| BenefitsLink Retirement Plans Newsletter |   |
January 12, 2007
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401(k) Plans in the Multiemployer Environment (PDF)
5 pages. Excerpt: "This article briefly reviews the legal structure of multiemployer 401(k) plans, including the impact of the Pension Protection Act. Types of contributions, Tax Code limits, investments, loans and hardship distributions are discussed. The article is based on the presentation by Ellen Mondress at the Foundation's 2006 Annual Employee Benefits Conference." (International Foundation of Employee Benefit Plans)
Audio: Legal Road Clear for Automatic Pension Savings
Excerpt: "Starting this year, companies may automatically enroll employees in retirement savings plans. Employees of companies who make that decision will have to opt out to avoid participation in automatic 401-K enrollment." (Morning Edition via National Public Radio)
Overview: IRS Additional PPA Guidance on Distributions, Vesting, Non-Spouse Beneficiary Rollover
Excerpt: "The IRS just released Notice 2007-7 which provides guidance on a number of PPA provisions which became effective in 2006 or in 2007." (SunGard Corbel LLC)
Ryder System Redesigning Retirement Program for Certain Pension-Eligible Employees
Excerpt: "Ryder will freeze its pension plan for current employees who do not meet certain grandfathering criteria and will provide these employees with an enhanced 401(k) savings plan. Grandfathered employees will be given the option to remain in the current pension plan or participate in the enhanced 401(k) savings plan." (PLANSPONSOR.com; free registration required)
Overview: 401(k) Sponsors Become Targets for Lawsuits (PDF)
3 pages. Excerpt: "At least a dozen class action complaints have been filed against companies sponsoring 401(k)-type retirement plans and the fiduciaries that administer those plans. This article examines the allegations of those suits and provides insight into the arguments that the companies and fiduciaries may use to defend." (The National Law Journal via Kilpatrick Stockton LLP)
Lawmakers Ponder Policy Proposals to Increase Investment in Life Annuities
Excerpt: "Life annuities have caught the eye of Congress, resulting in proposed legislation offering preferential tax treatment to annuity income." (Employee Benefit News)
Longevity Insurance: An Answer to a Difficult Retirement Planning Question (PDF)
2 pages. Excerpt: "[Longevity insurance] allows a retiree to purchase income that doesn't commence payments until a future age. This is income insurance in the purest sense. Like term life insurance, which provides a death benefit only if the person dies during the coverage period, longevity insurance only provides an income to the annuitant during the coverage period. In this case, however, payments are made if the insured lives too long rather than dies too young." (NAVA OUTLOOK via Milliman)
New Jersey Senate Tweaks Bills for Pension Reform, State Comptroller
Excerpt: "State senators yesterday introduced revamped versions of bills to set up a state comptroller, to reduce membership in the state pension system . . . ." (The Star-Ledger via NJ.com)
Consultant Towers Perrin Predicts Death of Defined Benefit Plans in United Kingdom by 2012
Excerpt: "Defined benefit pension schemes in the UK will die out by 2012, according to a Towers Perrin report on its annual UK Corporate Pensions Survey." (PLANSPONSOR.com; free registration required)
Overview: IRS 2006 Cumulative List of Changes for Individually Designed Plans
Excerpt: "The IRS has published the 2006 Cumulative List of Changes in Plan Qualification Requirements (2006 Cumulative List) that informs plan sponsors of issues the IRS has specifically identified for review in determining whether an individually designed plan, multiple employer plan or defined benefit pre-approved plan has been properly updated." (Wolters Kluwer Law & Business)
Labor Department and Rep. George Miller Move Toward Broader Retirement Plan Fee Disclosure
Excerpt: "With Rep. George Miller, D-California, and the Department of Labor bearing down on them, benefits industry lobbyists and attorneys expect new disclosure reforms this year that could put a damper on fees assessed to manage defined-benefit and defined-contribution plans." (Pensions & Investments via Workforce Management; free registration required)
The Mille Lacs Band of Ojibwe Creates New Retirement Account for Elders
Excerpt: "At her annual State of the Band address on the Mille Lacs reservation in central Minnesota, [Chief Executive Melanie] Benjamin told a crowd of 1,000 people that the band has formed a pension plan. It will be funded by casino revenues and payouts to band members will begin when they turn 62 years old." (Minnesota Public Radio)
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Links to Items on Executive Comp, Benefits in General
IRA to Health Account Transfer Makes Little Sense for Most
Excerpt: "There may be a more stupid tax law. But you would be hard pressed to find it, according to Natalie Choate, one of the world's foremost authorities on retirement plans. Here's the skinny: President Bush signed into law in late 2006 the Tax Relief and Health Care Act, a law that offers $45.1 billion in tax breaks and creates some 200 changes to the tax code. Among the changes there's a law that lets Americans transfer money from their IRAs into their health savings accounts (HSA)." (MarketWatch)
Newly Posted Events
Employee Benefits in Mergers & Acquisitions
in New York on April 19, 2007
presented by ABA Joint Committee on Employee Benefits
Employer Stock Issues: New Requirements under the PPA and More
Nationwide on February 13, 2007
presented by ABA Joint Committee on Employee Benefits
Newly Posted Press Releases
Former Policy And Research Director Stuart Sirkin Retires
Pension Benefit Guaranty Corporation (PBGC)
RolloverSystems Platform Awarded U.S. Patent No. 7,155,407 for Its Automated Retirement Savings Rollover Process
RolloverSystems
SEI Poll: Plan Sponsors Feel Resources Are Not Aligned With New Post-Reform Priorities
SEI
Sens. Salazar, Kerry Introduce Legislation to Deny Pensions to Lawbreaking Lawmakers
U.S. Senators Ken Salazar and John Kerry
Tax Time Is Now an Even Better Time to Save for Retirement
Retirement Security Project
Six More Companies Awarded 'CEO Cancer Gold Standard(TM)' That Promotes Workplace Wellness
CEO Roundtable on Cancer, Inc.
Newly Posted or Renewed Job Openings
ERISA Compliance Consultant/Paralegal
for Alston & Bird LLP
in DC
Director - Internal Wholesale Team
for MassMutual Financial Group
in CT
401k Administrator
for Vanguard
in PA
Administrator
for Aris Corporation of America
in PA
Retirement Program Director
for Fidelity Investments
in RI
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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