BINDRA Bags INDIA’S FIRST

August 11, 2008

India’s Abhinav Bindra won a gold in men’s 10-metre Air Rifle event in Beijing. Bindra shot 104.5 to take his total to 700.5 in the final. This is India’s first ever Olympic gold in any individual event and ninth in total.

In ten rounds, Bindra shot 10.7, 10.3, 10.4, 10.5, 10.5, 10.5, 10.6, 10.0, 10.2, 10.8 to clinch the first berth. China’s Qinan Zhu won silver while Finland’s Henri Hakkinen won bronze.


Equal Employment Opportunity (EEO) Laws

August 11, 2008

The Federal laws prohibiting job discrimination are:

The U.S. Equal Employment Opportunity Commission (EEOC) enforces all of these laws. EEOC also provides oversight and coordination of all federal equal employment opportunity regulations, practices, and policies.


403(b) Compliance Deadline: December 31, 2008

August 11, 2008

If you are a sponsor of a 403(b) Plan (aka Tax-Sheltered Annuity or Tax-Deferred Annuity), you are probably aware of the December 31, 2008 deadline to bring your plan into compliance with the Regulation issued by the IRS last year. If you miss this deadline, then, effective January 1, your “tax sheltered annuities” will no longer be tax-sheltered, meaning that your employees will no longer be able to make contributions on a pre-tax basis, and, more importantly, will be taxed on the value of their accounts.

The most significant change for most employers is that all 403(b) plans must now be evidenced by a written plan document (or documents). Employers who have not had a plan document until now (many 403(b) plans have not needed one), must adopt plan documents that satisfy all of the applicable requirements of the law and the Regulation. If you already have a plan document, it will almost certainly require amendments in order to continue to comply with the Regulation. For example, permissible eligibility requirements have been changed, so you may have to extend plan eligibility to previously ineligible employees. In either case, regardless of whether you already have a plan document, if you have not yet addressed this issue, time is short.

You also need to review all of your annuity contracts (or custodial accounts) in order to ensure that the terms of those contracts are consistent with the terms of your plan documents, or vice versa. In addition, the Regulation requires that certain provisions be contained in an annuity contract in order for it to be used to fund a 403(b) plan; although you will not be able to amend the annuity contract yourself, you will have to ensure that the insurance company does so, or, alternatively, you will have to transfer funds from a non-compliant contract to one that complies with the Regulation.

Source: Fordharrison


Overall Medal Standings: Beijing 2008

August 11, 2008

Check out on regular basis Medal Standing – click here


About 403(b) Compliance

August 11, 2008

The Treasury Department and IRS issued proposed regulations today relating to retirement annuity contracts under section 403(b), which are generally available to employees of public schools and organizations exempt from tax under section 501(c)(3), along with related temporary regulations clarifying the application of employment taxes to section 403(b) contracts.

“These regulations provide the first comprehensive guidance on section 403(b) arrangements in over 40 years,” said Gregory Jenner, Treasury’s Acting Assistant Secretary for Tax Policy.  “These regulations would substantially revise the existing regulations to provide guidance on the various statutory changes that have been made for section 403(b) contracts during those 40 years, answer many outstanding issues that were not previously addressed in formal guidance, and demonstrate the increasing similarity among section 403(b) arrangements and the other types of retirement plans that provide for salary deferrals (section 401(k) and governmental section 457(b) plans).

Source: Treas


Bindra wins gold in 10m Air Rifle event

August 11, 2008

India’s Abhinav Bindra won a gold in men’s 10-metre Air Rifle event in Beijing. Bindra shot 104.5 to take his total to 700.5 in the final. This is India’s first ever Olympic gold in any individual event and ninth in total.

In ten rounds, Bindra shot 10.7, 10.3, 10.4, 10.5, 10.5, 10.5, 10.6, 10.0, 10.2, 10.8 to clinch the first berth. China’s Qinan Zhu won silver while Finland’s Henri Hakkinen won bronze.

Bindra had shot a total of 596 out of 600, shooting a perfect 100 in 3 of the 6 rounds of the qualifiers. Bindra finished 4th to qualify 2 points behind Henri Hakkinen of Finland.

Gagan Narang, meanwhile, was very unlucky missing out by just 1 point on a countback after he was tied with 4 others after 6 rounds with an average score of 9.917 in the qualifiers. In a countback, since all five shooters, who were tied, had shot a perfect 100 in the last round, the 5th round scores were taken into account, where Narang had managed a 98, whereas the others had shot either a 99 or a 100.

If Narang had shot a 99 instead of a 98, 4th round scores would have been taken into account and Narang would have gone through.