Volume 4, Spring 2007 

Inside This Issue 

Final 415 Regulations Published 

page 2 

Critical FewPoints...by Director, EP 

Examinations 

page 3 

The Fix Is In: Common Plan 

Mistakes 

page 4 

Subscribe to a Free IRS Newsletter 

for Businesses 

page 6 

DOL News 

page 7 

Product Profile - Retirement Plans 

for Small Business (SEP, SIMPLE, 

and Qualified Plans) 

page 8 

The Filing Cabinet 

page 9 

Net Gains 

page 10 

Final Designated Roth Accounts 

Under Sec. 402A Regs. Published 

page 11 

EP TDI Notices 

page 11 

Calendar of Events 

and Deadlines 

page 12 

“Timing is Everything” Flyer 

page 13 

Retirement News 

for Employers 

Helping Business Owners with Retirement Plans 

Internal Revenue Service Tax Exempt and Government Entities 

Promoting Retirement Security in America 

In a speech at the Great Lakes Benefits Conference in Chicago, on May 3, 2007, 

Steven T. Miller, IRS Tax Exempt and Government Entities Commissioner, 

discussed what an aging population, a disappearing savings rate, and a continued 

shift from defined benefit to defined contribution plans means to how IRS 

“promotes and protects America’s retirement security.” 

Mr. Miller cited some sobering trends related to retirement plans: 

•	 Only 43 percent of private sector workers are covered by a


plan, and it’s estimated that only 60 percent of workers over


40 eligible to do so actually participate in a 401(k).


•	 Of those who do participate in a 401(k) plan, the average


account balance for someone age 60 or above was


$141,000. Such a balance will support an annual annuity of


$12,203 for a male who retires at 65 and an annuity of


$11,172 for a female. Even with Social Security, this does not


provide a sufficient retirement income for most


individuals.


•	 GAO reports that only 44 percent of families


nearing retirement own an IRA, and among


these, the median balance was $60,000.


•	 GAO notes that between 2000 and 2005 the


personal savings rate was 1.3 percent, one sixth


of the average since World War II. And in 2006,


it was a negative 1 percent.


•	 Defined benefit plans have declined in number


from 148,000 in 1980 to 47,000 in 2003.


During the same period, defined contribution


plans (such as 401(k) plans) have increased from


341,000 to 653,000.

Spring 2007 Retirement News for Employers 

Mr. Miller further stated, “It’s estimated that 7,918 people per day turned 60 in 2006. As 

How are we they retire, will they have adequate retirement income? And who will be responsible to see 

doing in that they do? More and more, the answer is ‘the participant’... By and large, our focus in 

establishing the past has been on plans, plan sponsors, their representatives and the professional 

plans and employee benefits community. We are going to continue that work, but we also need to 

setting aside reach out, deliberately, to plan participants, to those who have opened IRAs, and to 

the money to retirees. We need to consider what we can do to provide them with practical information 

support us in and education about a wide range of issues.” 

our 

retirement? “The Employee Plans office at IRS has responsibility for an immense and important 

Here it is in a sector, one that is growing in both size and importance as retirement assets increase, driven 

nutshell: We by favorable tax policies, and as baby boomers move toward the exit doors of the 

are getting workplace.” 

old and we “Employee Plans exists to ensure that the tax expenditure in this area - $104 billion per year 

aren’t saving. - contributes to the retirement security of America’s workers. EP ensures that this 

expenditure is consistent with Congressional intent by enforcing the rules (1) that govern 

participation and non-discrimination, (2) that require contributions to stay within legislated 

limits and be reported accurately, (3) that require contributions to be appropriately applied 

to provide retirement benefits for participants, and (4) that require assets to remain in [a] 

retirement solution.” 

The Retirement Plans Community web page has information for our three customer groups, 

Benefits Practitioners, Plan Participants/Employees and Plan Sponsors/Employers. We 

continue to add new information to our web page. We welcome your input on how we can better 

improve our web page and make it more useful to our users in “Promoting Retirement Security in 

America.” Please submit your comments to RetirementPlanComments@irs.gov. 

Visit the Retirement Plans Community web page to view a full transcript of Mr. Miller’s 

speech. 

