Employee Benefits Headlines
Gathered from the web by the editors at BenefitsLink.com.
States Look to Forestall Hypothetical Health Insurance Mandate
Excerpt: "Health care legislation in Washington may be stalled, but that has not stopped legislatures in more than two-thirds of the states from objecting to one of its central planks: a requirement that everyone buy health insurance. The objections, many of them driven by the Tea Party movement, may turn out to be largely symbolic. But they nonetheless serve notice to President Obama and the Democrats of real anger over their health care plans and signal the potential for political upheaval down the road." (The New York Times; free registration required)
The Odds of a Disability Are Themselves Odd
Excerpt: "Welcome to the disability insurance funhouse, where the odds of an injury or illness that would keep you out of work for more than three months range wildly, depending on where you look for guidance. . . . So what are the actual odds? They're not clear-cut, as you may have guessed. But let's start with what they aren't." (The New York Times; free registration required)
Report Compares Universal Health Care in Maryland to Massachusetts Model
Excerpt: "The report compared Maryland resources with the Massachusetts model of universal health care. It proclaims the private sector has resources in place to expand health care and urges to build on what's in place before creating a new state agency." (WBALTV.com via msnbc.com)
Four Creative, Low-Cost Ways to Educate Employees About Benefits
Excerpt: "One of the biggest challenges employers face when adding new benefits or conducting open enrollment is finding the time to educate employees about the changes or options. Here are some year-round tips for implementing effective benefits-education initiatives without breaking the bank." (Workforce Management; free registration required)
Analysis Finds Defined-Benefit Plans Outpace 401(k) Returns
Excerpt: "A Towers Watson analysis finds that defined-contribution plans don't replicate the advantage of defined-benefit pension plans and thus are unlikely to [out-perform] DB plans." (Workforce Management; free registration required)
[Official Guidance] Text of Supplemental Frequently Asked Questions about the 2009 Schedule C (PDF)
10 pages. Excerpt: "The Department of Labor is publishing these FAQs to supplement FAQs published in July 2008, and to provide further guidance in response to additional questions from plans and service providers on the requirements for reporting service provider fees and other compensation on the Schedule C of the 2009 Form 5500 Annual Return/Report of Employee Benefit Plan. Inquiries regarding these supplemental FAQs may be directed to EBSA's Office of Regulations and Interpretations at 202.693.8523." (U.S. Employee Benefits Security Administration via The Spark Institute)
[Opinion] Pension-Exchanges for IRAs and 401(k)s Would Strengthen President Obama's Initiatives
Excerpt: "[H]ere's a federalist 'public option' for the Treasury to consider -- a way for [states to provide retirement savings options] for the citizens of their respective states. I use the term 'public option' advisedly . . . . Treasury could first allow any state treasurer or statewide pension system to exchange a citizen's 401(k), 401(a), 403(b), 457 or IRA securities portfolio for a taxable retirement pension. States would have to adopt qualifying statutes to authorize these arrangements." (Governing)
[Opinion] Placement of the Compensation Risk Disclosure in the Proxy Statement
Excerpt: "'The new rules do not specify where the disclosure should be presented. However, to ease investor understanding, the staff recommends that Item 402(s) disclosure be presented together with the registrant's other Item 402 disclosure. The staff would have concerns if the Item 402(s) disclosure is difficult to locate or is presented in a fashion that obscures it.'" (Michael Melbinger via Winston & Strawn LLP)
[Guidance Overview] IRS Employee Plans Exam Projects
Excerpt: "EP Examination Projects - Learn, Educate, Self-Correct and Enforce (LESE) Projects: These examinations are small and quick projects wherein returns selected for audit contain issues of interest in a particular segment. Form 5500 returns selected for LESE examinations are based on 'judgment sampling.' These examinations do not involve selection of returns through statistical sampling methods, but involve the random selection of approximately 50 examinations. The goal of this program is to apply the focused examination concept to LESE examinations to test and measure plans' compliance levels." (McKay Hochman Co.)
[Guidance Overview] Roth Conversion Reporting
Excerpt: "With the Pension Protection Act of 2006 permitting funds in a qualified plan, 403(b) or governmental 457(b) to be directly rolled to a Roth IRA as of 2008, provided the AGI was under $100,000 and, if married, the taxpayers filed jointly; there have been many questions about reporting these transactions on Form 1099-R. Coupled with the relatively new designated Roth source and the new Roth Conversion rules for 2010, there has been even more confusion about reporting the various transactions on Form 1099-R. [The target page provides] some fact sets and examples of Form 1099-R reporting." (McKay Hochman Co.)
