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August 4, 2006
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(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)

Securing Retirement: An Overview of the Pension Protection Act of 2006 (43 Pages)
Excerpt: "[This report is] a concise guide to navigating the Act's significant pension issues. Where appropriate, we have provided observations that . . . Give an overview of the legislation . . . Outline what corporate leaders and plan administrators need to understand concerning retirement plan design and operation going forward. . . . [and] Identify common concerns of current and future retirees regarding their ability to efficiently receive retirement benefits." (Deloitte)

Key Provisions of HR 4, the Pension Protection Act of 2006
ASPPA provides a detailed summary of the 907-page HR 4. (American Society of Pension Professionals & Actuaries)

Technical Explanation of H.R. 4, The 'Pension Protection Act Of 2006' (PDF)
386 pages. The target page is the Technical Explanation of H.R. 4, The 'Pension Protection Act Of 2006,' As Passed By The House On July 28, 2006, And As Considered By The Senate On August 3, 2006. (U.S. House of Representatives Joint Committee on Taxation)

Senate Approves Pension Bill, Sends to Bush
Excerpt: "The Senate on Thursday approved and sent to President George W. Bush legislation to shore up beleaguered corporate pensions and stabilize the deficit-ridden federal program that insures them." (Reuters via The New York Times; one-time registration required)

Senate Approves Pension Overhaul: Measure Seeks Better Company Funding
Excerpt: "The Senate last night overwhelmingly approved the most significant changes to the private pension system since Congress created comprehensive rules covering employee retirement plans three decades ago." (The Washington Post; one-time registration required)

Impact of Proposed Pension Reforms Unclear
Excerpt: "The odds are about even the recently passed House pension-reform legislation will become law. If enacted, the law may provide greater clarity -- but also may require additional contributions by employers." (Human Resource Executive Online; one-time registration required)

Text of August 3 Letter from Pension Rights Center to Senators re Pension Protection Act (PDF)
2 pages. Excerpt: "While H.R. 4 includes many positive provisions, including important measures to protect the pensions of certain widows and divorced women and permanent incentives to encourage more lower-income individuals to save for their own retirement, we are concerned that the bill also contains harmful provisions that could undermine the retirement security of millions of older, long-tenured workers in cash balance and multiemployer pension plans." (Pension Rights Center, National Committee to Preserve Social Security and Medicare)

Editorial: Pension Act Won't Hold Water
Excerpt: "The pension act began as an effort to keep the government's pension-insurance agency from having to assume the obligations of too many teetering plans, a liability that lawmakers feared would lead to a savings-and-loan-style taxpayer bailout. It has ended up as no bulwark against the erosion of the traditional company-based pension -- the only sort, other than Social Security, that guarantees a fixed income in retirement." (The Washington Post via Daytona Beach News-Journal Online)

Commentary on Pension Protection Act: 'At-Risk' Plans
Excerpt: "The Pension Protection Act of 2006 (H.R. 4), as passed last Friday by the House and awaiting possible Senate action this week, includes special rules for a single-employer defined benefit pension plan that is characterized as being 'at-risk.'" (Pensions & Benefits Weblog)

Applying Behavioral Communication to Retirement Planning
Excerpt: "Given the continuing decline of pension plans and the uncertain future of Social Security, it is critical to find ways to improve behavior and communicate with employees in a way that engages them in their retirement saving. The growing field of behavioral economics research reveals that people do not always act in their best interest when it comes to investing and saving." (Employee Benefit News)

Testimony: Kick-Off for Tax Reform: Tackling the Tax Code, August 3, 2006 (PDF)
3 pages. Excerpt: "Now, today, the Senate Committee on Finance is focused on the report released November 1, 2005, by the Presidential Panel on Federal Tax Reform recommendations for massive changes in how business and individuals are taxed under our Federal income tax system. The ESOP community is very disappointed with the Panel's recommendations." (The ESOP Association)

Reassessing Retirement Plans: Five Aspects to Consider
Excerpt: "[C]ompanies need to carefully consider their own needs as they analyze the long-term viability of their pension plans. This can be a considerable task, but by addressing the five issues [discussed in the target document], companies will find themselves on the right path." (Employee Benefit News)

Retiree Demand Trumps the Once-Dismal Reputation of Reverse Mortgages
Excerpt: "More retirees, who have woefully underfinanced retirement plans, are choosing reverse mortgages. Some bankers see a large market with growth potential, but they have their work cut out for them." (U.S. Banker)

