| BenefitsLink Retirement Plans Newsletter |   |
April 4, 2007
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Text of Final Regs on Section 415: Limits on Benefits and Contributions Under Qualified Plans (PDF)
Yow; 210 pages. Excerpt: "This document contains final regulations under section 415 . . . , including updates to the regulations for numerous statutory changes since comprehensive final regulations were last published under section 415. The final regulations also make conforming changes to regulations under sections 401(a), 401(a)(9), 401(k), 402, 416, and 457, and make other minor corrective changes to regulations under sections 401(a)(4), 414(s), 457, and 924." (Internal Revenue Service)
Opinion: The DB-ing of the 401(k) (PDF)
3 pages. Excerpt: "As it turns out, perhaps the best feature of pension plans was not that they were totally funded by the company -- most employers figured pension costs into an employee's total pay package and adjusted other elements accordingly. Rather, the beauty of the defined benefit plan was that they served as a painless, automatic savings vehicle for millions of employees who did not need to make any financial decisions about their retirement savings until they left the company." (Benefits Law Journal via Kirkpatrick & Lockhart Preston Gates Ellis LLP)
401(k) Plan Provider Consolidation Shrinking Employer Options
Excerpt: "Over the past six years, 50 investment management companies have opted out of providing 401(k) plans, and more will continue to consolidate or exit the business, according to New York Life Investment Management (NYLIM)." (Employee Benefit News)
Opinion: Employers Choosing 403(b) Vendors Need to Get Tough on Costs
Excerpt: "It is no longer a question of if new IRS 403(b) regulations will be enacted. New regulations are here (almost -- most likely be implemented January 1, 2008). They are going to seem queer. But you better get used to it. The question now shifts to: What should you (the benefit official) be doing?" (403bwise)
Analysis: Legal Issues in Terminations of Single-Employer Pension Plans: Beck v. PACE Int'l Union (PDF)
6 pages. Excerpt: "At issue in Beck is whether the employer breached the fiduciary duty owed under the Employee Retirement Income Security Act (ERISA) to plan participants and beneficiaries by failing to adequately consider the merger proposal." (Congressional Research Service)
New Jersey Diverts Billions and Endangers Pension Fund
Excerpt: "In 2005, New Jersey put either $551 million, $56 million or nothing into its pension fund for teachers. All three figures appeared in various state documents -- though the state now says that the actual amount was zero." (The New York Times; free registration required)
How Baby Boomers Need Income Flexibility to Live Their Retirement Lives Their Way
8 pages. Excerpt: "Sun Life Financial surveyed 2,000 boomers across the U.S. to better understand the anticipated lifestyles and spending patterns of the baby boomers in retirement. As they think about their income needs in retirement, we wanted to know: Whether they think their income needs will vary in retirement; What kind of lifestyle baby boomers are looking forward to in retirement; What activities they plan to pursue once retired -- and when; How they plan to fund their desired lifestyles." (Sun Life Assurance Company of Can.ada)
Overview: Domestic Partners' Rights Expand Under PPA Distribution Provisions (PDF)
3 pages. Excerpt: "On Aug. 17, 2006, the Pension Protection Act of 2006 (PPA) enacted two provisions that are beneficial to employees who are currently in a domestic partnership or similar relationship. The two PPA provisions are: 1) Section 826 regarding hardship withdrawals; and 2) Section 829 regarding account balance rollovers for non-spouse beneficiaries." (thompson.com via McDermott Will & Emery)
Ohio Public Pensions: Double-Dippers Retire, Then Rehired: Some Draw Pension Along with Salary
Excerpt: "The double-dipping breaks down two ways: Those who retire from their jobs and return to the same position or a similar one, such as police officers and principals, and those elected officials who retire from a city or county office and move to the Statehouse or Washington." (The Plain Dealer)
ESOPs Gaining in Popularity