Top 10 Health Law Issues for 2010
Excerpt: "The year 2010 brings heightened health care focus on compliance, reform efforts and enforcement." (McDermott Will & Emery)
Text of Brief for Secretary of Labor As Amicus Curiae Supporting Defendant-Appellant Matschiner and Requesting Reversal
Excerpt: "The question presented in this case falls within that authority: whether, in light of the decision in Kennedy v. DuPont, 129 S.Ct. 865 (2009), holding that plan administrators must distribute benefits to beneficiaries in accordance with plan documents, ERISA either permits or requires a pension plan administrator to disregard a validly-executed beneficiary designation because the plan lacks a formal procedure through which a designated beneficiary can refuse benefits." (U.S. Department of Labor)
[Guidance Overview] Determining If Your 403(b) Plans Are Subject to the Audit Requirement (PDF)
2 pages. Excerpt: "Large ERISA plans will be required to file audited financial statements beginning with the 2009 Form 5500 filing. A large plan is an ERISA plan with more than 100 participants at the beginning of the plan year. Small ERISA plans are generally exempt from the audit requirements provided the requirements of the DOL's small plan audit waiver are satisfied. A small plan is an ERISA plan with less than 100 participants at the beginning of the plan year." (ERISA diagnostics, Inc.)
Los Angeles City Pensions Since Early Retirement Incentive Program: The Facts, The Figures, The List
Excerpt: "In the first six months after City Hall offered the Early Retirement Incentive Pprgram, 625 workers have actually retired with pensions averaging more than $1,000 a week with 32 of them getting pensions in excess of $100,000 a year, according to records obtained by OurLA.org. On June 26, 2009, the Mayor and City Council approved enhanced pensions with five years extra service credit and $15,000 in cash to 2,400 employees -- more than 10 percent of the civilian work force who are enrolled in the LACERS pension fund." (OurLA.org)
Lawmakers/Companies Make Further Plea for Pension Funding Relief
Excerpt: "On a press conference call on February 4, an array of employers and retirement experts joined with Congressman Earl Pomeroy (D-North Dakota) to call for temporary pension funding relief." (PLANSPONSOR.com)
Podcast: Interview with PricewaterhouseCoopers on What Employers Want from Their Health Insurance Providers
Excerpt: "Kathryn Stein, managing director in PricewaterhouseCoopers' human resource services practice, discusses the firm's study about how satisfied employers are with their health insurance provider and what employers want in health benefits programs." (PLANSPONSOR.com)
The Antitrust Exemption for Health Insurers: Meaningful or Meaningless?
Excerpt: "Proponents say that the legislation would spur competition among insurers and bring down costs for consumers. Reps. Tom Perriello, D-Va., and Betsy Markey, D-Colo., who are sponsoring the bill, said in a press release it would 'end special treatment for the insurance industry that allows them to fix prices, collude with each other, and set their own markets without fear of being investigated.'" (Kaiser Family Foundation)
[Guidance Overview] Agencies Issue Long-Awaited Mental Health Parity and Addiction Equity Act of 2008 Regulations for Group Health Plans
Excerpt: "EBIA Comment: There are many helpful examples and much detail in the new regulations -- we've only captured some of the key points. There are also some surprises, such as the rules for nonquantitative limitations and rules under which combinations of medical/surgical benefits and mental health or substance use disorder benefits may be treated as a single plan. Plan sponsors and service providers should start analyzing the impact of the rules soon in order to comply by the applicability date." (Employee Benefits Institute of America)
[Guidance Overview] DOL Model Employer CHIP Notice to Notify Employees Regarding Eligibility for Premium Assistance
Excerpt: "EBIA Comment: The provision of an Employer CHIP Notice is a brand-new disclosure obligation -- therefore, employers and their advisors will want to review the applicable requirements carefully. For instance, the delivery requirements provide that a separate mailing is not necessary. Thus, plans could furnish this notice along with other items, such as open enrollment materials or plan SPD, so long as it is timely provided to all employees entitled to the notice (however, this notice must appear separately and in a manner that ensures that an employee could reasonably be expected to appreciate its significance)." (Employee Benefits Institute of America)
[Guidance Overview] IRS Issues New Form 8928 on Excise Taxes for Failures to Comply with HSA Comparability, COBRA, HIPAA, and Other Group Health Plan Mandates
Excerpt: "EBIA Comment: This Form's publication likely signals increased focus on excise tax assessment for noncompliance with these various mandates. To help keep the excise tax risks to a minimum, cautious plan sponsors (and others, like TPAs and insurers, who may be liable) will follow an approach to compliance designed not only to prevent mistakes from happening but also to catch and correct the ones that inevitably fall through the cracks." (Employee Benefits Institute of America)
[Opinion] How to Get the Country to Solvency on Entitlements
Excerpt: "In 2013, when President Mitch Daniels, former Indiana governor, is counting his blessings, at the top of his list will be the name of his vice president: Paul Ryan. The former congressman from Wisconsin will have come to office with ideas for steering the federal government to solvency." (George F. Will via The Washington Post; free registration required)
[Opinion] Can the U.S. Government Require You to Get an IRA?
