Daily Report for Executives Index-Summary

PACKAGING AND LABELING

– Country-of-origin labeling requirements for meat and perishable commodities, Canada to seek WTO panel ruling on U.S. requirements, 193:A–10 (10/8/09); Mexico joins Canada to seek WTO panel, 196:A–5 (10/14/09); U.S. blocks panel, 204:A–3 (10/26/09)
– Light bulb labeling requirements proposed by FTC, public comment sought, 206:A–15 (10/28/09)
– Pesticide spray drift, environmental advocates urge EPA to set temporary controls while agency considers changes to labeling requirements, 200:A–14 (10/20/09)

PANAMA

– U.S. free trade agreement, lack of ratification by U.S. forces Panama to seek agreements with EU and Caribbean nations, Panamanian official says, 198:A–29 (10/16/09)

PARTNERSHIPS

– Debt discharge, deferral, IRS considers remaining §108(i) issues for new guidance, official says, 202:G–4 (10/22/09); future guidance on §108(i) to address acceleration issues, official says, 207:G–1 (10/29/09)
– IRS guidance priorities, officials say IRS working to release several rules projects from 2008 plan, 207:G–1 (10/29/09)
– Late elections, IRS guidance on requesting relief received well, official says, 202:G–4 (10/22/09)
– Mergers, tiered structures, and divisions, practitioner comments sought on §704(c) gain and loss rules, 189:G–3 (10/2/09)
– Short sale obligation qualifies as partnership liability under §752 (Fed. Cir.), 207:K–1 (10/29/09); text of Marriott decision, 207:TaxCore (10/29/09)
– Tax shelter cases

See TAX SHELTERS

PATENT AND TRADEMARK OFFICE (PTO)

See COMMERCE DEPARTMENT

PATENTED TAX STRATEGIES

See TAX PRACTICE

PATENTS

See INTELLECTUAL PROPERTY

PAYROLL TAXES

See EMPLOYMENT TAXES

PBGC

See PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PCAOB

See PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB)

PENNSYLVANIA

– Alcoholic “drink tax,” high court upholds rulings barring referendums from ballot (Pa.), 192:K–1 (10/7/09); decision text, 192:TaxCore (10/7/09)
– Budget gap, lawmakers approve revenue raisers totaling $1.5B, 194:H–1 (10/9/09); governor signs bill, 196:H–3 (10/14/09)
– Mining, citizens group threatens lawsuit against Interior Dep't over its alleged failure to ensure that state's mining regulatory program complies with federal law, 201:A–25 (10/21/09)
– Ponzi schemes and theft losses, tax guidance released, 200:H–2 (10/20/09)

PENSION BENEFIT GUARANTY CORPORATION (PBGC)

– Per-participant flat-rate premium for plan year 2010 to increase to $35 for single-emloyer plans, PBGC announces, 199:EE–10 (10/19/09)

PENSIONS

See also SOCIAL SECURITY
– Abuses, IRS to investigate promoter schemes disguised as retirement plans, 202:G–6 (10/22/09)
– Accounting, IASB votes to finalize proposed corrections to international accounting guidance, 203:I–3 (10/23/09); lack of constituent consensus pushes IASB to drop IAS 19 discount rate fix, 204:I–1 (10/26/09)
– Bankruptcy, Official Comm. of Unsecured Creditors of Chapter 11 debtor Freedom Communications Holdings joins PBGC motion to compel debtor to produce confidential documents to PBGC (Bankr. D. Del.), 191:A–21 (10/6/09)
– Benefit restrictions, underfunded plans, IRS issues final rules under §436, 193:GG–1 (10/8/09); text of TD 9467, 193:Text Supp (10/8/09); no notices required on lump sum payment restrictions for those in pay status, IRS says, 196:G–6 (10/14/09); practitioners find much to like, dislike in final rules, 197:G–16 (10/15/09)
– Breach of fiduciary duties

– – Citigroup stock drop case dismissal criticized by DOL associate solicitor (S.D.N.Y.), 188:EE–10 (10/1/09)
– – First Horizon Natl. employees can go forward with their claim that fiduciaries failed to remove company stock as plan investment option as company's losses mounted (W.D. Tenn.), 188:EE–16 (10/1/09)
– – MV7 plan, NFL player Vick ordered to repay more than $400K to plan after withdrawing more than $1.35M in violation of his fiduciary duties (E.D. Va.), 188:EE–10 (10/1/09)

– Cash balance plans

– – Citigroup did not violate ERISA's minimum benefit accrual rules by using “fractional test” to compute minimum accruals when participants severed their employment (2d Cir.), 200:EE–4 (10/20/09)
– – Sponsors facing deadline look to IRS for guidance on interest crediting rates, 190:G–3 (10/5/09); letter from Coalition to Preserve the Defined Benefit System, ERIC, Am. Benefits Council, 190:TaxCore (10/5/09); IRS official says release of final rules imminent with interest crediting guidance, 195:G–6 (10/13/09)