Final 415 Regulations Published 

Final Income Tax Regulations under section 415 of the Internal Revenue Code were 

published on April 5, 2007. These regulations provide an extensive update of the regulations 

under section 415 of the Internal Revenue Code that were originally issued in 1981 regarding 

limitations on benefits and contributions under qualified plans and certain other retirement plans. 

Generally, these regulations apply to limitation years beginning on or after July 1, 2007. 

For a brief overview of the material addressed in the regulations see the April 2007 Special 

Edition of the Employee Plans News. 

2 
Spring 2007 Retirement News for Employers 

Critical FewPoints...By Monika Templeman (Director, EP 

Examinations) 

Hello everybody. Allow me to introduce myself. My name is Monika Templeman and I have been 

selected as the new Director, Employee Plans Examinations. I accept this position with great 

enthusiasm and I am looking forward to a successful partnership with all of you to preserve, protect 

and enhance the private retirement system in America. I plan on using the ideas and continuing the 

initiatives started by my predecessor, as well as implementing my innovations to make the 

Examinations Program more productive and less taxing to my staff and to you. Continue to visit here 

for future editions to read about the ideas I have for the Examinations Program. 

I will keep the lines of communication open to enable you to contact me to share your thoughts about 

my ideas and to share your own ideas. Please e-mail me at RetirementPlanComments@irs.gov. 

I look forward to hearing from you. 

The last “Critical FewPoints” article was devoted to Research and Analysis. In this issue, I would like 

to share with you the latest on another “Critical Few,” Focused Examinations. 

You may have heard that we’re using an approach called Focused Exam Methodology or Focused 

Exams. You may have also experienced a Focused Exam in a recent audit. Why are we using this 

approach? Why do we consider this methodology highly successful? Well, Focused Examinations 

have been in place for about 18 months. We look at our market segments and narrow the scope of 

what we initially ask for based on that market segment so we are able to reduce the burden of an 

examination and expand our coverage. We also zero in on the issues we think are important or 

possible areas that could be non-compliant in that market segment. Upon the agent’s visit for the 

examination, if he or she finds good creditability, finds no surprises from the initial interview, and finds 

the internal controls to be good, then we most likely will not have a need to expand our audit beyond 

the items initially selected to examine. If we see problem areas, obviously we could always expand to 

be able to encompass those areas to ensure the plan is in good compliance. In the past 18 months, 

we have found that the Focused Exam Methodology equates to a less burdensome, more effective 

way to leverage resources, and partner with you in compliance to make sure pension plans are what 

they say they are - excellent vehicles for retirement. 

For those of you that have been selected for an examination, we provide you with two great tools on 

www.irs.gov/ep to assist you in preparing for the examination. Both items can be found on my 

“Examinations/Enforcement” page; the link can be found in the left-hand side of the Retirement 

Plans Community page. First, visit the EP Compliance Trends and Tips page. In the “tips” 

section, you will find the “Top Ten Tips to Prepare for an Efficient Audit.” It explains how to prepare 

for an EP examination and what should be readily available for the examination. Second, visit the EP 

Examination Process Guide. The guide clarifies the various steps in the examination process and 

introduces resources available to you. 

Thanks for taking the time to read my message. Feel free to share this article with others who may 

not already subscribe to the newsletter or to share your thoughts through the e-mail address 

mentioned above. 

3

Spring 2007 Retirement News for Employers 

The Fix Is In: Common Plan Mistakes 

In each issue of the Retirement News for Employers we present a common mistake that occurs in 

retirement plans. We describe the problem, how it happened, how to fix it and how to lessen the 

probability of the problem happening again. In this edition we will be focusing on the “Failure to 

Timely Adopt Interim Amendments.” 

The Problem 

The Commissioner establishes deadlines for plans to be amended for legislative changes to the 

Internal Revenue Code. After the passage of the Economic Growth and Tax Relief Reconciliation 

Act of 2001 (EGTRRA), the IRS adopted a two-tiered approach on this issue. 

First, the IRS generally requires an interim amendment to incorporate a law change to be adopted 

by the later of: 

(1) The due date (including extensions) for filing the income tax return for the employer’s 

taxable year that includes the date in which the law change first became effective; or 

(2) The last day of the plan year that includes the date in which the law change first became 

effective. 

