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| June 6, 2007 |
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| The Western Benefits Conference - July 22-25, 2007 |
| Benefits by the Bay, the best of two in one! Jointly sponsored by WP&BC and ASPPA, this conference has been designed with all retirement professionals in mind. Seven industry specific targeted learning tracks, the latest market trends, compliance issues and networking opportunities await. Get early bird registration discounts and learn more at www.asppa.org/wbc or www.westernpension.org |
Overview: Safe Harbor Plans Can Be Amended Mid-Year to Add Roth or Hardship Provisions
Excerpt: "EBIA Comment: This is a welcome clarification for safe harbor plan sponsors. In the announcement, the IRS also requested comments (to be submitted by September 17, 2007) as to whether additional guidance is needed with respect to mid-year changes to safe harbor plans other than those addressed in this announcement or in Treas. Reg. Secs. 1.401(k)-3(f) . . . or 1.401(k)-3(g) . . . ." (Employee Benefits Institute of America Inc.)
Safe Harbor for Qualified Default-Investment Alternatives and You
Excerpt: "The 2006 Pension Protection Act and subsequent Department of Labor guidance provide for two new fiduciary safe-harbor like procedures for plan sponsors seeking relief from investment decisions associated with participant-directed retirement plans." (Investment News; free registration required)
New Organization Formed - The Council of Independent 401(k) Recordkeepers
Excerpt: "'The CIKR organization will now give independent 401(k) plan record keepers a voice in ongoing policy discussions concerning the disclosure of fees and other record-keeping issues relating to 401(k) plans,' said Tommy Thomasson, CIKR chairman and chief executive of DailyAccess Corporation, in a statement." (Investment News; free registration required)
Survey: Defined Contribution Plans and Socially Responsible Investing in the United States (PDF)
56 pages. Excerpt: "[The survey] provides a look at the current status and future outlook for SRI options in DC plans from the perspective of plan sponsors, plan administrators, and consultants. Overall, the survey results indicate a strong demand for SRI options -- with 60% of the respondents either currently offering or intending to offer an SRI option within 3 years." (Social Investment Forum)
PBGC Calls for Assistance
Excerpt: "The financially stricken Pension Benefit Guaranty Corporation (PBGC) has revealed it is setting up a panel of advisers to tackle companies head on in the battle over pension fund obligations. The panel of financial advisers, transaction specialists and management consultants will advise the organization on how to combat corporate behavior which ends up compromising the PBGC's ability to pay pension benefits." (Global Pensions)
Opinion: Former Illinois Gov. Stripped of His State Pension, But No Such Law Aimed at Congressional Felons
Excerpt: "At least a dozen former members of Congress who were convicted of felonies collect taxpayer-funded retirement checks, according to the National Taxpayers Union." (Chicago Tribune; free registration required)
Does Your Puerto Rico Qualified Retirement Plan Allow for Installment Payments?
Excerpt: "For a host of tax and administrative reasons, most of the U.S. and international companies operating in Puerto Rico offer retirement benefits to their Puerto Rico employees by including those employees as participants in one or more retirement plans qualified only in Puerto Rico (commonly referred to as 'P.R.-only qualified plans'), rather than as participants in the company's U.S. retirement plans." (BNA Tax Management)
Pension Portability and Vesting Rules Changed in Brazil
Excerpt: "New portability and vesting regulations for closed complementary pension plans are being implemented through August 2007, requiring plans to adjust their provisions or face fines for noncompliance." (Watson Wyatt Worldwide)
CRS Report to Congress: Social Security - The Chilean Approach to Retirement (PDF)
33 pages. Excerpt: "As a pioneer of individual retirement accounts, Chile has become a case study of pension reform around the world. Although Chile's experience is not directly comparable to the situation in the United States because of large differences between the countries, knowledge of the case may be useful for American policymakers." (U.S. Congressional Research Service)
Policy Report: Does It Pay to Save? (PDF)
19 pages. Excerpt: "Does it pay to save? The answer is often no. In fact, penalties for saving are astronomical for some households, particularly young, single-parent and lower-income families. But these are the very people who need the strongest incentives to save for retirement." (National Center for Policy Analysis)