– Contribution limit for 2010, Treasury plans release this week to prevent reduction, 197:G–16 (10/15/09); dollar limits unchanged due to static inflation index, 198:G–1 (10/16/09); IRS news release, 198:TaxCore (10/16/09); catch-up contributions, report on 198:G-1 corrected, 199:G–10 (10/19/09)
– Conversion to cash balance plan, decision refusing to implement substantive remedies to rectify CIGNA's alleged failure to provide employees with accurate information upheld (2d Cir.), 192:EE–4 (10/7/09)
– Deferred compensation plans

See DEFERRED COMPENSATION

– Defined contribution plans

– – Investment advice rules, preview of Ways-Means hearing, 188:G–8 (10/1/09); DOL and IRS officials provide status update on rules, witnesses discuss HR 2989 provisions, 189:G–5 (10/2/09)
– – Participants' fees, sponsors would benefit from guidance on reducing, GAO reports, 192:G–1 (10/7/09)

– Distress terminations in Chapter 11 bankruptcy, attorney discusses court precedents challenging PBGC, 196:EE–4 (10/14/09)
– Employer-based system, Obama makes commitment to improve, Labor Sec'y Solis says, 202:EE–7 (10/22/09)
– Foreign investments, FBAR reporting by plans

See INFORMATION REPORTING

– Form 5500 Schedule C guidance coming soon, DOL official also discusses service provider disclosures, 194:G–7 (10/9/09); frequently-asked questions released, 204:G–2 (10/26/09); DOL sponsors webcast on changes, 206:EE–6 (10/28/09)
– 401(k) plans

See 401(k) PLANS

– 403(b) plans

See 403(b) PLANS

– Fraud, Boston-based State Street Corp. systematically falsified foreign currency exchange prices in Cal. public pension funds, Atty. Gen. Brown says (Cal. Super. Ct.), 201:EE–9 (10/21/09)
– Funding relief

– – HELP Chrm. Harkin (D-Iowa) calls for “careful balance,” targeted, temporary relief, Senate panel hearing, 208:G–11 (10/30/09)
– – Miller (D-Cal) bill

See LEGISLATION, FEDERAL, HR 2989

– – Pomeroy (D-ND), Tiberi (R-Ohio) bill

See LEGISLATION, FEDERAL, HR 3936

– – Ways-Means to receive conflicting recommendations at hearing, 188:G–8 (10/1/09); Neal (D-Mass) says Comm. awaits administration proposal, witnesses discuss how much relief needed, 189:G–5 (10/2/09)

– Guidance imminent, IRS managers discuss varied regulations for plans, 204:G–3 (10/26/09)
– Investments

– – State Street Bank and Trust settlement with class of numerous employer-sponsored plans that allegedly lost more than $150M in State Street bond funds preliminarily approved (S.D.N.Y.), 208:EE–5 (10/30/09)
– – Strategies maintained despite economic turmoil, report finds, 194:EE–3 (10/9/09)

– IRAs

See INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)

– Lump-sum distributions, Lyondell-Basell plan administrator must make payouts when annuity date precedes bankruptcy (S.D. Tex.), 202:EE–10 (10/22/09)
– Minimum funding standards

– – Actuaries willing to trade ambiguity for complexity in final funding regulations, 200:G–6 (10/20/09)
– – IRS updates weighted average rates, yield curves, funding segment rates for plan years beginning in Nov., 192:G–1 (10/7/09)
– – Measuring assets and liabilities, IRS issues final rules under §430 for single-employer plans, 193:GG–1 (10/8/09); text of TD 9467, 193:Text Supp (10/8/09); IRS to issue more guidance to address additional issues, 196:G–4 (10/14/09); practitioners find much to like, dislike in final rules, 197:G–16 (10/15/09)
– – Relief legislation

See Funding relief, this heading

– Multiemployer plans, employer liability can arise out of either contractual obligation to contribute to fund or under labor-management relations law (6th Cir.), 204:EE–3 (10/26/09)
– N.Y. State Common Retirement Fund, 2 plead guilty in continuing Atty. Gen. Cuomo pay-to-play probe, 192:EE–9 (10/7/09); Cuomo and state legislators introduce bill to revise state pension fund supervision, 194:EE–11 (10/9/09)
– Normal retirement age, IRS extends deadline for governmental plans to comply with §411(a)(8) rules, 207:G–4 (10/29/09); Notice 2009-86, 207:TaxCore (10/29/09)
– OECD says area pension funds recovering gradually in 2009, 207:EE–4 (10/29/09)
– Placement agents, CalPERS launches special review of fees its external agents pay, 198:EE–12 (10/16/09)
– Public plans, average funding levels of nation's largest plans declined slightly in FY2008, but most had actuarial funding ratios that were higher than average funding level, NASRA survey, 203:EE–14 (10/23/09)
– Single-employer plans terminating in 2010, PBGC announces that maximum insurance benefit for participants will remain at $54K per year for those retiring at age 65, 206:EE–6 (10/28/09)
– Small business plans