Second, if the plan sponsor timely adopted such an amendment in good faith, then the plan sponsor 

is able to take advantage of an extended deadline to adopt amendments required to ensure that the 

plan document complied with the applicable law change. Thus, if interim amendments were adopted 

timely and in good faith, but did not fully comply with the requirements of the applicable law change, 

then the plan has an extended period of time (typically referred to as the “remedial amendment 

period”) to adopt amendments necessary to ensure compliance with the applicable law change. 

If the plan sponsor does not timely adopt interim amendments then: 

(1) The plan document will not be timely amended for the law change that requires such 

amendment, resulting in the plan document no longer satisfying the qualification requirements 

of the Internal Revenue Code; and 

(2) The plan sponsor will lose the use of the extended remedial amendment period to adopt 

amendments that may be required. 

Interim amendments include one or more of the following: 

(1) The good faith EGTRRA amendments described in Notices 2001-42 and 2005-5; 

(2) Amendments required for compliance with the final and temporary regulations under section 

401(a)(9), relating to minimum distributions, as described in Rev. Proc. 2002-29 (as 

modified by Rev. Proc. 2003-10); and 

(3) Interim amendments described in section 5 of Rev. Proc. 2005-66. 

An interim amendment does not include any amendment adopted to correct a failure to operate the 

plan in accordance with the plan’s terms. For example, if a plan provides for a 6-year graded 

4 
Spring 2007 Retirement News for Employers 

vesting schedule and the plan operated on a 3-year cliff vesting schedule, a corrective amendment 

providing for a 3-year cliff vesting schedule is not an interim amendment. 

In addition, an interim amendment does not include any amendment adopted to comply with 

legislation for which the remedial amendment period has already expired. Thus, an amendment 

adopted to bring a plan into compliance with GUST or any other previous legislation is not a good 

faith or interim amendment. 

The Fix 

If the failure to adopt interim amendments timely is discovered before the plan is submitted to the 

Service for a determination letter application, and if the plan is not the subject of an Employee 

Plans examination, the failure may be corrected under the Voluntary Correction Program (VCP) 

described in Rev. Proc. 2006-27. 

Generally, if a plan is correcting one or more failures under VCP, the fee is determined by the fee 

schedule under section 12.02 of Rev. Proc. 2006-27. However, if the sole failure being corrected 

for the plan under VCP consists of the failure to adopt interim 

amendments, then the required fee is $375, regardless of the size CONTACTING of plan, number of amendments or number of years involved (see EMPLOYEE PLANS section 12.03 of Rev. Proc. 2006-27). 

The Retirement News for Employers welcomes 

your comments about this issue and/or your	 For a VCP failure that consists solely of the failure to adopt 

suggestions for future articles.	 interim amendments, the application should be made using 

Appendix F of Rev. Proc. 2006-27. Appendix F is both a Send comments/suggestions to: 

submission and, when approved by the IRS, a compliance EP Customer Education & Outreach statement that sets forth the IRS’ enforcement resolution with SE:T:EP:CEO respect to the failure being corrected. Appendix F specifies the 1111 Constitution Avenue, N.W., PE-4C3 

Washington, D.C. 20224 information that needs to be submitted for it to constitute a 

complete application. If the information is satisfactory, the IRS will or FAX (202) 283-9525 sign the compliance statement and return it to the plan sponsor 

or E-Mail: RetirementPlanComments@irs.gov	 and/or authorized representative. The compliance statement does 

For EP TaxpayerAssistance:	 not express an opinion on the content of the amendments, but it 

signifies the Service’s agreement to treat the interim amendments For retirement plans technical and procedural 

questions:	 as if they were adopted timely for the purpose of making the 

remedial amendment period available to the plan. Please call (877) 829-5500 

The combined application and compliance statement is designed Or visit the Contact EP/Services section at 

www.irs.gov/ep.	 to be part of an expedited process. Often these submissions are 

worked through completion without being assigned to individual For questions relating to retirement income, agents. To facilitate the expedited response, it is critical that all of IRAs, Roth IRAs, educational IRAs, medical 

savings accounts and section 125 cafeteria plans:	 the information required by Appendix F is submitted in the format 

provided. Modifications to the format increases the time it takes to Please call (800) 829-1040 ensure that sufficient information was submitted to issue a 

For further Employee Plans Information: Go to	 compliance statement and increases the odds that information may 

www.irs.gov/ep.	 be missing. 

