In the News April 11, 2008

David Godofsky Quoted in BNA Inc’s Daily Report for Executives – Federal Tax & Accounting

David Godofsky was quoted extensively in the April 11 issue of BNA Inc’s Daily Report for Executives – Federal Tax & Accounting in an article titled, “ Pensions – PRC Seeks Withdrawal of Pension Ruling; Practitioner Says PRC Has It ‘All Wrong’.” The article discusses the Pension Rights Center’s (PRC) request to the Treasury Secretary to withdraw Revenue Ruling 2008-7 because it is “unfair.”

Godofsky commented that, “The Pension Rights Center has it all wrong," and added, "First, wear-away was never a problem in the backloading rules…Second, wear-away is not discredited." He said that, "Revenue Ruling 2008-7 fixes a highly technical glitch in the law, as interpreted previously by Treasury and the IRS, that would invalidate benefits that everyone recognizes as being in the interests of participants." Godofsky also said, "Congress isn't against 'greater of' formulas, in fact, the top-heavy rules require greater of formulas.” He went on to say that, "Many plans that provide the top-heavy minimum formula would fail the backloading rules, merely because of the top-heavy minimum. How could a formula be required and prohibited at the same time?"

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