See SMALL BUSINESSES

– Standard terminations, PBGC rules leave questions for future guidance, speaker says, 196:EE–7 (10/14/09)
– Total retirement benefits as percent of pay have declined since 2002, Watson Wyatt survey finds, 202:EE–13 (10/22/09)
– Underfunded plans

– – Powermate, PBGC to take over plan that covers 600 former employees and retirees, making up $2.2M shortfall, 202:EE–11 (10/22/09)
– – Pueblo Intl., PBGC takes over plan covering 1,400 former workers and retirees, 208:EE–6 (10/30/09)

PESTICIDES

– Active ingredients, EPA to expand public role in decisions on risk assessments and proposed registration, 189:A–12 (10/2/09)
– Atrazine risk evaluation that could lead to wider margin of safety launched by EPA, 193:A–29 (10/8/09)
– Biopesticides that target insects and fungi, EPA opens registration review dockets for set of 5, 188:A–19 (10/1/09)
– Carbaryl, EPA plans to approve request to cancel registrations for last 2 pet product uses in U.S., 202:A–24 (10/22/09)
– Clean Water Act pollution discharge permits

– – CropLife America to seek review of ruling on exemptions (U.S., rev sought), 197:A–26 (10/15/09)
– – EPA faces enforcement and technology issues on developing permits, 198:A–28 (10/16/09)

– Computer manufacturer Samsung agrees to pay $205K and stop making claims that its “antimicrobial” keyboards inhibit germs and bacteria, EPA announces, 202:A–25 (10/22/09)
– Dibromochloropropane (DBCP) exposure

– – Mass tort jurisdiction over hundreds of West African fruit workers suing U.S. companies (U.S., rev den), 191:A–15 (10/6/09)
– – Nicaraguan court's $97M ruling against Dow Chemical and Dole Food rejected (S.D. Fla.), 207:A–20 (10/29/09)

– Dichlorvos, EPA to reopen review to public scrutiny after adding missing documents, 196:A–15 (10/14/09)
– Disclosure, giving public more information on chemicals and pesticides top priority for EPA's Owens, 208:A–14 (10/30/09)
– Endocrine Disruptor Screening Program Tier 1, EPA moving toward sending out orders following conditional approval by OMB, 193:A–25 (10/8/09); EPA releases schedule for test orders and guidelines for program, 200:A–18 (10/20/09); Consumer Specialty Products Ass'n says EPA has yet to fully specify how it will decide which chemicals to be tested under first phase, 202:A–27 (10/22/09); Markey (D-Mass) says OMB may have hindered program by asking EPA to consider existing data from registrants, 203:A–22 (10/23/09)
– Endosulfan, committee of experts under Stockholm Convention on Persistent Organic Pollutants agrees to advance work on possible global ban on production and trade, 199:A–3 (10/19/09)
– Inert ingredients, EPA moving forward with plan to require disclosure of identities, 188:A–29 (10/1/09)
– Nanomaterials

See NANOTECHNOLOGY

– Spray drift, environmental advocates urge EPA to set temporary controls while agency considers changes to labeling requirements, 200:A–14 (10/20/09)

PETROLEUM INDUSTRY

See OIL AND GAS

PHARMACEUTICALS

See DRUGS AND PHARMACEUTICALS

PHILIPPINES

– Water pollution, lawsuit brought by Provincial Government of Marinduque against mining company Placer Dome reversed and remanded (9th Cir.), 188:A–12 (10/1/09)

PHYSICIANS

– Antitrust, consolidation among providers and impacts on hospital and physician competition discussed by MedPAC, 195:A–17 (10/13/09)
– Arbitration, physician not entitled to modification of amount of damages he was awarded (U.S., rev den), 191:A–1 (10/6/09)
– Health care reform would help physicians better care for their patients, Obama says, 191:A–14 (10/6/09)
– Medicare payment fix for physicians, Hoyer (D-Md) says no final decisions made on how to move, but could be done separately from health care reform bill, 197:A–31 (10/15/09); further action, see LEGISLATION, FEDERAL, HR 3961, S 1776
– Profiling physicians on their practice efficiency, GAO says capturing resource use for feedback reports with “per capita methodology” could be useful approach, 205:A–17 (10/27/09)

PIPELINES

– State law strengthening, PHMSA developing criteria and procedures for taking federal action when necessary, 207:A–27 (10/29/09)
– Tar sands oil, NRDC request to block planned pipeline from Canada to U.S. rejected (D.D.C.), 188:A–25 (10/1/09)

POLLUTION

See AIR POLLUTION; WATER POLLUTION

PORTUGAL

– Corporate exit tax, European Comm'n files legal challenge, 195:I–1 (10/13/09)
– Expatriates, European Comm'n challenges exit taxes, 208:I–6 (10/30/09)

POSSESSIONS, U.S.