5 
Spring 2007 Retirement News for Employers 

Examples of errors in prior submissions include the following: 

•	 Missing basic information, such as a plan name, plan number or employer identification 

number; 

•	 Changing the Appendix F format that eliminates key sections; 

•	 Plan sponsor’s representatives erroneously signing the “Plan Sponsor’s Representations” 

section of the Appendix F instead of the plan sponsors; 

•	 Failing to include copies of the signed plan amendments adopted to correct the failure; 

•	 Incorrectly completing and signing Forms 2848 (Power of Attorney and Declaration of 

Representative) or 8821 (Tax Information Authorization); 

•	 Failing to include a copy of the most recently filed Form 5500-series returns; 

•	 Submitting Appendix F on either the plan sponsor’s or power of attorney’s letterhead. 

It is expected that the submission follow the format provided under Appendix F without 

modification. It is also critical that the Appendix F be properly completed and that information 

requested under Appendix F be provided. Incomplete submissions may be returned to the applicant 

without further review. These errors can be easily prevented! 

Making Sure It Doesn’t Happen Again 

Employers need to have a system in place to ensure that their plan is timely amended for all new 

laws. A review of all current law changes should be made annually. Law changes and their 

compliance dates are widely advertised in government and practitioner publications. 

However, keep in mind that, despite all of your good efforts, mistakes can happen. In that case, the 

IRS can help you correct the problem and retain the benefits of your qualified plan. 

Subscribe to a FREE IRS Newsletter for Businesses 

The IRS has started a FREE, news service, e-News for Small Businesses. Distributed every 

Wednesday, it brings timely, useful tax information right to your computer, including, but not limited to: 

•	 Important, upcoming tax dates 

•	 What’s new on the IRS web site 

•	 Reminders and tips to assist businesses with tax compliance 

•	 IRS News Releases and special IRS announcements. 

e-News’ convenient format will put IRS tax information at your fingertips. “Useful Links” brings you 

quickly to some of the most useful information on IRS.gov for large and small businesses and the selfemployed. 

To start your FREE subscription to e-News, just go to the Subscribe to e-news for Small 

Businesses web page on IRS.gov, type in your e-mail address and submit. 

6 
Spring 2007 Retirement News for Employers 

DOL News 

The Department of Labor’s Employee Benefits Security Administration (DOL/EBSA) announced 

new regulations and guidance related to implementation of the Pension Protection Act (PPA). 

DOL/EBSA has a dedicated web page for PPA related information including the Act itself and 

regulations and other guidance issued by DOL, the Department of the Treasury, and the Pension 

Benefit Guaranty Corporation. You can subscribe to DOL/EBSA’s web site homepage, PPA page 

and Compliance Assistance page for notice of updates. 

Fee Disclosure for 401(k)-type Plans 

On April 25, DOL/EBSA published in the Federal Register a Request For 

Information (RFI) to assist the DOL/EBSA in improving the information 

provided to an estimated 41 million participants about administrative and 

investment fees and expenses charged to 401(k)-type plans. 

The RFI requests comments on the fee and expense disclosure issues affecting 

participants and beneficiaries of 401(k)-type plans governed by ERISA. 

Specifically, DOL/EBSA seeks information concerning what administrative and 

investment-related fee and expense information participants should consider 

when investing their retirement savings, the manner in which the information 

should be furnished to participants and who should provide that information. 

Written comments on the fee disclosure RFI should be submitted by July 24, electronically by 

email to e-ori@dol.gov or through the federal e-rulemaking portal at www.regulations.gov. 

Paper-based comments should be sent to the Office of Regulations and Interpretations, EBSA, 

Room N5669, U.S. Department of Labor, 200 Constitution Ave., N.W., Washington, D.C. 

20210, Attention: Fee Disclosure RFI. Comments are posted on DOL/EBSA’s web site. 

