BenefitsLink Retirement Plans Newsletter for March 29, 2007

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Retirement Plans
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March 29, 2007

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Fidelity to End Employee Pension Plan: Change Reflects Push for 401(k)s
Excerpt: "Fidelity Investments is eliminating its traditional pension plan for roughly 32,000 of its employees, an important symbolic move by a company that has been at the forefront of efforts to push more responsibility for retirement onto workers and away from companies." (The Boston Globe)

Comments to IRS Regarding Changes to the Combined Plan Deduction Limit Under Notice 2007-28 (PDF)
4 pages. Excerpt: "The American Academy of Actuaries Pension Committee respectfully requests your consideration of its comments regarding IRS Notice 2007-28 (the Notice). The Notice provides much needed guidance regarding changes to the combined plan deduction limit under IRC section 404(a)(7), as modified by the Pension Protection Act of 2006 (PPA). However, portions of the guidance appear to be inconsistent with the language and intent of the statute." (American Academy of Actuaries)

Hewitt Federal Legislation Quick Guide Updated as of March 27, 2007, for Retirement Plans (PDF)
5 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)

2007 NAGDCAST #1 on Legislative Update of Defined Contribution Plans, March 21, 2007
Excerpt: "This webcast [offers] an up-to-date look at Legislation which could potentially affect Retirement Plans nationwide, as well as the recently released Pension Protection Act. Also, with the 2006 Resolution declaring a National Save for Retirement Week, an update will be given on the Resolution for 2007." (National Association of Government Defined Contribution Administrators, Inc.)

Opinion: Spend Hawaii's 'Phantom' State Surplus on Government Workers and Schools
Excerpt: "Twenty-two percent of government workers are expected to retire in the next five years. Moreover, government employees live longer than the general population. Accounting for these new developments means it is imperative that we address the unfunded liability of the Employees Retirement System." (Honolulu Star-Bulletin)

Illinois Audit Shows State Pensions Underfunded by Almost 40%
Excerpt: "The five Illinois state pension systems are underfunded by nearly 40%, according to new reports by Illinois Auditor General William Holland." (PLANSPONSOR.com; free registration required)

Overview: Guidance on Qualified Domestic Relations Orders: DOL Interim Regs, PBGC Updates Handbook
Excerpt: "In light of this new QDRO guidance, plan administrators may want to review their QDRO procedures and checklists. QDRO administration can be quite technical and confusing. When the government publishes helpful tools, it is worth the time and effort to review the current processes and make sure they are up-to-date and accurate." (McDermott Will & Emery)

What's Your Work-to-Retirement Ratio?
Excerpt: "[C]heck out some information I ran across in an article by Alex J. Pollock titled 'Retirement Finance: Old Ideas, New Reality.' Pollock discusses what he calls the work-to-retirement (W:R) ratio, which divides your number of working years by your number of retirement years." (The Motley Fool)

Self-Correction Program Available to Correct Plan Errors, If Timely, and Criteria Met
Excerpt: "The IRS has issued guidance to help plan sponsors determine whether the Self-Correction Program is available to them. . . . 'Insignificant' errors can be corrected at any time, but the SCP is generally only available for 'significant' violations if the correction is made within two plan years following the plan year in which the operational failure occurred." (Wolters Kluwer Law & Business)

Sponsored by: Mid-Sized Pension Management Conference

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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)

Links to Items on Executive Comp, Benefits in General

Continuing on FIN 48: Executive Compensation Considerations
Excerpt: "These postings are aimed at raising the awareness of the readers to compensation matters which may be considered 'uncertain' under the new financial reporting rules and, as such, should trigger questions from the employer." (Pension & Benefits Blog)

Deferred Compensation Measure Runs into Opposition in Congress
Excerpt: "[P]rovisions in the Senate version of the wage measure that would limit deferred compensation and extend a portion of the tax code covering a company's five highest-paid employees have run into stiff headwinds from the business community and the House." (Workforce Management; free registration required)

Companies Shy Away from Disclosing Executive Pay Goals
Excerpt: "A new analysis of 2007 proxy statements from 100 large publicly-traded companies found nearly half chose not to disclose specific goals on which executive pay plans are based." (PLANSPONSOR.com; free registration required)

Hewitt Federal Legislation Quick Guide for March 27, 2007, on Human Resources & Employment Law (PDF)
10 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)

Attorney's Fee Awards Under ERISA - Defendants Paying the Lawyers That Sue Them
Excerpt: "A number of recent cases bring home the point that an ERISA case can carry an extra sting for the defendant. ERISA allows for an award of attorneys' fees in appropriate cases." (Health Plan Law blog by Attorney Roy F. Harmon III)

Newly Posted Events

Universal Health Care Coverage: Back to the Front Burner and Hotter Than Ever - Webcast
Nationwide on April 4, 2007
presented by Deloitte

Newly Posted Press Releases

Health Information Technology Out of Reach for Small Health Care Providers
U.S. House Small Business Committee

DataPath Administrative Services Named as Benefits Administrator for State of Louisiana
DataPath, Inc.

Phased Retirement Programs are Becoming Easier to Implement; Companies Benefit by Retaining Skills, While Mature Workers Get More Options
Conference Board, The

LifeCare® Poll Reveals the Reasons We Work Sick
LifeCare, Inc.

Newly Posted or Renewed Job Openings

Consultant
for Kravitz - Louis Kravitz & Associates
in CA

Sr. Operations Manager
for CitiStreet
in FL

Defined Contribution Testing & Reporting Consultant
for Fidelity Investments
in KY, TX

Client Relationship Manager
for Growing TPA firm
in MI

Comp/Benefits Writer & Audio Conference Producer
for Award-winning newsletter/web publisher
in ANY STATE

Consultant
for Buck Consultants, an ACS company
in GA

Client Relationship Manager
for ING, Financial Services
in CA

Business Development Specialist
for ING, Financial Services
in CA

Second Vice President, Strategic Communications Consulting
for New York Life Retirement Plans Services
in MA

Conversion Specialist
for BenefitStreet, Inc.
in CA

Benefits Service Representative
for Standard Insurance Company
in HI

Employee Benefits Senior Associate
for Clifton Gunderson Financial Services
in IL

Communications and Marketing Manager
for Princeton Retirement Group, a Merrill Lynch Company
in GA

Sr. Actuarial Associate
for NRECA
in VA

Implementation Analyst
for Mercer HR Services
in MA

Director, Benefits & Compensation Compliance
for The Hartford
in CT

Handy Links:

View Today's Active Message Threads
Using the Web for Employee Benefits Research (hypertext article)
Employee Benefits Library

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