PBGC Names New Chief Executive Officer
Excerpt: "The PBGC has announced the appointment of Richard H. Macy as chief operating officer." (CCH Pension & Benefits)

Hewitt Federal Legislation Quick Guide Updated as of August 1, 2006, for Retirement Plans (PDF)
9 pages. This Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding retirement plans. (Hewitt Associates)


Links to Items on Executive Comp, Benefits in General

Overview: SEC Approves Overhaul of Executive Compensation Disclosure Rules
Excerpt: "The final rules will generally be effective for disclosures in proxy statements and annual reports for companies with fiscal years ending on or after December 15, 2006. The Form 8-K requirements will be applicable for triggering events that occur 60 days or more after publication of the final rules in the Federal Register." (Ballard Spahr Andrews & Ingersoll, LLP)

Hewitt Federal Legislation Quick Guide as of August 1, 2006, on Human Resources and Employment Law (PDF)
9 pages. This Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding human resources and employment law. (Hewitt Associates)


Newly Posted Events
(Post Yours!)

Advanced Actuarial Conference
in Massachusetts on June 5, 2007
presented by ASPPA (American Society of Pension Professionals & Actuaries)

Cross-Tested Plan Workshop - Design and Testing
in Ohio on August 23, 2006
presented by SunGard Corbel

Cross-Tested Plan Workshop - Design and Testing
in New York on August 23, 2006
presented by SunGard Corbel

Cross-Tested Plan Workshop - Design and Testing
in Pennsylvania on August 23, 2006
presented by SunGard Corbel

DOL Speaks: The 2007 Employee Benefits Conference
in District of Columbia on May 24, 2007
presented by ASPPA & DOL

ERISA Workshop
Nationwide on October 3, 2006
presented by SunGard Corbel

Los Angeles Benefits Conference
in California on January 24, 2007
presented by ASPPA & IRS

Minimum Funding under Pension Protection Act of 2006 - The Next Stage of Reform - Webcast
Nationwide on August 15, 2006
presented by Buck Consultants

Northeast Benefits Conference
in Massachusetts on June 7, 2007
presented by ASPPA & IRS

Northeast Benefits Conference
in New York on June 8, 2007
presented by ASPPA & IRS

Safe Harbor 401(k) Plans - Design and Administration
in Pennsylvania on August 24, 2006
presented by SunGard Corbel

Safe Harbor 401(k) Plans - Design and Administration
in New York on August 24, 2006
presented by SunGard Corbel

Safe Harbor 401(k) Plans Workshop - Design and Administration
in Ohio on August 24, 2006
presented by SunGard Corbel

Western Benefits Conference
in California on July 22, 2007
presented by ASPPA and WP&BC


Newly Posted Press Releases
(Post Yours!)

Passage of Pension Protect Act Virtually Completes Seven-Year Journey
(ERIC (ERISA Industry Committee))

Pension Bill a ‘Mixed Bag’ for Employers, Employees
(American Benefits Council)

Pension Bill Passes Senate with COLI ‘Best Practices’
(American Council of Life Insurers)

Pension Reform Passed By Senate Represents Boost to Americans’ Retirement Security
(American Council of Life Insurers)

Senate Passes Flawed Pension Bill, Allows Cuts In Vested Benefits, Undermines Pension Plans, According to the International Brotherhood of Teamsters
(International Brotherhood of Teamsters)

Congress Passes Landmark Pension Reform Legislation
(Multiemployer Pension Plan Coalition)

PPOs Still Get the Lion's Share of the Commercial Market, but HMOs are Holding Their Own
(HealthLeaders-InterStudy)


Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

ERISA Consultant II
for BISYS Retirement Services
in PA

Human Resources-Generalist
for Capital Group Companies
in VA

EB Trust Administrator
for BB&T (Branch Banking and Trust )
in NC

Manager of Administration
for Benetech, Inc.
in CA

Retirement Plan Administrator
for PlanTech, LLP
in AL

401(k) Plan Administrator / Account Manager
for Oak Brook-based Administrator/Recordkeeper
in IL

Senior Executive Benefits Analyst
for CenterPoint Energy
in TX

Pension Manager
for Comcast Cable
in PA

Benefits Financial Specialist
for Aerojet - Sacramento
in CA

ERISA Fiduciary Investment Advisor
for Unified Trust Company, N.A.
in KY

Relius Daily Valuation Specialist
for SVA Retirement Plan Services, LLC
in WI




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