Earlier this year we talked about the uncertainty of the 2011 Tax Rates, including the potential of Retroactively Changing Estate Tax Law. Congress has since passed some legislative fixes that extend many of the current tax rates for two more years and the President signed H.R. 4853: Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 into law on December 17, 2010. Congress Resolves Many Tax Issues During Lame-Duck Session discusses the tax changes in more detail:

2010 End of Year Plan Sponsor "To Do" Lists provides a checklist of items for plan sponsors to address by the end of the year. If you have a different plan year, some of the due dates will be different:

Chronological Summary of Major Post-ERISA Benefit Legislation provides a summary of the major employee benefits legislation since ERISA:

President of The ESOP Association, J. Michael Keeling, noted, "This announcement is positive news. We applaud EBSA's decision to have an open discussion about its proposal that would impact 98% of the ESOPs in America. Now, we will be able to hear DOL's concerns explained in full, and we ESOP advocates will be able to voice our thoughts in public."

The December 15, 2010 Employee Ownership Update is online and discusses the following:

Vermont senators ask DOL to back off on fiduciary expansion reports that Sen. Bernard Sanders [I-VT] and Patrick Leahy [D-VT] have submitted a letter to the DOL Secretary asking the DOL to stop the recently proposed DOL regulations that define ESOP appraisers as fiduciaries:

The NCEO has submitted formal comments on the recent proposed DOL regulations to define ESOP appraisers as fiduciaries. Here is the executive summary:

The December 1, 2010 Employee Ownership Update is online and discusses the following:

Current law mandates that an appraiser of shares of a private company that are to be, or are, ESOP shares be independent (26 U.S. Code 401(a)(28)(c)). In If the DOL proposal to make all ESOP valuators (appraisers) fiduciaries to the ESOP, how could the valuator/appraisers be independent?

IRC Section 401(a)(28)(C) - Qualified pension, profit-sharing, and stock bonus plans - Requirements for qualification - Additional requirements relating to employee stock ownership plans:

The full 18-member panel will vote on the proposals to cut the deficit on Friday and is expected to come up short of the 14 votes needed to issue a formal recommendation to Congress and the White House. But the show of bipartisan support, including the votes of five of the six members appointed by President Barack Obama, gives the plan momentum many thought impossible just weeks ago.