Excerpt: "One of the biggest priorities for the Middle Class Task Force led by Vice President Biden is a push to improve and standardize American retirement planning. This is where the Obama administration can make big changes. But whether average workers or financial service firms and insurance companies will be the chief beneficiaries remains to be seen." (The Washington Post; free registration required)
[Opinion] Current Economic Situation No Excuse for ERISA Shortcuts
Excerpt: "Business owners and leaders who are facing financial challenges should consider a mounting series of recent court orders and federal prosecutions as strong reminders of the personal risk they may face for mismanaging employee benefit programs governed by the Employee Retirement Income Security Act of 1974." (Employee Benefit News; free registration required)
U.S. Automakers Face Growing Deficits As Funds Bring Lower Rates of Return
Excerpt: "The pension plans of Detroit's Big Three automakers, covering nearly 1.3 million people, still face growing shortfalls even though Ford Motor Co. is making money again and its domestic rivals slashed costs dramatically in bankruptcy. The huge pension liabilities weighing down the companies' balance sheets are left over from the 'legacy' costs that for so long made Detroit automakers uncompetitive against their lower-cost foreign rivals." (The Detroit News)
Utah State Workers Rally Against Bills to Change Retirement Benefits for Future Hires
Excerpt: "They argue that cutting pension benefits for future workers and removing a 1.5 percent 401(k) match for state and school workers would stifle recruitment and retention efforts." (The Salt Lake Tribune)
Boston, Massachusetts Police Force Retirements Spike After Bonuses Cut
Excerpt: "Boston police and other departments across the state are grappling with a sharp increase in the number of officers resigning or retiring as the state slashes a generous bonus program that had boosted police paychecks for years." (The Boston Globe)
COBRA Subsidy Extension Included in Proposed Fiscal 2011 Budget
Excerpt: "Experts say employers should brace for another extension of the federal subsidy of COBRA health insurance premiums for involuntarily terminated employees, with the president and top Senate Democrats adding their support last week." (Business Insurance)
DOL Investigating Geller Group LLC for Alleged ERISA Violations
Excerpt: "The Labor Department is investigating Geller Group LLC, a retirement plan administrator and registered investment adviser, for failing to disclose alleged ties to an accounting firm it recommended as an auditor and for other possible violations, according to former employees and others close to the investigation." (Investment News; free registration required)
[Opinion] Pennsylvania Budget Must Deal with Pension Gap
Excerpt: "When Gov. Rendell proposes a new budget for Pennsylvania on Tuesday, he's going to have to stuff something in the wide, ugly gap between what the state has promised to pay future state and school retirees, and what the state has set aside to pay them. Will Rendell ask taxpayers to pay more? Or future retirees to accept less?" (Philly Online, LLC.)
[Opinion] American Benefits Council, ERIC Urge PBGC To Retain Waivers In Its Reportable Event Regs
Excerpt: "In comment letters submitted on January 22 to the Pension Benefit Guaranty Corporation, both the American Benefits Council and the ERISA Industry Committee (ERIC) urged the PBGC to retain the waivers and extensions currently contained in the agency's reportable event regulations under ERISA Sec. 4043. That section requires defined benefit plan sponsors to notify the PBGC of the occurrence of specified reportable events, such as a liquidation or a failure to make a required minimum funding contribution. Last November, the PBGC issued proposed regulations that would amend the reportable events rules by eliminating the existing waivers and extensions and creating two additional reportable events." (Wolters Kluwer Law & Business)
San Diego Will Put DROP Program to the Test; Looking for Cost Savings
Excerpt: "When San Diego's city leaders created a benefit in 1997 that allowed employees to collect pension payments in a special account even before retirement, they included a requirement that the program be studied within three years to make sure it made financial sense. Thirteen years later, the study is getting under way, haltingly." (SignOnSanDiego.com)
Large ERISA-Covered 403(b) Plans Must Obtain Audit for Form 5500 for 2009 Plan Year
Excerpt: "Keep in mind that this will also be the first year that your recordkeeper, investment provider, lawyer, advisors and certified public accountants (CPAs) will deal with 403(b) plan audits. Although 403(b) plans are similar to the qualified plan audits with which CPAs are familiar, there are significant differences, some of which may not be obvious. It is therefore very important to engage individuals who understand 403(b) plans when you prepare for your first audit. Given that many 403(b) plans will be subject to the audit requirements, the earlier you secure the services of an auditor the better off you will be." (ERISAdiagnostics, Inc.)