In addition to improving fee disclosure to plan participants, EBSA is working on regulatory 

projects to enhance reporting of fees and expenses to the government and to increase disclosure 

to plan fiduciaries by service providers. 

Pension Distributions under Qualified Domestic Relations Orders 

On March 7, 2007, DOL/EBSA published in the Federal Register an interim final rule regarding 

the qualified domestic relations order (QDRO) requirements of ERISA. The rule is effective 30 

days after publication. 

The rule is being issued under the PPA, which required DOL to issue by August 2007 regulations 

clarifying that a domestic relations order otherwise meeting ERISA’s QDRO requirements would 

not fail to be treated as a QDRO solely because of when it is issued or because it is issued after, 

or revises, another domestic relations order. The rule includes examples to address various 

circumstances involving the timing of a domestic relations order. 

The comment period closed on May 7. Public comments are posted on DOL/EBSA’s web site. 

7 
Spring 2007 Retirement News for Employers 

Upcoming Compliance Assistance Events 

•	 Choosing a Retirement Solution for Your Small Business: Boston, MA on June 14; Fort 

Snelling, MN on June 26. 

•	 Voluntary Fiduciary Correction Program Workshops: Pasadena, CA on May 24; Avenal, 

NJ on May 24; Birmingham, AL on June 29; and Orlando, FL on August 2. 

•	 Uniformed Services Employment and Reemployment Rights Act (USERRA) Workshop in 

Fort Snelling, MN on June 26. 

Visit DOL/EBSA’s web site at www.dol.gov/ebsa for the registration brochure for these seminars 

and for the announcement of additional seminars around the country. 

Product Profile - Retirement Plans for Small Business (SEP, 

SIMPLE, and Qualified Plans) 

Are you looking for a plain-language explanation of the main terms and rules of retirement plans? 

Do you want to find the latest retirement plan information for 2006 and 2007 in one convenient 

place? Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified 

Plans) will provide you with this information and more. It will help you understand the basic 

differences between Simplified Employee Pensions (SEPs), SIMPLE IRAs and Qualified Plans 

(i.e., profit-sharing, 401(k) and defined benefit plans). 

Publication 560 answers basic questions such as: 

•	 How do I set up a plan? 

•	 How much can I contribute? 

•	 How much of my contribution is deductible? 

•	 When and where are contributions deducted? 

•	 How do I treat certain distributions? 

•	 How do I report plan information to my employees and the IRS? 

The publication also provides an easy-to-follow worksheet to assist self-employed individuals in 

determining the maximum deductible contribution that can be made to their own plan and resources 

for free tax help. Check it out! 

8 
Spring 2007 Retirement News for Employers 

The Filing Cabinet 

Forms - you can’t live with them, you can’t live without them. Just like you use forms when 

running your business - everything from spreadsheets to receipts to invoices - you also use forms 

when dealing with a retirement plan. 

Product Update 

Since our last installment, we’re pleased to announce the following product revisions: 

•	 Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, has finally 

been revised to include the IRC Section 4965 excise tax on Prohibited Tax Shelter 

Transactions. Line 5b has been added to the form. Other subtle changes are discussed on 

page one of the Instructions for Form 5330 under the What’s New heading. 

•	 Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified 

Plans) (see the Product Profile on page 8). 

•	 Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of 

Public Schools and Certain Tax-Exempt Organizations. 

•	 Publication 590, Individual Retirement Arrangements (IRAs). 

The above-mentioned items are available on the Retirement Plans Community web page by 

clicking on “EP Forms/Pubs/Products” under the “Retirement Plans Community Topics” section. 

Hardcopies can be ordered by calling (800) TAX-FORM (829-3676). 

Something New 

Although not directed specifically to the retirement community, the IRS has IRS employees contributing developed a new tri-panel brochure for small business owners. The Publication to this edition of the 

4591, Small Business Federal Tax Responsibilities, is a handy one-stop Retirement News for resource regarding the reporting and payment of federal taxes that each and every Employers are: 

small business owner should have. Hardcopies can be ordered by calling (800) 

John Berger,	 TAX-FORM (829-3676). 

