Retirement Plan Administrator
for PenSys, Inc. in NC

Conversion Consultant
for Aspire Financial Services in FL

401(k) Relationship Manager
for Leading Financial Services Firm in CA, IL, MO

Service Center Representative, Defined Benefits
for Savitz Organization in PA

Compensation Consulting Engagement Leader
for Verisight, Inc. in MN

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Full Day Workshop with Ilene Ferenczy
in Texas on November 9, 2012 presented by ASPPA Benefits Council Dallas/Ft Worth

"ERISA Workshop 2012" - Charlotte
in North Carolina on November 14, 2012 presented by SunGard Relius

"ERISA Workshop 2012" - Atlanta
in Georgia on November 15, 2012 presented by SunGard Relius

"ERISA Workshop 2012" - Cincinnati
in Ohio on November 16, 2012 presented by SunGard Relius

 

408(b)(2) Ruminations from the Field
"We have now had three months to take a look at what happened as a result of this first round of plan level fee disclosure ... Diligent fiduciaries ... identified the plan's covered service providers and confirmed that all of them provided disclosures or, where something was missing or incomplete, followed the rules to obtain the disclosures.... Fiduciaries generally are unable to determine on their own whether or not a fee is reasonable in the circumstances and rely heavily on the advisor, where there is one, to tell them that the fees are reasonable. Some rely on independent advisors and some rely on advice (possibly conflicted) from the firm offering the plan's investments." (Benefits Bryan Cave)

[Advert.]

Qualified Plan Distributions -- Avoid Common Mistakes!

Failure to understand the rules regarding qualified plan distributions can result in plan disqualifications and claims from participants and beneficiaries. Join Charles Lockwood, Oct 18th, as he clarifies this important topic. Click here for webcast info.

The Good and Bad of Investment Committees and Boards
"[T]he standards that apply are very consistent across all lines of organizations responsible for fiduciary assets. Regardless of whether a retirement plan or non-profit investment committee, the following principles apply: Eliminate conflicts of interest; Give investment committee authority; Define detailed objectives; Ensure a diverse investment committee; Tone down overly dominant board and committee members." (Pensions & Investments)

Oakland Pension Board to Appeal Court Order to Reduce Pension Benefits for Retired Police Officers
"A board governing an Oakland police officers' pension plan said Tuesday it will appeal part of a judge's order that called for the board to reduce benefits and pay back $11.5 million in benefits that the court deemed were wrongfully paid out....[T]he City Council [had] sued the board to force it to reduce pension benefits ... The board's decision marked the latest chapter in the management of a pension plan ... that was closed to new workers in 1976 and whose fiscal management by the city has come under increasing scrutiny as city finances have become tighter." (San Francisco Chronicle)

Retirement No Option for Older Workers in Europe's Crisis
"Between 2000 and 2010, the percentage of those over 55 in employment rose in all 27 EU countries except Portugal and Romania ... The trend appears to have continued most places into 2011[.]" (Bloomberg BusinessWeek)

An Alternative to Traditional Strategies for Calculating Retiree Wealth Withdrawals: the Required Minimum Distribution Rules
"Retiring baby boomers need a strategy to draw down their 401(k)/IRA balances to avoid either outliving their savings or scrimping on consumption during retirement. Traditional strategies include spending only the income, consuming assets based on life expectancy, and drawing 4 percent of initial assets each year. A comparison found that a new option using the IRS' Required Minimum Distributions (RMD) does about as well as the traditional options and actually outperforms the 4-percent rule." (Center for Retirement Research at Boston College)

[Advert.]

Defending & Managing ERISA Litigation - Oct. 29-30, NYC

Advanced forum brings together leading in-house counsel and outside defense attorneys to engage in developing winning litigation strategies and overcoming new and emerging theories of liability from the plaintiffs� bar. BenefitsLink discount code: BL 200

Constructing a DC Plan Investment Lineup
"[S]ome sponsors have well-diversified plan lineups with few gaps or overlaps, while others hold legacy plans with investment offerings borne through mergers or acquisitions. In other cases, plan sponsors have added investment options over the years without shedding duplicative offerings. Whether a plan's investment lineup needs a complete overhaul or a modest refresh, ... these five best practices can help sponsors assess their lineups and effectively communicate their plans to participants[.]" (The Vanguard Group, Inc.)