[Official Guidance] Text (MS Word Document) of Model Notice for Employers to Use Regarding Eligibility for Premium Assistance Under Medicaid or CHIP
3 pages. Excerpt: "If you are eligible for health coverage from your employer, but are unable to afford the premiums, some States have premium assistance programs that can help pay for coverage. These States use funds from their Medicaid or CHIP programs to help people who are eligible for employer-sponsored health coverage, but need assistance in paying their health premiums. If you or your dependents are already enrolled in Medicaid or CHIP and you live in a State listed below, you can contact your State Medicaid or CHIP office to find out if premium assistance is available." (Employee Benefits Security Administration)
[Guidance Overview] Does Your Health Plan Violate the New Mental Health Parity Rules? (PDF)
6 pages. Excerpt: "[T]he interim final regulations will require employers to consider -- or, in many cases, reconsider -- issues such as: Separate deductibles for mental health/substance abuse and standard medical/surgical benefits; Medical management standards, prescription drug formulary design and other 'nonquantitative' treatment limitations that plans set for mental health and substance abuse benefits; Operational differences between how mental health and substance abuse benefits are administered and how medical benefits are administered; How the general parity rule applies to a multi-tiered prescription drug program; Specialist copays that could apply to nearly all mental health or substance use claims, but only a fraction of medical claims." (Ogletree Deakins)
[Official Guidance] N-2010-20: Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates (PDF)
Notice 2010-20 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under ? 412(b)(5)(B)(ii)(II) of the Internal Revenue Code. It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), the 24-month average segment rates, and the funding transitional segment rates under ? 430(h)(2). In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under ? 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, and the minimum present value segment rates under ? 417(e)(3)(D) as in effect for plan years beginning after 2007. (Internal Revenue Service)
[Guidance Overview] Treasury Security Rate Set for Computing Current Plan Liability for February 2010 (IRS Notice 2010-20)
Excerpt: "For pension plan years beginning in February 2010, the IRS has released the corporate bond weighted average interest rate, the permissible range of interest rates used to calculate current plan liability and to determine the required contribution under Code Sec. 412(l) for plan years through 2010, and the current corporate bond yield curve and related segment rates for the purpose of establishing a plan's funding target under Code Sec. 430(h)(2)." (Wolters Kluwer Law & Business)
[Guidance Overview] IRS Provides Section 409A Correction Program for Certain Document Failures (PDF)
4 pages. Excerpt: "Even in the absence of Notice 2010-6, an employer may at any time amend provisions for benefits that have not yet accrued, but the amendment will only protect benefits that accrue after the effective date of the amendment." (Buck Consultants)
[Guidance Overview] Relief and New Concerns: Notice 2010-6 and Correcting Section 409A Document Failures
Excerpt: "Although the Notice provides guidance, its examples also give employers cause for concern. For example: . . . The phrase 'termination of employment' may violate section 409A if it leads to payments in situations not permitted under section 409A (for example, where an employee reduces their hours or is re-hired as an independent contractor providing significant services after termination of employment). Previously, the IRS had informally indicated that the term was acceptable. . . . [Further, severance] payments contingent on a release of claims or the end of a rescission period may violate section 409A (if the compensation to be paid is subject to section 409A)." (Dorsey & Whitney)
[Guidance Overview] When Representations Regarding the Financial Condition of the Plan Sponsor Become Actionable Under ERISA
Excerpt: "The U.S. District Court for the Northern District of California ruled in December 2009 that statements made by an officer of Delta Star, Inc. . . . regarding the financial condition and anticipated performance of the Company, which was also the plan sponsor of the Delta Star, Inc. Employee Stock Ownership Plan (ESOP), were sufficiently connected to benefits payable under the ESOP so as to be actionable as a fiduciary breach under ERISA." (Morgan Lewis)
