Personal Exposure to Withdrawal Liability: Beware of 'Business Activities'
"When employers who contribute to a multiemployer defined benefit retirement plan cease to have a contribution obligation, they can be assessed withdrawal liability, which can be a very big number ... It usually stays with the business and is not a personal liability for the owners. But it can be if they are not careful."
(Fox Rothschild LLP)
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Advisers Can Accept Rollover Business from Plan Participants -- Sometimes
"There is a general belief that advisers acting as fiduciaries to a 401(k) plan would violate ERISA if they advise participants on IRA rollover opportunities and wind up managing those rolled over funds. That opinion is not surprising, according to ERISA attorney Marcia S. Wagner of the Wagner Law Group. But it is not necessarily correct."
(Employee Benefit News)
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New Jersey's Pension Shortfall Grows
"The $86 billion system that funds pensions for [New Jersey] public workers ... lost ground in the first year public workers were required to pay more toward their retirements ... [T]he gap between the system's assets and eventual liabilities grew by $5.5 billion, or 3 percent."
(Bloomberg BusinessWeek)
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Target Date Funds Safety Not Always Safe
"Word to the wise plan sponsor when it comes to target-date funds: No, not any fund will do, and bigger companies aren't always better. That's why it's important to sufficiently screen funds according to predetermined, objective standards before selecting [a] qualified default investment alternative (QDIA) for participants."
(Financial Planning)
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Why 401(k) Investors Chase Performance, and How to Prevent It
"The reason for performance-chasing can be easily summarized -- 'lack of education and training.' Managing investments is a complicated responsibility that requires dedicated training, with a vast amount of continuous learning."
(Fiduciary News)
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2013 State of the U.S. Pension Risk Transfer Marketplace
"[A] paradigm shift is clearly underway and pension de-risking is poised to continue to deliver tremendous value to corporate pension programs which are focused on controlling volatility and preparing for their pension end game." (Pi
(Pension Indemnification))
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Service Provider Reviews Don't Lead to Greater 401(k) Turnover
"[O]ne report finds that, due in part to commoditization of 401(k) product and service offerings, more sponsors than ever are staying with their current providers, especially after participating in a final presentation with an existing TPA under review."
(Thompson SmartHR Manager)
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Retirement Revolution Risks in Our Defined Contribution Society
"With 90 million Americans invested in mutual funds, and nearly 75 million who do so through defined contribution plans, citizen shareholders are the fastest growing group of investors. Yet, citizen shareholders have the least protections[.]"
(Prof. Anne Tucker, Georgia State University College of Law, via SSRN)
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Seven Obstacles to Saving for Retirement
"Rising costs.... No retirement plan at work.... Lingering impact of the recession.... A traumatic life event.... Too much debt... College education costs.... Retirement is far away."
(U.S.News and World Report)
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Lifetime Income Guidance Out Soon, Borzi Says; ERISA Advisory Council Chooses 2013 Topics
"The council intends to study and discuss the following topics: [1] missing and lost participants; [2] pension buyouts, plan 'de-risking,' and choice of lump-sum payment from a defined benefit plan; and [3] how to tailor education and communications to different segments. The council will hold its first sets of hearings on these issues June 4-6."
(Bloomberg BNA)
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[Opinion]
Los Angeles Stares Over Pension Cliff, Glimpses Insolvency
"[A]ll it takes is a few sub-par years and funds begin demanding higher annual pension payments from governments. In LA's case, those payments have risen to 18 percent of expenditures. That's an awful lot to be spending just on pensions."
(Public Sector Inc.)
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[Opinion]
California Pension Reform Fight Reaching the Courts
"Administrative Law Judge Donn Ginoza ruled ... that the city [of San Diego] failed to negotiate in good faith with its public employee unions before [the pension reform measure] was placed on the ballot. The decision ... is not binding on the city but does set up a future court battle."
(Orange County Register)
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[Opinion]
Journalism as Stenography on New Jersey Pensions
"[The New Jersey] system never had $86 billion in it and almost certainly never will have $86 billion in it. A concept called asset smoothing ... conveniently allows politicians to pretend an extra $16 billion into existence."
(Burypensions)
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Benefits in General; Executive Compensation
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Employers and Employees Agree on Value of Voluntary Benefits
"63% of employees who say their employer offers at least one voluntary benefit agree that such benefits increase the value of their company's benefits program. And, employees who said they are interested in receiving more voluntary benefits through the workplace increased 10 percentage points; 34% from 24% a year ago."
(Prudential)
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Press Releases
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