PPA Technical Corrections Included in War Funding Bill Signed by Bush
Excerpt: "Included in the Act are a handful of technical corrections to the Pension Protection Act of 2006 (PPA; P.L. 109280). The Act also includes a permanent extension of user fees charged by the IRS for requests for a letter ruling, determination letter, opinion letter, or other similar ruling or determination." (Wolters Kluwer Law & Business)
Retirement Plan Participants Having Confidence Dip
Excerpt: "Participants' mood about their financial future has fallen off significantly during 2007, according to new Spectrem Group data." (PLANSPONSOR.com; free registration required)
Company Pensions As Passé As Gold Watches: Better Start Planning Now to Self-Finance Your Retirement
Excerpt: "With the decline of the traditional pension, even workers at larger companies are being forced to plan for themselves when it comes to retirement. In the past two years, more than a sixth of all employees have personally experienced a reduction in retirement benefits, according to the Employee Benefit Research Institute." (U.S. News & World Report)
Sponsored by: SUNGARD RELIUS
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Links to Items on Executive Comp, Benefits in General
Senator Seeks to End Dual Rules on Options: Expensing Stock Creates Huge Tax Gap
Excerpt: "Companies are reporting deductions for stock options to the Internal Revenue Service that far exceed what they are disclosing to shareholders as expenses, Sen. Carl M. Levin (D-Mich.) said at a hearing of the Senate Homeland Security and Governmental Affairs Committee's investigative subcommittee." (AP via The Washington Post; free registration required)
Employment Planning for an Aging Workforce: Results from an AARP California Survey of Employers
Excerpt: "Aware of the possibility of labor shortages within five years due to baby boomers retiring and a lesser number of younger workers, most of the surveyed firms consider retaining and recruiting skilled workers to be highly important. While addressing the needs of an aging workforce is not among their top business issues, most employers in this study clearly value older employees and have already begun initiating workplace practices and providing benefits . . . ." (AARP)
Issues in Brief: Older Workers - Lessons from Japan (PDF)
9 pages. Excerpt: "As U.S. policymakers consider ways to encourage people to extend their worklives, one place to look is Japan, the only major industrial nation with higher labor force participation rates among older workers than the United States. This brief presents five reasons why the Japanese work so long." (Center for Retirement Research at Boston College)
Presentation: How the Section 409A Final Regulations Impact Equity Compensation Plans (PDF)
30 pages. (Morgan, Lewis & Bockius LLP)
Opinion: A Look at Consultants Behind Executive Pay
Excerpt: "This year, for the first time, U.S. companies are required under new proxy disclosure rules to name their pay consultants." (Graef Crystal via Bloomberg News)
Newly Posted Events
Value-Based Health Insurance Design: Bridging the Divide Between Quality and Cost Containment Teleweb
Nationwide on June 21, 2007
presented by International Foundation of Employee Benefit Plans
Newly Posted Press Releases
U.S. Labor Department Lawsuit Compels New Britain, Conn., Company Repayment of $2.1 Million To Retirement Plan
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
ERIC Applauds Ruling Upholding EEOC Exemption Permitting Coordination of Employer Plan with Medicare
ERIC (ERISA Industry Committee)
Funding Status of U.S. Pension Plans Improved 3.9 Percent in May, According to Mellon Financial
Mellon Financial Corporation
Council Applauds Third Circuit Appeals Court Decision in AARP v. EEOC Retiree Health Case
American Benefits Council
Health Care Cost Increases Remain High: Aon Consulting Study
Aon Consulting
Report: Socially Responsible Investment Options Already in One Out of Five Defined Contribution Retirement Plans
Social Investment Forum
New 401(k) Fee Averages Book Released
401ksource.com
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
Senior Defined Benefits Calculations Analyst
for ACS - Affiliated Computer Services
in NJ
Defined Contribution Administrator
for Merit Benefits Group, Inc.
in IL
Compliance Specialist
for The Newport Group
in NC
Senior Defined Contribution Plan Analyst
for Stanley Benefit Services
in NC
Plan Document Specialist
for Sentinel Benefits Group
in MA
Pension Consultant/Administrator
for Third Party Administrators, Inc.
in NH
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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