[Guidance Overview] Discovery of Disability Claims Administrator's Personnel Records Permitted on Question of Bias
Excerpt: "The plaintiff sought performance reviews of the insurance carrier's employees involved in evaluation of the claim in dispute, namely: the 'performance evaluations or performance reviews for each of [Unum's] employees [who were involved in the evaluation of Plaintiff's claim] . . . for the years 2005, 2006, and 2007.'" (Health Plan Law blog by Attorney Roy Harmon III)
The Unloved Annuity Gets a Hug From Obama Administration
Excerpt: "President Obama did not discuss annuities in his State of the Union address on Wednesday night, probably figuring that viewers had enough problems staying awake. But the mere mention of them by the task force was enough to send executives at the insurance companies that sell the products into paroxysms of glee." (New York Times; free registration required)
[Guidance Overview] DOL Publishes Model Employer CHIP Notice
Excerpt: "CHIPRA requires employers offering group health plans to notify all employees of their potential CHIPRA rights to receive premium assistance under a state's Medicaid or CHIP program. Employers may combine this notice with other information (e.g., open enrollment materials) as long as it goes to the entire employee population, not just participants. The requirement applies to employers that offer medical care benefits in any of 40 states that currently provide premium assistance." (Infinisource)
February 2010 Pension Legislative Outlook: Administration and Congressional Initiatives
Excerpt: "President Obama recently announced his five 'middle class' initiatives. In this article we review two of them -- the automatic workplace IRAs and expanded Saver's Credit proposals. We also provide an update on the other retirement policy issues we've been tracking -- DB funding relief, 401(k) fee disclosure and participant investment advice regulations." (J.P. Morgan)
IRS to Mail 401(k) Compliance Questionnaires
Excerpt: "New York accounting firm Eisner LLP has issued a warning that the Internal Revenue Service (IRS) will begin sending questionnaires to 401(k) sponsors to gather information about their level of compliance with applicable tax rules." (PLANSPONSOR)
Recession, Demographics Hasten Shift Away From Employer-Based Health Care
Excerpt: "Private-sector job losses of the last two years have sped up the shift to government payment. Last year, the number of people who received their insurance through the private market declined by 1.2 percent, despite generous federal subsidies in the stimulus bill to help laid off workers continue their employer-based coverage." (Workforce Management)
Assessing the Performance of Life-Cycle Portfolio Allocation Strategies for Retirement Saving: A Simulation Study
Excerpt: "This article examines the performance of four life-cycle portfolio allocation strategies through stochastic simulation based on observed U.S. asset returns during 1926-2008. . . . Comparisons are made with the performance of four other investment strategies that vary in terms of their exposure to stock and bond market risk. Life-cycle plans with larger portfolio weights assigned to equities have higher average returns, but those gains come at the cost of increased risk of infrequent bad outcomes." (U.S. Social Security Administration; Other Federal Agencies)
[Guidance Overview] Employer Pays for COBRA Chaos: Clarifying Job Status and Communication
Excerpt: "Leaves of absence are often difficult to manage, and errors are easy to make. This can be an expensive lesson, as one employer learned recently." (Infinisource)
West Virginia State Legislators Tackle Bill to Encourage Retirement Savings
Excerpt: "Senate Bill 437 would allow the state to set up Voluntary Employee Retirement Accounts, or VERAs. This program is designed to get more people saving for retirement, by giving workers without an employer-sponsored retirement plan a way to automatically deduct money from their paychecks." (West Virginia Public Broadcasting)
The Impact of Automatic Enrollment on 401(k) Match Rates: A Methodological Note
Excerpt: "We recently completed a study showing that employers with autoenrollment have lower match rates than those without it, suggesting that employers may be trying to offset their higher costs. In contrast, the Employee Benefit Research Institute finds that employers with automatic enrollment have increased match rates since 2005. The two studies measure different concepts and use different time frames. A large sample of 401(k) plans reporting match rates before and after autoenrollment is needed to fully understand employer responses." (Urban Institute)
How Effective Is Your Company Clawback?
