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May 30, 2007
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Workers Giving Retirement the Boot
Excerpt: "After falling for more than 100 years, the retirement age chosen by working Americans is edging up once again, and the trend could have broad consequences for households and the economy." (Los Angeles Times; free registration required)

Benefits Attorney Makes Comments on IRS Speech: What is EP's Role in Promoting Retirement Security? (PDF)
12 pages; includes both the text of the letter and the text of the speech on May 3, 2007 by Steven T. Miller, IRS Commissioner of Tax Exempt & Government Entities. Excerpt from attorney Lax's letter: 'Too often we focus solely on the best interests of our clients, customers, and even ourselves, without considering the interests of the plan participants themselves. Clearly they are not mutually exclusive of each other." (Charles M. Lax, Esq.; Steven T. Miller of the IRS)

Opinion: Focus on Fees Will Likely Lead to New Laws and Regs in 2007
Excerpt: "Fees and disclosure are also ripe for change as existing legal requirements in this area are uneven and differ depending on the type of particular individual account plan and the specific investment option chosen by a participant. Despite the uncertainty of change, many plan fiduciaries would welcome additional clarity surrounding fee information." (ICMA-RC)

Overview: DOL Weighs Stable Value Fund as a Default Option
Excerpt: "One clear signal that the process has further slowed is that the DOL has not yet sent the proposed rule to the Office of Management & Budget for review. That process takes approximately 30 days to clear. The timing of final rules on this issue has now slipped to late June or early July." (ICMA-RC)

Opinion: DC Plans, Mutual Fund Investments, and the Effect on Workers' Savings
Excerpt: "Perhaps not as visible as multiple class actions are the implications of an increasing number of studies within the financial and academic communities which are highlighting the 'reverse multiplier' phenomenon that almost inheres in DC accounts funded by mutual funds." (Pension & Benefits Blog)

Opinion: It Is Time for Clarity in 401(k) Fees
Excerpt: "[Elizabeth Krentzman, a former general counsel of the Investment Company Institute in Washington and now a partner at Deloitte & Touche USA LLP] favors disclosure that provides clear and concise information. 'Why can't we have a simplified disclosure for all [retirement] products that includes the fees and performance?' Ms. Krentzman said in a recent interview with InvestmentNews reporter Lisa Shidler. Why not, indeed." (Investment News; free registration required)

CalPERS Pension Fund Angry Over Exxon Mobil Climate Strategy
Excerpt: "The California Public Employees' Retirement System, the largest public pension fund in the U.S., is seeking the removal of Exxon Mobil Corp. director Michael Boskin over the company's strategy on climate change." (Bloomberg News via The Houston Chronicle)

43% of Investors Are Suckers, Survey Finds
Excerpt: "A large percentage of U.S. investors would fall for a 'guaranteed return' investment scam, according to a poll by 'Money-Track,' a public-television series, and Investor Protection Trust, an investor education group." (Investment News; free registration required)

Social Security and Retirement Income Adequacy
Excerpt: "This [12-page] brief focuses on the role of Social Security in producing adequate retirement income." (National Academy of Social Insurance)

Overview: IRS Guidance on PPA Employer Deduction Limits (PDF)
2 pages. Excerpt: "A number of industry groups have asked the IRS to reconsider the guidance provided in Notice 2007-28. Ideally, the guidance would be revised to be more consistent with the general interpretation of the actual PPA provisions." (Prudential Financial)

Funds Set Aside for Investment Education Not Finding Audience - or Even Being Spent
Excerpt: "For four years now, Uncle Sam and all 50 states have been engaged in an unprecedented effort to educate Americans about investing, coaching them in everything from 401(k) plans to how to avoid fraud. It is a novel idea indeed, made possible by the high-profile 2003 settlement between the [SEC] and the brokerage industry that earmarked $85 million for investor education. [But the efforts are considered disappointing and some experts think failure is assured.]" (SmartMoney)

(ADV) Welcome to new advertiser 401kTest.com
Excerpt: "401ktest.com was created to accomplish two goals: 1. Help company officers maximize their 401k contributions without failing the HCE test. Many companies fail the test multiple times or even worse; they under-estimate the amount HCEs can contribute. Our annual subscription allows you to test your 401k plan as often as you like. 2. Help small TPAs streamline their compliance testing procedures, helping them become more competitive and more profitable. (BenefitsLink.com)


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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

Government Budget Deficits - At the Federal, State and Local Levels - Now Total $59 Trillion
Excerpt: "The budget numbers, compiled by USA Today, noted that much of the government shortfall comes from what are called 'unfunded liabilities' in pension and healthcare funds." (The Honolulu Advertiser)

What Working Retirees Need to Know About Taxes
Excerpt: "Working during retirement can bring financial, physical, and psychological benefits, say experts. It can also bring tax implications. Here's what you need to know if you are, or plan to be, a working retiree." (Townnews.com)


Newly Posted Events

401(k) Plan Governance - Webcast
Nationwide on June 4, 2007
presented by Pension Governance, LLC

Elements of State Health Reform: Value-Driven Health Care through Quality Improvement and Measurement - Webcast
Nationwide on May 31, 2007
presented by KaiserNetwork.org

Retirement, Deferred Compensation, and Welfare Plans for Tax Exempt and Governmental Employers
in District of Columbia on September 6, 2007
presented by ALI-ABA (American Law Institute-American Bar Association)

Retirement, Deferred Compensation, and Welfare Plans for Tax Exempt and Governmental Employers - Webcast
Nationwide on September 6, 2007
presented by ALI-ABA (American Law Institute-American Bar Association)

Summary Plan Descriptions (SPDs) for Health & Welfare Plans-- A Hands-On Guide to SPD Preparation and Delivery
Nationwide on June 28, 2007
presented by Employee Benefits Institute of America Inc. (EBIA)


Newly Posted Press Releases

Proposed Rule To Amend Premium Regulations
Pension Benefit Guaranty Corporation (PBGC)

Trucker Huss Announces New Attorneys
Trucker Huss

Group Medical Costs Continue Sharp Increase
Council of Insurance Agents & Brokers

Companies May Lose Older Workers With Shortsighted Policies
Birkman

Sunny Skies and High Temperatures Have Employees Suffering from Seasonal Absence Syndrome
Kronos Incorporated

Lurie Receives Lifetime Employee Benefits Achievement Award
Wagner Law Group P.C.

Marcia S. Wagner Appointed to IRS Advisory Committee
Wagner Law Group P.C.


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