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IRS Releases Proposed Regulations on Modifications to Minimum Present Value Requirements for Partial Annuity Distribution Options

The IRS released proposed regulations that would permit plans to pay part of a retirement benefit in the lump sum form and part as an annuity without having to apply the lump sum distribution interest and mortality rates to the entire benefit. Under current regulations, both portions of such a distribution are treated as a single optional form and must use the minimum rates under Code section 417(e)(3). The proposed regulations would allow the two distribution forms to be treated as two separate optional forms of benefit; the lump sum distribution would be subject to the present value requirements under Code section 417(e)(3) and the annuity form of benefit would be subject to the plan?ÇÖs regular conversion factors. Comments are due to the IRS by May 3, 2012. A copy of the proposed regulations can be found here.

DOL Releases Proposed Regulations Implementing FMLA Amendments Affecting Veterans and Family Members

The U.S. Department of Labor (?Ç£DOL?Ç¥) issued a notice of proposed rulemaking to implement new statutory amendments to the Family and Medical Leave Act (?Ç£FMLA?Ç¥). These proposed regulations expand the military family leave provisions and incorporate a special eligibility provision for airline flight crew employees. Among other changes, the proposed rules extend the entitlement of military caregiver leave to family members of veterans for up to five years after leaving the military. Currently, the FMLA only covers family members of currently serving service members. For airline flight crew employees, the proposed rules add a special hours of service eligibility requirement that should better track hours worked by crew members. The proposed rules are available here.

Update: See No Facebook Speak No Facebook (or Twitter): Interesting Social Media Restrictions in Europe

Read the update to See No Facebook Speak No Facebook (or Twitter): Interesting Social Media Restrictions in Europe on socialmediadelivered.com.

February 2012