January 2010

Mandatory Form 5500 Electronic Filing for 2009 Plan Years
As part of the Pension Protection Act of 2006 (PPA), plan sponsors of employee benefit plans are required to file their 2009 Form 5500 returns electronically via the DOL/EBSA's new fully electronic processing system or EFAST2. This is a mandatory requirement for all plan years beginning on or after January 1, 2009. Read more...

403(b) Plans – 2009 Frequently Asked Questions
Many tax-exempt organizations are either unaware or unclear about the 403(b) plan requirements for the 2009 plan year and have a lot of questions. This article will help not-for-profit organizations navigate 403(b) plans and the new regulations. Internal Revenue Code Section (IRC) 403(b) discusses the taxability of annuities and/or contracts purchased for employees of public schools, governmental agencies and organizations exempt from tax under IRC 501(c)(3). Currently designed to be similar to 401(k) plans, 403(b)s allow for employee salary deferrals and can also provide for employer matching and/or profit sharing contributions. Read more...

2010 Cost-of-Living Adjustments for Qualified Retirement Plans
The Internal Revenue Service announced cost-of-living adjustments applicable to
dollar limitations for pension plans and other items for tax year 2010. Read more...

Somerset News
2010 Seminars. Our seminars calendar for 2010 keeps expanding. Don't miss our popular Somerset Practical MBA Program, which includes a live webinar simulcast so those of you outside the Indianapolis area can participate. Please go online to see the schedule and register.

Get Financially Fit in 2010 - A new year is here and it's time to get your financial goals on track! As part of your 2010 financial planning, take action by completing the Somerset Financial Fitness Survey. Your response will be reviewed by Somerset wealth management professionals, and they will contact you to help you meet your goals, build wealth and achieve personal financial success. If you complete the survey by February 28, you will be entered to win a $250 Visa gift card. Take the Somerset Financial Fitness Survey now.
 

Somerset Turns 50 in 2010 - We are proud to be celebrating our 50th anniversary in 2010! Somerset’s roots began in 1960 with the founding of Whipple & Company, a certified public accounting firm. Read more...

Tell Us How We Are Doing and You May Win Pacers Tickets - If you are a Somerset client, please take our survey concerning the services we have provided to you by February 15, you will be entered into our drawing for a pair of tickets to the Pacers vs. Chicago on Saturday, February 27, 2010. Take survey now.

Employee Benefit Plan Commentator is provided by Somerset’s Employee Benefits Team for our clients and other interested persons upon request. For additional information on the issues discussed, please contact Yvette C. Ward, CPA. Since technical information is presented in generalized fashion, no final conclusion on these topics should be made without further review. 

These articles were written by and published herein with the permission from professionals of BDO Seidman, LLP.  Somerset is a member of the BDO Seidman Alliance, a nationwide association of independently owned accounting and consulting firms.