Making Your Pension's Future Funding Requirements Work with MAP-21
"Defined benefit pension plan funding relief may be just what some companies need right now in an uncertain economy. But others should take this opportunity to project funding requirements over the next several years, and perhaps find a strategy that will both reduce volatility and result in real cash savings through lower PBGC premiums." (Retirement Town Hall)

2010 Regulatory Reforms Brought Money Market Funds More Transparency, Increased Liquidity and Lower Credit Risk
"The debate about further MMF reform needs to be informed by the impact of the 2010 reforms. This report starts to fill that gap by presenting some analysis of MMF data on liquidity, credit risk, redemption patterns, and net cash flows from 2008 to 2012, focusing in particular on what has happened in the industry since the 2010 reforms. [It] also examine[s] whether redemptions from MMFs since the reforms have had any impact on the supply of funds in the commercial paper market." (U.S. Chamber of Commerce)

Social Security COLA Announced for 2013
"You've got a 1.7 percent cost-of-living adjustment coming in 2013 if you're one of the country's 56 million Social Security beneficiaries -- about $21 more a month if you're receiving the average benefit of $1,236, the Social Security Administration announced Tuesday.... The same raise will apply to pensions for federal government retirees and most veterans." (AARP)

[Opinion]

Who Is Plotting to Steal Your Pension? Californians, Beware of New Mandatory Public Plan for Private Employers
"A huge pool of money lies just beyond the grasp of government's itching fingers: private pension funds. Various money-grab schemes have been floated, including a legal requirement that all private pension funds contain a set percentage of Treasury bonds. The most innovative scheme comes from California ... California Senate Bill 1234 creates America's first state-sponsored and state-managed retirement program for private-sector workers. Because the scheme creates new pensions for nonunion workers, however, it escapes the wrath of private unions and powerful corporations who would rebel if government grabbed at existing plans. The bill has already been signed by California Gov. Jerry Brown." (Business Insider)

Deadline Approaching for Correcting Release Timing Failures Under Section 409A
"Under transition relief, to the extent amounts are paid in 2012 under a non-compliant arrangement in effect on or before December 31, 2010, the arrangement will not be treated as failing to comply with Section 409A if (a) any amounts paid under the arrangement where the potential payment period spans two tax years are paid in the later tax year or, if paid in the first tax year, are treated as an operational failure and are properly corrected under prior IRS guidance ... and (b) if any amounts subject to the arrangement remain deferred after December 31, 2012 (other than any remaining installment, annuity, or other payments of an amount that has already become payable), the arrangement is corrected no later than December 31, 2012." (Drinker Biddle)

December 31 Deadline Nears for Documentary Correction of Payments Contingent on the Execution of a Release Under Section 409A
"[T]he IRS will allow the correction of such faulty provisions by amendment to provide for one of two payment timing methods: Payment on a fixed date, such as on the 60th day following separation from service, provided that the employee has executed the release; or Payment on a date within a period of not more than 90 days from the separation date ... where, if this period spans two calendar years, the payments must commence in the second year, regardless of when the release is executed. These corrections are necessary even if the arrangement provides for the 45-day or 21-day period of consideration and seven-day revocation period required under the Older Workers Benefits Protection Act (OWBPA)." (Littler Mendelson P.C.)

Significant Changes in the ISS 2013 Draft Policies (PDF)
This chart identifies differences between the 2012 and 2013 framework. (Winston & Strawn LLP)

Paid Sick Days: Cost Turns Out to be Very Small for New York City Businesses
"Proponents of paid sick days legislation say it would provide job and income security, particularly for low-wage workers, and reduce public health risks arising from the spread of illnesses to consumers and vulnerable populations. Opponents argue it would be costly for New York City employers and could lead to job reductions at a time when the city is struggling to increase employment.... The data clearly show that the potential cost is in fact extremely small relative to the total sales of a firm. In addition, available research shows potential savings for employers that provide paid sick days, largely resulting from reduced employee turnover." (Economic Policy Institute)

Social Security Benefit Increase for 2013 May be Offset by Medicare Part B Cost Increases for Many Retirees
"Despite the [1.7% COLA] increase, most Social Security recipients may not receive bigger benefit checks as the increase could be mostly offset by higher Medicare Part B premiums, which typically are deducted from Social Security benefits. Part B premium costs for 2013 will be announced in the near future, but estimates show an increase is on the horizon. The 2012 Medicare Trustees Report projected an increase of more than nine percent." (Insured Retirement Institute)

Informal Employee Questions Regarding Benefits Are 'Inquiries' Protected by ERISA Section 510
"A former employee's repeated complaints that money withheld from his paycheck was not deposited into his retirement account were 'inquiries' protected by the anti-retaliation provisions of ERISA Section 510, the U.S. Court of Appeals in Chicago (CA-7) has held. As such, it reversed the district court's award of summary judgment to the employer, giving the employee the opportunity to prove his termination was in retaliation for his questions." [George v. Junior Achievement of Central Indiana, Inc. (7th Cir.)] (Wolters Kluwer Law & Business)

Judith F. Mazo Receives John L. Lewis Award
The Segal Company

SunGard Expands Managed Services Offerings for the Retirement Industry
SunGard

Advantages of Prepaid Legal Services
Hyatt Legal Plans, a MetLife company

CPI Names Director of Broker-Dealer Relationships
CPI Qualified Plan Consultants, Inc.