Avaneesh Bhagat, 

Rudy Boldreghini, 

Angelique Carrington, 

Kathy Davis, 

Joyce Kahn, 

Roger Kuehnle, 

Peter McConkey, 

Mark O’Donnell, 

Nancy Payne, 

Sharon Polo, 

Keith Ruprecht, 

John Schmidt, 

Brenda Smith-Custer, 

Monika Templeman and 

Mikio Thomas 

9 
Spring 2007 Retirement News for Employers 

Net Gains


Welcome back to Net Gains, the column devoted to providing you with the 

latest Retirement Plans Community web page information. This portion of 

the IRS web site contains almost everything you want to know about 

retirement plans but didn’t know where to find it. 

More New FAQs 

In the Fall edition of the Retirement News for Employers we told you 

about our new FAQs regarding Loans, Hardship Distributions and Plan 

Investments. We have recently added more FAQs regarding Notices 

from IRS (CP 403 and CP 406 Notices) - Delinquency Notices (see 

related article on page 11). Check out these and our other Frequently 

Asked Questions. 

New Online Check-up 

403(b) Checklist (Pub 4546) is now available online. This new checklist highlights the top 10 

compliance issues occurring in 403(b) plans and is designed to bring awareness of these issues to plan 

sponsors. When viewed online, the 403(b) Checklist has terms hyperlinked to take users to a much 

more in-depth discussion of the issue. 

Small Business Products Available 

How to Subscribe to Retirement	 The online version of the 2007 Tax Calendar for Small Businesses and 

Self-Employed is filled with useful information on general business taxes, News for Employers IRS and SSA customer assistance, electronic filing and paying options, 

The Retirement News for retirement plans, business publications and forms, common tax filing dates, 

Employers will be issued only and Federal legal holidays. 

through IRS e-mail. For your free The 2007 Small Business Resource Guide (SBRG) CD-ROM is now subscription, please go to the 

Retirement Plans Community web	 available. This handy, interactive CD is designed to equip small business 

owners with the skills and knowledge needed to successfully manage a page and subscribe online by business. The CD covers a wide range of topics, from starting a business to selecting “Newsletters” under retirement plan options. “Retirement Plan Community 

Topics.” All editions of the Resources for Retirement Plan Participant/Employee 

Retirement News for Employers are 

archived there. The lead story in this edition of the Retirement News for Employers dealt with 

Commissioner Miller’s call to provide practical information to plan participants 

For your convenience, we have to educate them about their retirement. Did you know that we have a web page 

included Internet links to referenced dedicated to providing Resources for Retirement Plan Participants/ 

materials throughout the Retirement Employees? This page has links to forms and IRS and DOL publications 

News for Employers. These links dealing with retirement issues. Take a look! 

are identified by the blue and 

underlined text. 

10 
Spring 2007 Retirement News for Employers 

Final Designated Roth Accounts Under Section 402A 

Regulations Published 

Final Income Tax Regulations under section 402A of the Internal Revenue Code were 

published on April 30, 2007. These regulations provide guidance concerning the taxation of 

distributions from designated Roth accounts under qualified cash or deferred arrangements 

described in section 401(k). Generally, these regulations apply to taxable years beginning on or 

after January 1, 2007. 

What is a Designated Roth Contribution? 

A designated Roth contribution is an elective deferral to a section 401(k) or 403(b) plan that has 

been designated irrevocably by an employee as not excludable from the employee’s gross income 

and to be deposited into a designated Roth account under the plan. Thus, the contribution is 

treated by the employer as includible in the employee’s gross income at the time the employee 

would have received the amount in cash if the employee had not made the election (hence it’s 

subject to all applicable wage withholding requirements). Designated Roth contributions are 

allowed in 401(k) plans and 403(b) plans but not in SARSEPs or SIMPLE IRA plans. 

For more questions and answers on designated Roth accounts, visit our Retirement Plans 

FAQs regarding Designated Roth Accounts web page by selecting “EP FAQs” under 

“Retirement Plan Community Topics” or check out Publication 4530, Designated Roth 

Accounts Under a 401(k) or 403(b) Plan. 

EP TDI Notices 

Beginning in February 2007, the IRS re-instated the generation of the EPTaxpayer Delinquency 

Investigation (TDI) Notices for Forms 5500 and 5500-EZ for the plan year ending December 31, 

2004. The first delinquency notice, CP 403, is issued normally 15 months after an employee plan 

return’s due date. If the filer does not respond within 15 weeks, the second delinquency notice, 

CP 406, is mailed. 