See specific territories

POULTRY

See MEAT AND POULTRY

PRACTITIONERS

See TAX PRACTICE

PRIVACY

See also IDENTITY THEFT
– Apparel marketer, Iconix Brand Group, agrees to $250K fine, FTC alleges Children's Online Privacy Protection Act violations and privacy notice breaches (S.D.N.Y.), 202:A–5 (10/22/09)
– Attorney-client privilege

See ATTORNEYS

– Bank secrecy

See OFFSHORE HAVENS

– Caller ID spoofing, making criminal offense

See LEGISLATION, FEDERAL, HR 1110, HR 1258

– Data security breaches

– – ChoicePoint, FTC announces order expanding data security accord to settle charges related to alleged violations of previous court order, 200:A–4 (10/20/09)
– – Consumer notification, and business security program implementation

See LEGISLATION, FEDERAL, HR 2221

– – Health data, House leaders urge HHS to strengthen rules that do not require entities to notify individuals if no harm resulted from breaches, 190:A–11 (10/5/09); correction, 191:A–32 (10/6/09); provider and industry groups support no harm provision in data breach regulation, 204:A–23 (10/26/09)
– – Heartland Payment Systems could have done more to guard against massive breach, 9 banks and credit unions file class action seeking damages (S.D. Tex.), 192:EE–4 (10/7/09)
– – Leahy (D-Vt) bill to prevent

See LEGISLATION, FEDERAL, S 1490

– DHS Privacy Office not living up to its statutory mandate to preserve privacy of U.S. citizens, coalition of advocacy groups says, 206:A–3 (10/28/09)
– European Union issues

See EUROPEAN UNION (EU)

– Exempt entity investigations, Treasury exempts certain records from Privacy Act rules, 193:G–3 (10/8/09); final rules, 193:TaxCore (10/8/09)
– FDIC employee charged with disclosing tax data of bank customer (D. Kan.), 195:K–8 (10/13/09)
– Health plan data, HIPAA changes, Mass. privacy law discussed by benefits attorneys at ALI-ABA panel, 194:G–10 (10/9/09)
– Internet social networking sites consider privacy expectations in evolving market, 193:A–21 (10/8/09)
– Peer-to-peer file-sharing software protection

See LEGISLATION, FEDERAL, HR 1319

– Phishing, FBI and DOJ break up large U.S. and Egyptian operation affecting banks and customers' personal information (C.D. Cal.), 193:A–14 (10/8/09)
– Swiss bank secrecy

See SWITZERLAND

– Taxpayer records, TIGTA says more steps needed to monitor unauthorized access by IRS employees, 201:G–4 (10/21/09)

PRODUCER PRICE INDEX (PPI)

– Sept., BLS report, 201:EE–1 (10/21/09); text of Sept. data, 201:E–6 (10/21/09)

PRODUCT SAFETY AND LIABILITY

– China

See CHINA

– Imported products, CPSC increases staff at U.S. ports and develops long-term strategic plan for surveillance, 193:A–23 (10/8/09)
– Lead in children's products

See CHILDREN

– Nanomaterials

See NANOTECHNOLOGY

– Recreational off-highway vehicles (ROVs), CPSC turns sights to hazards, considers rulemaking, 196:A–21 (10/14/09); CPSC issues proposal to address hazards, 203:A–17 (10/23/09)
– Supreme Court reviews denied, 191:A–9 (10/6/09)
– Swimming pool and spa drains, while CPSC prepares for public hearing, safety advocacy groups argue that covers placed on drains would not sufficiently prevent suction entrapment, 203:A–17 (10/23/09)

PRODUCTIVITY

– U.S. and South Korea manufacturers tie for first place in growth in 2008, topping competitors in 15 other industrialized countries, BLS report, 203:EE–6 (10/23/09)

PTO

See COMMERCE DEPARTMENT

PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB)

– Advisory group sets Oct. 14-15 meeting, 190:G–6 (10/5/09); group makes recommendations on fraud risk, fair value measurement, 199:G–4 (10/19/09)
– Audit quality standard

See ACCOUNTING

– Constitutionality of PCAOB's operations, investor group CII files brief supporting validity of SOx provisions (U.S.), 203:K–2 (10/23/09)

PUERTO RICO

– Possessions corporations, IRS to monitor §936 exit audits, 196:G–6 (10/14/09); LMSB directive, 196:TaxCore (10/14/09)