries of deceased military members (see IRS Provides Guidance on HEART Act).

NOTE: This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice.

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