An online, clickable version of this newsletter is available at: http://benefitslink.com/2008/2008_05_14_retirement.html =========================================================== BenefitsLink Retirement Plans Newsletter (Plain Text Format) May 14, 2008 Here are the Web's best new links about compliance and cost aspects of plan operation, design and policy. =========================================================== TODAY'S SPONSOR: SunGard SunGard’s Relius Government Forms 5500 Web Client (Advert.) http://benefitslink.com/modperl/a_d_top.cgi?a_d=2008_05_14_retirement (Click on the above address or copy and paste it into your web browser.) Did you know the DOL is requiring electronic filing for 5500s? Now is the time to encourage your clients to use the Internet to gather and verify data. SunGard's Relius Government Forms 5500 Web Client can help. Learn more. 800-326-7235, ext. 1100. ---------------------------------------------------------- [Guidance Overview] 401(k) Fee Bill Reported Out of Education and Labor Committee http://www.jpmorgan.com/cm/Satellite?c=JPM_Content_C&cid=1159344387586&pagename=jpmorgan%2Fam%2FJPM_Content_C%2FGeneric_Detail_Page_Template Excerpt: "The House Committee on Education and Labor recently approved a revised 401(k) Fair Disclosure for Retirement Security Act (H.R. 3185). The new bill is substantially different from the bill originally introduced and represents a compromise with critics of the earlier bill's detailed disclosure requirements. In this article, we review the bill, primarily focusing on describing what the bill itself says." (JPMorgan) ---------------------------------------------------------- Too Many Promises, Not Enough Money for Public Employee Pensions http://www.borderfirereport.net/alan-caruba/too-many-promises-not-enough-money.html Excerpt: "Let me use my home state, New Jersey, as an example, but I could just as well cite figures for West Virginia, Illinois, and others that are just flat out of money because they mortgaged the future to vast public pension plans. These states are essentially insolvent and others are not far behind." (Borderfire Report) ---------------------------------------------------------- CalPERS Committee Neutral on Proposed Private IRA Plan http://www.sacbee.com/103/story/936568.html Excerpt: "The California Public Employees' Retirement System is about to vote on whether the mammoth public pension fund takes the first step to helping private individuals chart their financial future. But only after it can be convinced that such a plan is legal – and that CalPERS controls it." (Sacramento Bee) ---------------------------------------------------------- New PBGC Investment Strategy Poses Increased Risk During an Economic Downturn, Says CBO Chief http://hr.cch.com/news/pension/051408a.asp Excerpt: "A new diversified investment policy adopted by the PBGC is likely to produce higher returns over the long run, but also increases the risk that the PBGC will not have sufficient assets to pay benefits during an economic downturn, the director of the Congressional Budget Office (CBO) said in an April 24, 2008 letter." (Wolters Kluwer) ---------------------------------------------------------- [Opinion] Think Sub-Prime Mortgages Are a Crisis? Look Into Pension Underfunding http://wamu.org/programs/dr/08/05/13.php#20094 Excerpt: "Bestselling author and former Wall Street Journal reporter Roger Lowenstein explains how the looming pension crisis could dwarf the current sub-prime mortgage mess. He examines the how the country arrived at its current pension predicament... and what can be done to protect retirement security." (Roger Lowenstein Interviewed by Diane Rehm on WAMU.org) ---------------------------------------------------------- [Opinion] Pension Gravy Train In New York State Is a Runaway Disgrace http://timesunion.com/AspStories/story.asp?storyID=688130&category=MCERMAK&BCCode=&newsdate=5/14/2008 Excerpt: "Tom DiNapoli and Andrew Cuomo are doing a long-overdue service cracking down on part-time public sector lawyers padding their time slips. Unfortunately, the savings is minimal compared with the cost of allowing part-time elected officials to claim full-time retirement credits. Elected legislators from counties, cities, towns and villages are credited with full-time work although most attend only a few monthly meetings." (Marv Cermak on TimesUnion.com) =========================================================== Sponsored by: ASPPA ASPPA Spring Exam Window - Registration ends May 14, 2008 (Advert.) http://benefitslink.com/modperl/a_d_center.cgi?a_d=2008_05_14_retirement (Click on the address above or copy and paste it into your web browser.) Looking for a way to enhance your professional image and gain the knowledge you need to succeed in the retirement industry? ASPPA credentials provide that and more for the retirement professionals who have obtained the most sought after