Excerpt: "Clawback provisions in employment agreements and compensation plans, which permit a company to recoup bonus or other compensation paid or owed to an employee, are on the rise. Shareholder groups, legislators and compensation reform advocates endorse clawbacks as an effective tool to prevent executives and other employees from retaining undeserved windfalls and to enhance pay-for-performance initiatives." (Pillsbury Winthrop Shaw Pittman LLP)
The U.S. Retirement Market, Third Quarter 2009 (PDF)
32 pages. Excerpt: "Americans held $15.6 trillion in retirement assets at the end of the third quarter of 2009, accounting for 35 percent of all household financial assets in the United States, the Investment Company Institute reported today." (Investment Company Institute)
[Opinion] Wall Street Journal v. The Facts on Money Market Funds: Response to Wall Street Journal Feb. 3 Editorial
Excerpt: "ICI President and CEO Paul Schott Stevens sent the following Letter to the Editor to the Wall Street Journal on February 3, 2010. Your editorial, 'The SEC v. Investors' (Feb. 3), got it wrong. Wrong on the facts, wrong on the analysis, wrong on the strength of the SEC's rules, and wrong on the mutual fund industry's commitment to its investors." (Investment Company Institute)
Palm Beach County, Florida, Divided on 'Double Dipping' Loophole
Excerpt: "Despite a loophole that lets county employees retire only to return a month later and begin collecting salary and retirement checks at the same time, some county agencies have banned the practice." (The Palm Beach Post)
[Opinion] Obama's Automatic IRA, Annuity Schemes Would Be A Disaster
Excerpt: "'Given that fewer than 5% of the population contributes to personal IRAs, why would they choose to do so in the workplace?' said White, the author of America, Welcome to the Poorhouse. 'What's more, why are America's employee forced to bankroll their own retirement, rather than requiring higher employer contributions?'" (Jane White via Retirement-Solutions, LLC)
Accountable Care Organizations: Executive Briefing for Health Care Decision-Makers
Excerpt: "Partisan politics notwithstanding, the proposed Senate and House health reform bills have some common themes, including more active provider involvement in furnishing care on a coordinated and cost effective basis. The bills reference accountable care organizations (ACOs) and other organizational structures as participants in a retooled health care delivery and payment system. Although such constructs convey an image of novelty and complexity, the new ACOs will likely revolve around certain basic concepts, consisting of an organizational structure involving health care providers and focusing on effective care management and delivery to a defined group of covered lives." (Faegre & Benson LLP)
Value-Based Health Insurance Design Will Balance Costs for Drugs and Other Medical Services
Excerpt: "A value-based health insurance design program that promotes proven effective drugs for chronic medical conditions will, at the very least, keep costs balanced through reduced use of medical services, according to the results of a study published in the February 2010 Health Affairs. The study, Evidence that Value-Based Insurance can be Effective . . . ." (Wolters Kluwer)
[Opinion] ASPPA Comments Filed with DOL Requesting Clarification of Application of Exemption from ERISA Coverage for Certain 403(b) Arrangements
5 pages. Excerpt: "ASPPA recommends that in light of advances in technology since Regulation ?2510.3-2(f) was first issued, DOL release 'informal' guidance to clarify that an additional relevant circumstance to be considered in applying the 'reasonable choice' requirement is recognition that an open architecture platform be judged by looking through the 'portal' to the funding media, funding products and annuity contractors available to employees on the platform." (American Society of Pension Professionals & Actuaries)
[Opinion] ASPPA and Over 700 Firms Petition DOL to Modify Its Rules Regarding the Sharing of Signer Credentials Under EFAST2
51 pages. Excerpt: "We believe the DOL's current position (which is an absolute prohibition on sharing of credentials) creates an unnecessaryburden on practitioners and plan sponsors. The DOL should help foster the establishment of retirement plans and work towards a system that reduces, rather than increases, plan costs (many of which may be borne by participants) and burdens to plan sponsors. The DOL can easily implement changes to the credential sharing parameters (see recommendations in supplemental letter) . . . ." (American Society of Pension Professionals & Actuaries)
[Guidance Overview] The Universal Availability Requirement for 403(b) Plans (PDF)
Excerpt: "An employee's right to defer is not universally available unless the employee is provided an effective opportunity to defer. Whether an employee has an effective opportunity is determined based on all the relevant facts and circumstances, including notice of the availability of the election, the period of time during which an election may be made, and any other conditions on elections." (Benefit Consultants Group)
The New Economic Reality and the Workplace Retirement Plan: Sixth Annual Workplace Report on Retirement Planning (PDF)
12 pages. Excerpt: "Perhaps the most striking finding in this Workplace Report . . . was that 84% of Americans say the time is ripe for enhanced, redesigned workplace retirement plans. In fact, across the board, workers appear eager to embrace automated features. At Prudential, we take that as a clear mandate to 'redefine retirement,' so that once again workplace retirement plans can adequately and appropriately support the retirement dreams of millions of American workers." (Prudential Retirement)
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