VIA FAX
January 30, 1996
TO: PENSION COMMITTEE No. 4-96
TAX COMMITTEE No. 5-96
RE: PRELIMINARY AGENDAS - TAX AND PENSION COMMITTEE MEETINGS
______________________________________________________________________________
Preliminary agendas for the Tax and Pension Committee meetings on Tuesday,
February 6, 1996 are attached. The meetings will be held at the Investment Company Institute,
1401 H Street, N.W. 12th Floor, Washington, DC.
Agendas for the February 5 Tax Subcommittee meeting on Preferential Dividends and
the February 7 Pension Subcommittee meeting on DOL Enforcement Activity will be faxed
separately to those responding to the previously-sent announcements for those meetings.
Eric G. Burns
Chairman - Tax Committee
John M. Kimpel
Chairman - Pension Committee
Attachments
* Indicates Discussion Items
PRELIMINARY
TAX COMMITTEE AGENDA
February 6, 1996
I. Federal Tax Legislation
*A. Update on 1995 Tax Legislative Proposals and Prospects for 1996 (Tax Members
Nos. 52-95 and 43-95 and Tax Committee No. 36-52)
*B. Clinton Administration Tax Proposals (Tax Committee No. 4-96)
*C. Kemp Tax Reform Commission Report (Tax Committee No. 3-96)
II. Federal Regulatory and Litigation Issues - Financial Institutions & Products
*A. Preferential Dividend Issues (Tax Committee Nos. 37-95 and 33-95)
*B. Possible IRS Guidance on Diversification Issues
*C. IRS Ruling on Amortizing Acquired Right to Receive 12b-1 Fees (Tax Members
No. 4-96)
*D. Update on IRS Technical Advice Memorandum on OID Accruals
*E. Final Regulations Defining Publicly Traded Partnership (Tax Members No. 57-
95)
F. Institute Comments on Proposed Regulations Permitting Transfers to
Investment Companies (Tax Committee No. 38-95)
G. IRS Holds that Money Market Shares are Not Cash for Thrift Bad Debt Reserve
Rules (Tax Members No. 48-95)
H. Investors Lose Court Challenge to Taxability of Income From Municipal
Obligations Determined to be Arbitrage Bonds (Tax Members No. 44-95)
III. Adviser/Distributor Tax Issues
*A. Expense Waivers and Reimbursements
*B. Start-up Expenses
* Indicates Discussion Items - 2 -
*C. Fund Bailouts
IV. International Tax Issues
*A. Puerto Rico Taxation of Investors in Municipal Bond Funds
*B. Japan
C. PFIC Survey (Tax Members No. 51-95)
D. Tax Compliance
*E. Faxed W-9s
F. IRS Finalizes Backup Withholding Regulations (Tax Members No. __-96)
V. State Tax Issues
*A. Institute Prevails in Georgia Intangibles Tax Lawsuit (Tax Members No. 53-95)
B. State Tax Survey (Tax Members No. 53-95)
VI. Miscellaneous
VII. Institute Conferences and Workshops
A. February 25-27, 1996 - Pension Conference, Miami
B. Spring 1996, Subchapter M Compliance Workshops, Boston, New York, San
Francisco
C. March 25-28, 1996 - Mutual Funds Conference, San Diego
D. April 28 - May 1, 1996 - Globalisation of Mutual Funds Conference, Bermuda
E. May 20-22, 1996 - General Membership Meetings, Washington, DC
F. June 12-14, 1996 - Mutual Fund Training Conference, Washington, DC
* Indicates Discussion Items
G. Sept 15-18, 1996 Tax and Accounting Conference, Palm Desert, CA
* * * * * * * * * * * *
Next Tax Committee Meeting: June 11, 1996
PRELIMINARY
PENSION COMMITTEE AGENDA
FEBRUARY 6, 1996
I. Legislative Developments
*A. IRA, Small Employer and Pension Simplification Legislation (Pension Members
No. 47-95; Pension Committee 26-95; Pension Members No. 43-95)
*B. Social Security Reform (November 7, 1995 and January 16, 1996 Memoranda to
Social Security Reform Task Force; Memorandum to Board of Governors No. 2-
96 and Personal Investment Plan Investment Options Memorandum dated
January 19, 1996)
*C. Plan Audit Reform Legislation Introduced (Pension Members No. 56-95)
*D. Tax Reform (Pension Committee No. 3-96)
E. Source State Taxation Signed (Pension Members No. 4-96)
II. Regulatory Matters
A. ERISA Title I Issues
*1. ERISA Interpretative Bulletin on Investment Education and Advice;
Institute Comment Letter (Pension Committee No. 25-95; Pension
Members Nos. 53-95 and 5-96)
*2. DOL Proposed Revision to Plan Asset Regulation (Pension Members No.
54-95)
*3. Agency Cross-Transactions
*4. Status Report on Institute Request for Advisory Opinion Re PTE 84-24
* Indicates Discussion Items - 2 -
5. DOL Proposed Expedited Issuance of Individual Exemptions (Pension
Members No. 48-95)
B. Tax Issues
*1. IRS Releases Guidance on Loans to Plan Participants (Pension Members
No. 2-96)
2. 1996 Pension Plan Limitations (Pension Members No. 44-95)
3. IRS Examination Guidelines for Employee Benefit Plans (Pension
Members No. 49-95)
4. New IRS Form 5498 Will Contain Checkbox for SEPS (Pension Members
No. 51-95)
5. IRS Releases Nonbank Trustee Net Worth Requirements Regulation
(Pension Members No. 55-95)
6. IRS Releases Guidance on ERISA 204(h) Notice Requirements (Pension
Members No. 57-95)
7. IRS Guidance on Single Sum Distributions From Cash Balance Plans
(Pension Members No. 7-96)
C. Other Regulatory Activity
1. SEC Staff Clarifies Applicability of Panagora No-Action Letter (Pension
Members No. 3-96)
III. Other Institute Activities
A. Annual Mutual Retirement Statistics -- 1994 (Pension Committee No. 23-95)
B. 1995 Institute Survey of IRA Protection in Bankruptcy (Pension Members No. 46-
95)
C. New Training Course Available on Retirement Plans (Pension Members No. 52-
95)
*D. Pension Conference, Miami FL, February 25-27, 1996
E. 401(k) Survey
* Indicates Discussion Items - 2 -
F. Mutual Funds Conference, San Diego CA, April 28-May 1, 1996
* * * * * * * * * * * *
Next Pension Committee Meeting: June 11, 1996