credentials in our industry. Comprehensive and practical, the ASPPA credentialing program has a path for you. The deadline for the spring exam window, May 14, is rapidly approaching. Don't wait another day to start your journey towards a professional ASPPA credential. Register Now. ========================================================== Links To Items on Executive Comp, Benefits In General ---------------------------------------------------------- [Opinion] New Book Explains How 'Pension Monster' of Unfunded Benefit Liabilities Guts GM, Halts NYC Subways, Bleeds San Diego http://www.bloomberg.com/apps/news?pid=20601088&sid=av_TivUJxKQ0&refer=muse Excerpt: "Pensions resemble a reverse neutron bomb: They gut cities and factories, yet leave armies of retirees standing, unscathed and ready for that Caribbean cruise. If you don't believe me, dip into Roger Lowenstein's troubling financial fable, 'While America Aged.' The three narrative histories presented here outline how pensions drove General Motors Corp. to the brink, brought New York subways to a halt, and turned sunny San Diego into Enron-by-the-Sea." (James Pressley on Bloomberg.com) ========================================================== Newly Posted Events Complying with Employee Benefits Law: Voluntary Fiduciary Correction Program Seminar in California on June 9, 2008 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA) http://benefitslink.com/events/detail.php?id=43791 Complying with Employee Benefits Law: Voluntary Fiduciary Correction Program Seminar in California on June 19, 2008 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA) http://benefitslink.com/events/detail.php?id=43792 Employer Mandated Wellness Programs: Discrimination Issues and Other Claims in the Workplace Nationwide on May 20, 2008 presented by ALI-ABA (American Law Institute-American Bar Association) http://benefitslink.com/events/detail.php?id=43790 Post yours! http://benefitslink.com/events/eventmaint.php ========================================================== Newly Posted Press Releases ASPPA Launches Retirement Professionals Directory ASPPA (American Society of Pension Professionals & Actuaries) http://benefitslink.com/pr/detail.php?id=41938 National Business Group on Health Honors Gilsbar, Inc. As One of Best Employers for Healthy Lifestyles Gilsbar, Inc. http://benefitslink.com/pr/detail.php?id=41940 ERIC Urges Key House and Senate Members to Approve E-Prescribing Legislation ERIC (ERISA Industry Committee) http://benefitslink.com/pr/detail.php?id=41942 Treasury, IRS Issue 2009 Indexed Amounts for Health Savings Accounts U.S. Treasury Department and Internal Revenue Service http://benefitslink.com/pr/detail.php?id=41941 Consumers Need Affordable Health Care Options Consumers Union http://benefitslink.com/pr/detail.php?id=41943 RWJF Childhood Obesity Update: 2008 Robert Wood Johnson Foundation http://benefitslink.com/pr/detail.php?id=41939 Post yours! http://benefitslink.com/pr/maint.php ========================================================== Newly Posted or Renewed Job Openings Pension Administrator for Pension Administrator in NJ http://benefitslink.com/modperl/job.cgi?n=H46082 Pension Consultants/Administrators for Northern & Central NJ Mid-Size Pension Consulting Firm in NJ http://benefitslink.com/modperl/job.cgi?n=H38349 OmniPlus Consultants for Chesapeake Benefit Partners in ANY STATE http://benefitslink.com/modperl/job.cgi?n=H46043 Omniplus Business Analysts for Casco Bay Benefits Group in ANY STATE http://benefitslink.com/modperl/job.cgi?n=H52465 Key Account Manager for ExpertPlan, Inc. in NJ http://benefitslink.com/modperl/job.cgi?n=H55150 Financial Sales Assistant for Howard Simon & Associates in IL http://benefitslink.com/modperl/job.cgi?n=H55151 Daily Retirement Plan Administrator for Howard Simon & Associates in IL http://benefitslink.com/modperl/job.cgi?n=H55153 Attorney or Paralegal (minimum of 5 years experience in pension firm) for The Angell Pension Group, Inc. in ANY STATE http://benefitslink.com/modperl/job.cgi?n=H55154 Reconciliation Specialist for Citi in ME http://benefitslink.com/modperl/job.cgi?n=H55158 Implementation Manager of Benefits Intelligence Solutions for OCI in CO http://benefitslink.com/modperl/job.cgi?n=H55160 Post yours! http://EmployeeBenefitsJobs.com/jobs/post_help_wanted.html View all jobs http://EmployeeBenefitsJobs.com/ RSS feed http://EmployeeBenefitsJobs.com/rss/jobs.rss =========================================================== Search previous newsletters: http://benefitslink.com/search =========================================================== Subscribe to the BenefitsLink Health & Welfare Plans Newsletter, Too Sign-up form is at: http://benefitslink.com/newsletter/ =========================================================== This newsletter is sent to you each workday except federal holidays. 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