Excerpt: "Employee stock ownership plans, such as the one proposed Monday in the deal between the Tribune Co. (TRB) and real estate tycoon Sam Zell, are neither an elixir for success or a formula for failure. The potential upside: Workers own a stake in their companies' fate, and there are corporate income tax benefits and other tax breaks. The potential downside: heavy debt and loss of workers' retirement kitties if their firm tanks." (USA TODAY)
Private Equity's Bottom Line for Workers
Excerpt: "[The details of the purchase of the Tribune Co.] has raised awareness of an issue that ought to be front and center: the relationships between private-equity funds and the employees of the companies they buy and sell." (The Washington Post; free registration required)
Some Target Date Fund Designs Missing Mark on Providing Retirement Security to Those Needing It Most (PDF)
44 pages. Excerpt: "This paper presents the results of our comprehensive research on the changing obligations of plan sponsors, the savings and investment behavior and responsibilities of participants, and the expanding role of default investment programs, in particular target date retirement funds." (JP Morgan Asset Management via Treasury & Risk)
Excerpts from Roundtable on Virtues, Vices of Defined Benefit and Defined Contribution Plans
Excerpt: "Q: What is the effect on capital markets of a shift to defined contribution plans from defined benefit plans?" (Pensions & Investments)
Debate, But No Agreement, on Which Plan Type -- DB or DC Is Best
Excerpt: "The debate over which is better -- defined benefit or defined contribution plans -- produced little agreement and lots of heat during a March 12 roundtable hosted by Pensions & Investments at the National Press Club in Washington." (Pensions & Investments)
IRS 30 Year Treasury Securities Rate Updated for March 2007
30 Year Treasury Securities Rate for March 2007: 4.72% (Internal Revenue Service)
IRS Composite Corporate Bond Rate Table Updated for April 2007
Corporate Bond Weighted Average Interest Rate = 5.80 for April 2007 (Internal Revenue Service)
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Links to Items on Executive Comp, Benefits in General
PPA Ushers in New Regulations for Employer-Owned Life Insurance
Excerpt: "When the Pension Protection Act of 2006 was signed into law last year, a number of new rules and regulations regarding employer-owned life insurance (EOLI) went into effect, and are effective for all new policies issued after August 17, 2006." (Employee Benefit News)
Overview of the IRS Detailed Report on Results of Executive Compensation Initiative (PDF)
4 pages. Excerpt: "The specific purpose of the Report was to summarize the findings and conclusions from the IRS' Executive Compensation Compliance Initiative during 2004-2006 (Initiative). The Report contains many significant findings, both positive and negative. As such, it offers important guidance for the executive compensation committees, senior executive leadership, and compensation counsel of tax exempt hospitals." (American Health Lawyers Association)
40 U.S. Corporations Pay Reports Fail SEC's Readability Test
Excerpt: "General Electric Co., SunTrust Banks Inc. and Eli Lilly & Co. failed to follow U.S. rules that require companies to eliminate jargon when explaining how they pay their top executives." (Bloomberg News)
Towers Perrin Survey Reveals Widespread Employer/Employee Dissatisfaction with Benefits Programs
Excerpt: "from Spencer's Benefits Reports: . . . . Three-fourths of the responding employers believe that their programs fail to meet cost-control objectives." (Wolters Kluwer Law & Business)
GAO Does Follow Up EBSA Evaluation; Calls for More EBSA Enforcement
Excerpt: "This latest report, which builds on an earlier GAO report released in March 2002, was produced for Senator Michael Enzi (R-WY) by the federal government's watch-dog over agencies and their enforcement operations, continues to urge EBSA to build on employer benefits enforcement improvements." (Deloitte via BenefitsLink.com)
U.S. Employers Gradually Turning Backs on Employee Stock Plans
Excerpt: "U.S. companies are steering away from stock option plans in favor of expanding their restricted equity award and performance share programs, according to new research from Greenwich Associates." (PLANSPONSOR.com; free registration required)
Newly Posted Events
2007 Business Management Conference (2007BMC)
in Arizona on January 12, 2008
presented by National Institute of Pension Administrators
2007 Fall Forum
