| Final IRS regs provide comprehensive 415 guidance, including PPA ...
The IRS has issued comprehensive final regulations on the benefit and contribution limitations under Code Sec. 415 . The regulations reflect the numerous statutory changes to Code Sec. 415 and related provisions that have been made since 1981, the last time regulatory guidance on these rules was issued. The final regulations adopt, with modifications, the guidance provided in proposed regulations that were issued in May 2005, and reflect additions made to Code Sec. 415 by the Pension Protection Act of 2006 (PPA; P.L. 109-280). The regulations generally apply to limitation years beginning on or after July 1, 2007, subject to certain exceptions. Modifications to Code Sec. 415 that were made by the PPA include: (1) changes to the interest rate assumptions that are used for converting certain forms of benefit to an equivalent straight life annuity; (2) elimination of the active participant requirement in determining a participants high-three years of service; (3) exemption from the compensation limit of Code Sec.
At 13000, how can I not be rich?
Maybe you are rich, you wise investor. It seems to me that anyone in the market for a long time should be rejoicing today, because at 13,000, he should be wealthy. Look at the stats: The Dow Jones hit 1,000 on June 11, 1981. At that time eggs cost $0.85 a dozen, gas was $1.35 a gallon, and electricity sold for $32 per 500 kWh. The Dow Jones climbed to 5,000 on November 21, 1995. Eggs were selling for $0.88, gas for $1.19, and power at $50 per kWh. The Dow reached 10,000 on March 29, 1999. Eggs reached $1.00, gas was a measly $0.99, and electricity cost $45 for 500 kWh. If I had $1.00 on the day the Dow hit 1,000 in 1981 (and I'm pretty sure I had at least one), that same dollar would buy $2.26 worth of goods today.If I'd put that same $1.00 in the market, I'd have $13.00 today. Duh.So why aren't I rich? A pension instead of a 401K.
Hilda Barg announces retirement
Supervisor Hilda M. Barg, D-Woodbridge, is calling it quits after 20 years and five terms on the Prince William Board of County Supervisors. Barg, who was first elected in 1987, is known as a champion of the disenfranchised who looked out for the very young, the very old, the impoverished and the infirm of the community. People who know Barg and her work as supervisor lamented her decision to retire. "It's a huge loss to the county, but it's even a greater loss for our most vulnerable citizens, for whom she has been a consistent, strong and forceful advocate her entire life," said John Turnquist, executive director of Action in the Community Through Service, a Dumfries-based charitable organization. Barg announced her retirement at noon Friday outside the board chamber at the McCoart Administration Center.
Time for GovGuam to step up and carry its share of the burden
More than two years after the comprehensive outsourcing of the government-run Guam Telephone Authority was completed, GovGuam continues to shell out more than $115,000 a year on a "transition" committee relating to the sale of the telephone utility. The Interim Transition Coordinating Committee executive secretary, Marcel Camacho, said that it's likely the office will only exist for another month or two. However, he also said that all off the committee's employees will remain on the government payroll. "I don't think the governor's intention is to fire anybody." .
Investment talk to be held during BAC meeting
Accounting instructor Michael Farina will speak to members of the Board of Accounting Club about investment options during a seminar titled, "Investment Options 101" on April 26 in Room SS 140.
The seminar will be divided into three parts and they are:
• Introduction to investing
• Retirement planning
• Mutual funds
Among the questions that will be answered by Farina are:
• What investment options are right for you
• Do you know the difference between a CD account, 401K and mutual funds?
• Do you have enough money set aside for future personal finances?
Much like Crystal Connelly,a USC representative who discussed ways to enroll at the prestigious college despite the cost of tuition on March 8, members of the board of accounting club say that this presentation will benefit Cerritos students.
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