The notices have been redesigned to be more understandable, which should increase the accuracy 

of the responses and reduce the need for follow-up correspondence. Additional information on 

these notices now appears on the Retirement Plan Community web page (www.irs.gov/ep) in an FAQ 

format under the “Form 5500 Corner” of the “EP Forms/Pubs/Products” topic. 

11 
Spring 2007 Retirement News for Employers 

Let’s Just Take It One Three-Month Period at a Time

= contribution 

= conference 

= file forms 

Operating a retirement plan can be a time-consuming job. There are deadlines, not just for reports 

and forms but also for making contributions. There are conferences and seminars. And then there 

is information you need to give to participants. 

So to help you navigate the retirement plan timeline, here is our month-by-month look at some of 

the important moments in the months to come. Please note that all of the filing dates below are for 

calendar-year plans - adjust the dates for non-calendar year plans:

 May 24: EBSA Seminar: Voluntary Fiduciary Correction Program Workshop – Pasadena, CA 

and Avenal, NJ. 

June 14: EBSA Seminar: Choosing a Retirement Solution for Your Small Business – Boston, MA. 

June 26: EBSA Seminar: Choosing a Retirement Solution for Your Small Business and 

Uniformed Services Employment and Reemployment Rights Act (USERRA) Workshop – 

Fort Snelling MN. 

June 29: EBSA Seminar: Voluntary Fiduciary Correction Program Workshop – Birmingham, AL. 

July 15: Second quarterly installment due date for the 2007 plan year. 

July 17-19: IRS Nationwide Tax Forum – Atlanta, GA. 

July 31-August 2: IRS Nationwide Tax Forum – Chicago, IL. 

July 31: “Form 5500 Day”– File 2006 Form 5500, Annual Return/Report of 

Employee Benefit Plan, or Form 5500-EZ, Annual Return of One-Participant (Owners 

and Their Spouses) Retirement Plan, with DOL/EFAST, or File Form 5558, 

Application for Extension of Time to File Certain Employee Plan Returns, with IRS to request

 an automatic 2 1/2 -month extension (October 15, 2007) to file the Form 5500 or Form 5500-EZ. 

August 2: EBSA Seminar: Voluntary Fiduciary Correction Program Workshop – 

Orlando, FL. 

August 21-23: IRS Nationwide Tax Forum – Las Vegas, NV. 

August 28-30: IRS Nationwide Tax Forum – New York, NY. 

For a comprehensive list of upcoming EP Educational Events, visit the Retirement Plans 

Community web page, select “Plan Sponsor/Employer,” then “Questions: Where to get Answers” 

and click on “Upcoming EP Educational Events.” 

Department of the Treasury Publication 4278 (5-2007) 12 

Internal Revenue Service Catalog Number 37968B 
Spring 2007 Retirement News for Employers 

Timing is Everything

Some helpful retirement tips for employees from the IRS... 

Phew! April 15th is over. Don’t wait until next April to start planning for 

your retirement. 

Did you receive a tax refund? Have you received a raise? Did your 

child graduate from college? Did you graduate? Congratulations! 

Consider decreasing your taxable income and increasing your 

retirement savings. 

∗Many plans have quarterly or semi-annual entry dates. If you are 

not already participating in your plan, consider starting.

 ∗If you are participating, consider increasing your deferrals.


 Generally, for 2007 you can contribute up to:


∗ IRA - $4,000 

∗ SIMPLE plan - $10,500 

∗ 401(k) or 403(b) plan - $15,500 

If you turn 50 by December 31, 2007, you may be eligible to make 

additional “catch-up” contributions. For 2007, the maximum catch-up 

contribution is: 

∗ IRA - $1,000 

∗ SIMPLE plan - $2,500 

∗ 401(k) or 403(b) plan - $5,000 

For more retirement plan information, talk to your employer or visit www.irs.gov/ep, select 

“Plan Participant/Employee.” 

Department of the Treasury Publication 4278-B (5-2007) 

Internal Revenue Service Catalog Number 47879D