The Employee Ownership Update for October 29, 2007 is online and discusses the following:

Here is the text of Section 409B of Rangel's Corporate Tax Proposal:

The Employee Ownership Blog has provided more information on Rangel's Corporate Tax Proposal, also known as H.R. 3970 - Tax Reduction and Reform Act of 2007:

Rangel's Corporate-Tax Bill May Frame Future Debate discusses how the "top tax writer is calling for a cut in the corporate income-tax rate, but would replace the lost revenue with other tax changes that would hit businesses." While the proposal is unlikely to make it through Congress, it sets the stage for a 2009 debate:

The DOL announced the release of DOL Final Regulation - Default Investment Alternatives Under Participant-Directed Individual Account Plans, which establishes qualified default investment alternatives (QDIA), providing a way to automatically enroll participants in their 401(k) plans:

Chatsworth Products, Inc. (Westlake Village, CA)

The IRS released IRS Notice 2007-86 - Notice of Additional 2008 Transition Relief under Section 409A:

October is Employee Ownership Month. What are companies doing Employee Ownership Month? One company raises money for the Employee Ownership Foundation by having a rummage sale and silent auction. They also have an annual slogan contest. Another company has fun with educational events, including sports day with ESOP cryptogram, P.J./Goodies day with an ESOP crossword, hat day with bowling, and western day with owner name scramble. They also have an ESOP basics presentation and a costume. As we discussed last week, this company treats employees to gift card raffles, lunch and food treats such as soft pretzel day.

NewAge Industries (Southampton, PA)

The IRS has announced the 2008 pension plan limits, including the following:

The IRS recently released the October 2007 Special Edition of the Employee Plans News, which discussed the following topics:

Custom Data Solutions, Inc. (Romeo, MI)

The Employee Ownership Update for October 15, 2007

Extended IRS Forms 5500 Due Date

Please remember that today is the due date for IRS Forms 5500 for the plan year ended December 31, 2006, that were extended by IRS Form 5558 until October 15, 2007.

A DOL press release announced the release of Field Assistance Bulletin 2007-03 - Periodic Pension Benefit Statements for Non-Participant Directed Individual Account Plans:

Stemming the Trickle-Up Effect states that "dozens of economists, social scientists and political activists" attending the What's the Economy for, anyway? conference feel that the promotion of employee ownership could be a key to reducing the gap between the nation's rich and poor:

The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) has released some useful information and tools on their website:

The ESOP Association recently published two relevant ESOP press releases:

Last week we discussed the five employee-owned companies included in the Wall Street Journal's 15 Top Small Workplaces 2007. We also shared some related news coverage. The Wall Street Journal also discussed how a nonprofit uses employee surveys "to stay attuned to employees' attitudes and needs" and shared tips to effective employee surveys in Taking the Pulse of Workplace Culture:

This article defines income in respect to a decedent (IRD) and provides an example:

Phelps County Bank (Rolla, MO)

Employers may need to reconsider their Form 5500 filings discusses the issue notices that the IRS starting sending to employers about the status of their 2004 IRS Forms 5500 filings. The article notes that filing under the Delinquent Filer Voluntary Compliance Program (DFVC) will drastically reduce the penalties:

ESOP Participants Receive a Much Larger Benefit discussed the most recent NCEO Employee Ownership Update. An additional section to the Update was added (Five of Top Small Workplaces Are Employee Ownership Companies), which discusses The Wall Street Journal's Top Small Workplaces 2007 and the common themes of the 15 winners: