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| May 25, 2007 |
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U.S. Congress Weighs New Pension Relief for Airlines
Excerpt: "Continental Airlines . . . and American Airlines . . . have successfully lobbied Congress to include new pension relief in emergency spending legislation." (Reuters)
Employees Look Outside the Workplace for Retirement Planning Help
Excerpt: "Nearly half of adults in the U.S. have the option of participating in a 401(k) plan, but only 3% of employees say they go to their employers for investment and retirement advice, according to a recent poll." (PLANSPONSOR.com; free registration required)
Overview: IRS Final Guidance on Distributions from Designated Roth Accounts (PDF)
5 pages. Excerpt: "The IRS has finalized regulations on the taxation of distributions from designated Roth accounts under Section 401(k) plans. The guidance includes rules on rollovers and reporting requirements." (Buck Consultants)
Overview: New 403(b) Rules Give Employers More Control
Excerpt: "A key feature of the new rules is expected to be the requirement that employers create a plan document defining the plan's rules, a step that could effectively make employers responsible for managing and operating the plans." (accountingweb.com)
PBGC Mitigates Risk Exposure Through Early Warning Program
Excerpt: "In explaining the application of the PBGC Early Warning Program, Vince Snowbarger, PBGC interim director, noted that the Program is focused on financially troubled companies and significantly underfunded plans, but encouraged companies to provide advance notice of transactions that may raise PBGC concerns." (Wolters Kluwer Law & Business)
New Hampshire Senate Approves Measure to Increase Retirement System Contributions
Excerpt: "The New Hampshire Senate approved a plan [yesterday] that would mean a 2-1/2% increase for retirees this year, the Associated Press reported." (PLANSPONSOR.com; free registration required)
Portfolio on Pensions
Excerpt: "[this] is a collection of recently released international comparative resources on public, private and occupational pensions." (AARP)
Overview of Advocating IRS 'Exercise Care' on Rules for Benefits Under Defined Benefit Plans
Excerpt: "The [American Benefits] Council is particularly concerned about the implications any rulemaking may have for (a) early retirement window benefits and (b) plant shutdown and other similar unpredictable contingent-event benefits." (Wolters Kluwer Law & Business)
Overview of the Backloading Issue: Effect on Both Hybrid and Traditional Plans (PDF)
4 pages. Excerpt: "[The PPA] did not require 'choice' or 'greater of,' but certainly did not intend to prohibit such pro-participant transition approaches. Unfortunately, the IRS has decided that the generally most generous transition approach - - greater of - - violates the 'backloading rules.' The IRS' interpretation . . . is inconsistent with the clear intent of the backloading rules. To explain the IRS' position, it is first necessary to discuss the backloading rules." (American Benefits Council)
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Links to Items on Executive Comp, Benefits in General
G.M. Expects to Pay a Total of $7 Billion for Delphi Workers' Retirement Costs
Excerpt: "General Motors said on Thursday that it expected to take a $1 billion charge in the second quarter and pay a total of $7 billion to cover retirement costs for workers at the Delphi Corporation, its former parts division." (The New York Times; free registration required)
Will Executive Stock Option Issues Drive the Next Wave of Pension Litigation?
Excerpt: "Summary: More than one hundred companies are in the regulators' crosshairs for questions about options backdating. Plan fiduciaries should recognize their responsibilities to ask how options are granted, priced and timed." (Journal of Compensation and Benefits via Pension Governance; full-text available upon agreement to terms of use)
India Clarifies Fringe Benefits Tax on Employee Stock Options
Excerpt: "On May 11, 2007, the president of India assented to India's Finance Bill 2007, thereby enacting India's budget for the 2007-2008 fiscal year. . . . The amendments to the original budget include certain clarifications as to the application of India's fringe benefits tax (FBT) on employers for stock options granted to employees in India." (Wilson Sonsini Goodrich & Rosati)
Technical Explanation of, and Pension Related Provisions Contained in, H.R. 2206 (PDF)
47 pages. Excerpt: "This document, prepared by the staff of the Joint Committee on Taxation, provides a technical explanation of the 'Small Business and Work Opportunity Tax Act of 2007' and pension related provisions contained in H.R. 2206 as considered by the House of Representatives on May 24, 2007." (U.S. Joint Committee on Taxation)
Overview: USERRA and the Five-Year Rule
Excerpt: "Now that five years have elapsed since the beginning of U.S. Military's engagement in Afghanistan, it is imperative that employers understand the rights and obligations created by, or derived from, USERRA, especially before making any termination decisions concerning employees who have been absent on military leave for five years." (Littler Mendelson, P.C.)
Newly Posted Events
Estate Planning Considerations for Qualified Plans and IRAs
in New York on June 13, 2007
presented by SunGard Relius
Estate Planning Considerations for Qualified Plans and IRAs
in Pennsylvania on June 14, 2007
presented by SunGard Relius
Estate Planning Considerations for Qualified Plans and IRAs
in District of Columbia on June 15, 2007
presented by SunGard Relius
Fundamentals of 401(k) and Other Qualified Plans
in Illinois on June 20, 2007
presented by SunGard Relius
Fundamentals of 401(k) and Other Qualified Plans
in Kansas on June 20, 2007
presented by SunGard Relius
Navigating Form 5500 for Health and Welfare Plans -- A Guided Tour for Employers and TPAs
Nationwide on May 17, 2007
presented by Employee Benefits Institute of America Inc. (EBIA)
Newly Posted Press Releases
Safety-Kleen and Oklahoma Employees Benefits Council Honored by SouthWest Benefits Association for Retirement and Health Benefits Best Practices
SouthWest Benefits Association
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
Implementation Analyst
for Mercer HR Services
in MA
Implementation Manager
for Mercer HR Services
in MA
Administrative Asst
for Standard Insurance Company
in OH
Account Executive - Retirement Service
for The Principal Financial Group
in MA
Regional Sales Consultant - Detroit, IL Area
for Gallagher Retirement Services
in IL
Pension Actuary
for Sheffler Consulting Actuaries, Inc
in CA
Forms Processing Specialist
for Milliman, Inc.
in TX
Plan Implementation Specialist
for BenefitStreet, Inc.
in KS
Plan Specialist - Plan Sponsor Desk (Los Angeles)
for Transamerica Retirement Services
in CA
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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