Trust Updates Archive
(Sept. 29, 2005--Chicago, IL)--Federal banking and pension regulators yesterday announced additional emergency relief for bank affected by Hurricane Katrina.
Bank transfer agents affected by Hurricane Katrina have been granted an exemption from meeting the processing requirement under Section 17A of the Securities Exchange Act. The exemption applies retroactively for the period beginning Aug. 29, 2005 through Oct. 17, 2005. The exemption covers national banks, state member banks, state nonmember banks, bank holding companies and bank subsidiaries. In order to avail itself of the exemption, an institution must contact its primary federal regulator in writing by Oct. 17. Banks outside of the Presidential Declared Disaster area can also avail themselves of this exemption if they are unable to process transactions due to an inability to contact the appropriate business or individual within that area; again, the institution must contact its primary federal banking regulators by Oct. 17.
For additional information see:
The U.S. Department of Labor yesterday announced that it was extending the deadline for filing Form 5500 and 5500-EZ filers in the Presidential Declared Disaster area to Feb. 2006. For additional information contact the DOL's EFAST Help Line at 866-463-3278. (See http://www.dol.gov/ebsa/newsroom/pr092805.html.)
The IRS previously announced an exemption (http://www.irs.gov/pub/irs-drop/a-05-70.pdf) substantially relaxing administrative rules regarding hardship loans and distributions for plan participants affected by Hurricane Katrina as well as for relatives of victims (those with a son, daughter, parent, grandparent or other dependent who lived or worked in the disaster area).
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