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Text of Proposed DOL Regs on Annual Funding Notice for Defined Benefit Plans (PDF)
29 pages. Excerpt: "FAB 2009-01 provides question and answer guidance on a number of issues under section 101(f) of ERISA. It also includes model funding notices. Much of the guidance in FAB 2009-01 has been incorporated into the proposed regulation contained in this document. That guidance remains in effect until the Department adopts final regulations under section 101(f) of ERISA (or if the Department were to publish any other guidance under section 101(f) other than final regulations)."
(U.S. Employee Benefits Security Administration)
EBSA's Defined Benefit Funding Notice Proposed Rule
Excerpt: "[EBSA] said the proposed rule . . . contains a model notice and other guidance necessary to carry out the requirements of the amendments in the Pension Protection Act . . . and the Worker, Retiree, and Employer Recovery Act . . . ."
New Rules Regarding Fee Disclosures to Participants in 401(k) and 403(b) Plans
Excerpt: "A plan administrator is likely to rely on one or more vendors to compile information for these new required disclosures. If a plan administrator relies on information from a service provider, the plan administrator is protected from liability regarding the completeness and accuracy of the information if the plan administrator is acting reasonably and in good faith."
(Miller, Johnson, Snell & Cumminsky, P.L.C.)
'Beyond the Control of the Participant' Is Key in Emergency Distribution Requests
Excerpt: "An unforeseeable emergency is not the purchase of a home or payment of college tuition, the IRS noted. However, the distribution can include amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution."
Participant Fee Disclosure Regulations
Excerpt: "This Technical Update provides background regarding the issuance of the regulations and related fiduciary responsibility requirements."
Are You Due for a Provider Check-up?
Excerpt: "Asked how often they formally evaluated their DC provider, larger programs were again this year noticeably less likely to say they did so on an annual basis."
Appendix: 'A Look at Private-Sector Retirement Plan Income After ERISA' (PDF)
20 pages. Excerpt: "[The study] examines how the pension income generated by employer-provided pensions and other retirement-income sources changed since the passage of [ERISA]. This appendix provides some additional background information as well as additional detailed tabulations of the incidence and the amount of pension income among retirees."
(Investment Company Institute)
The Role of Roth in Defined Contribution Plans
Excerpt: "With recent legislative enhancements and proven success among participants, Roth is expected to be a standard part of defined contribution plans in the coming years, including among 457(b) plans."
(National Association of Government Defined Contribution Administrators, Inc.)
Making the Case for Unbiased Retirement Education
Excerpt: "CFOs . . . are not convinced they should pay a financial education provider to deliver education when the fee they are already paying includes regular retirement workshops and on-site 1x1 consultations. Is there a case that unbiased education is worth paying for?"
(Financial Finesse via 401khelpcenter.com, LLC)
Plan Sponsors Misunderstand Target Date Funds
Excerpt: "Sponsors of 401(k) and other defined contribution (DC) retirement plans are unaware of or unsure about many key aspects of target date funds, despite the fact that more plans are offering these funds as an investment option, according to a survey by Janus Capital Group, a global investment firm."
(Human Resource Executive Online)
Politicians Helped Bring Chicago's Public Pension Funds to Brink of Insolvency
Excerpt: "Chicago's public pension funds are teetering on the brink of insolvency in large part because city officials and union leaders repeatedly exploited the system, draining away billions of dollars in the last decade to serve short-term political needs, a Tribune investigation has found."
Private Pensions: Changes Needed to Better Protect Multiemployer Pension Benefits
Excerpt: "Recommendation: To provide greater transparency of the current status of multiemployer plans, assist federal monitoring efforts, and help plans address their funding deficiencies, Congress may wish to consider consolidating the annual funding notices and the PPA notices of critical or endangered status to eliminate duplicative reporting requirements."
(U.S. Government Accountability Office)
Putnam's Reynolds Calls for Fiscal Sanity, Not Austerity
Excerpt: "On the private side, Reynolds said, Congress should act on the proposal to institute a universal individual retirement account system. Also, asset managers are in a race to develop products that provide guaranteed retirement income, effectively duplicating annuities. One idea involves creating a national insurance charter and create an industry-funded capital pool, similar to the Federal Deposit Insurance Corp., and get workers to participate via automatic enrollment and automatic increases."
(On Wall Street)
ASPPA's Retirement Plan Fundamentals (RPF) program is designed to convey the broad base of knowledge necessary for every retirement plan professional to master. RPF webcourses, texts and exams aid in establishing groundwork in terminology, issues, and requirements for anyone beginning a career, re-entering the retirement field, or starting the credential process. Whether working toward a QKA, QPA, CPC, QPFC, TGPC or other credential, or simply growing your knowledge, every professional starts with ASPPA's RPF-1 and RPF-2.
Learn more and register now to take your exam by December 15. Visit asppa.org/rpf
Benefits in General; Executive Compensation
SEC Proposal of Rules on Say-on-Pay and Golden Parachutes
Excerpt: "Pending the adoption of final rules, the SEC has stated it will not object if issuers do not file proxy material in preliminary form if the only matters that would otherwise require a preliminary proxy statement are the say-on-pay vote and frequency of say-on-pay vote."
(Pillsbury Winthrop Shaw Pittman LLP)
Reporting Under IRS §6039 Coming (PDF)
Excerpt: "After several waivers by the [IRS], regulations under §6039 of the Internal Revenue Code are now effective for 2010 Incentive Stock Option . . . and Employee Stock Purchase Plan . . . transactions."
(Kelly, Hannaford & Battles P.A.)
Feds Probe 2007 Chicago Tribune Employee Stock Plan
Excerpt: "Federal authorities are taking a closer look at the stock transfer at the heart of billionaire Sam Zell's disastrous leveraged buyout of Tribune Co., after a U.S. District Court last week determined a portion of the 2007 deal was a 'prohibited transaction' under federal law."
Company-Sponsored Holiday Events Stage a Comeback
Excerpt: "After two years of cutbacks, layoffs, bailouts and outright bankruptcies, the return of this annual ritual signals that corporate managers are more confident about business prospects and feel a need to invest again in morale, reward and recognition."
(Workforce Management; free registration required)
The 'Big Three' VEBAs and Other Stand-Alone Welfare Benefit Trusts: What Is and Is Not Novel about Them
Excerpt: "The article emphasizes that what is innovative about the Big Three retiree benefit trusts is not the fact that they are VEBAs - a form of tax-exempt trust that has been routinely used to pre-fund benefit obligations for many decades - but rather that in these cases the trusts have assumed, from the employer, the legal liability for benefit obligations to plan participants."
(Social Science Research Network)
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