in Minnesota on September 10, 2007
presented by BISYS Retirement Services
2007 Fall Forum
in Massachusetts on October 15, 2007
presented by BISYS Retirement Services
2007 Fall Forum
in Nevada on October 29, 2007
presented by BISYS Retirement Services
2007 Fall Forum
in Texas on November 12, 2007
presented by BISYS Retirement Services
2007 IRA Institute
in Illinois on June 25, 2007
presented by BISYS Retirement Services
2007 IRA Online Institute
Nationwide on May 7, 2007
presented by BISYS Retirement Services
2007 IRA Online Institute
Nationwide on September 10, 2007
presented by BISYS Retirement Services
2007 NIPA Annual Forum & Expo
in Nevada on May 7, 2007
presented by National Institute of Pension Administrators
2007 Web/Telephone Seminar: General Traditional IRA Distributions
Nationwide on May 10, 2007
presented by BISYS Retirement Services
2007 Web/Telephone Seminar: Handling IRA Legal Issues
Nationwide on May 15, 2007
presented by BISYS Retirement Services
2007 Web/Telephone Seminar: Introduction to 401(k) Plans
Nationwide on May 24, 2007
presented by BISYS Retirement Services
2007 Web/Telephone Seminar: Introduction to Qualified Retirement Plans
Nationwide on May 22, 2007
presented by BISYS Retirement Services
2007 Web/Telephone Seminar: IRA Reporting
Nationwide on May 8, 2007
presented by BISYS Retirement Services
2007 Web/Telephone Seminar: Roth IRA Distributions
Nationwide on May 17, 2007
presented by BISYS Retirement Services
401(k) Plan Workshop
in Washington on May 1, 2007
presented by SunGard Relius
401(k) Plan Workshop
in Texas on May 3, 2007
presented by SunGard Relius
401(k) Plan Workshop
in District of Columbia on May 3, 2007
presented by SunGard Relius
401(k) Plan Workshop
in Utah on May 4, 2007
presented by SunGard Relius
Advancing Value-Driven Health Care: The Third Annual Incentives and Rewards Symposium
in Pennsylvania on May 15, 2007
presented by National Business Coalition on Health
Form 5500 Workshop
in Texas on May 2, 2007
presented by SunGard Relius
Form 5500 Workshop
in District of Columbia on May 2, 2007
presented by SunGard Relius
Form 5500 Workshop
in Utah on May 3, 2007
presented by SunGard Relius
Group Long Term Care Insurance: An Introduction
in Washington on April 20, 2007
presented by International Society of CEBS - Pacific NW Chapter
MBGH's 27th Annual Conference -- Health Benefits GPS, Mapping your 2008 Strategy
in Illinois on May 10, 2007
presented by Midwest Business Group on Health
NBCH's 2007 12th Annual Conference Buying Right: Strategies for Purchasing Health Care that Delivers
in Arizona on November 11, 2007
presented by National Business Coalition on Health
Newly Posted Press Releases
Unclaimed Pension Benefits Total $133 Million at PBGC
Pension Benefit Guaranty Corporation (PBGC)
Standard & Poor's Compustat(R) Delivers SFAS 158 Compliant Pension Data
Standard & Poor's
Schwab Completes Acquisition of The 401(k) Company
Charles Schwab & Co., Inc.
RWJF Commits $500 Million to Reverse Childhood Obesity
Robert Wood Johnson Foundation
ICMA-RC Introduces Suite of Investment Advisory Services to Retirement Plan Participants
ICMA-RC
Everest Rolls Out Innovative Employee Benefits Solution
Everest
When It Comes To Retirement Planning, Women Report More Emotional 'Distress' Than Men
Wachovia Corporation
Newly Posted or Renewed Job Openings
Daily 401(k) Administrator
for American Pensions, Inc.
in SC
Client Relationship Manager
for ING, Financial Services
in TX
Account Manager
for Standard Insurance Company
in MA
Senior Plan Administrator
for American National Insurance Company
in TX
Client Relationship Managers
for Benefit Jobs LLC
in ANY STATE
Senior Employee Benefits Daily Administrator
for BB&T (Branch Banking and Trust)
in NC
Plan Administrator
for Sanders Petmecky, LLC
in GA
Employee Benefits Specialist
for Steptoe & Johnson PLLC
in OH
Retirement Plan Administrator
for Actuarial Consultants
in CA
Account Manager, Employee Benefits
for ABD Insurance and Financial Services
in CA
AVP, Health and Welfare Benefits
for Countrywide Financial Corporation
in CA
VP, Wellness Programs and Benefit Services
for Countrywide Financial Corporation
in AZ
Assistant Vice President (Relationship Manager RPS)
for First National Bank of Omaha
in NE
Plan Consultant Opportunity
for Weaver Partners, Inc.
in ANY STATE
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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