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| June 11, 2007 |
Sponsored by: ASPPA and WP&BC
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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 |
Retail Funds Lose Favor in Some 401(k) Plans
Excerpt: "More company retirement plans are dumping retail mutual-fund offerings to save costs, and it is often savers themselves who are reaping the benefits, experts say. Still, investors need to be aware of a few caveats." (Chicago Tribune via Orlando Sentinel)
A Fictional Conversation with a Fiduciary
Excerpt: "Receptionist: Bob, Mr. Fiduciary is here to see you. He says he's a few minutes early. Bob: Thank you. Please have him come to my office. (Thinking to himself: I'm relieved to finally put this matter behind me. I'm confident this guy will help me solve this problem once and for all.)" (Morningstar)
Opinion: Retirement Planning and 401(k) Decisions
Excerpt: "ERISA fiduciaries should not, must not really, knowingly facilitate and then willingly tolerate a retirement plan system (like 401k plans) which ensnares ordinary financial novice employees in a byzantine trap where they are overwhelmed by 'decisions' and thus doomed to retire in despair, an embarrassment to themselves and a burden to their children." (Brooks Hamilton via 401khelpcenter.com)
Retirement Investing: A New Approach (February 2002 Article)
Excerpt: "This paper [proposes] several ways to improve the risk/ reward opportunities available to [the individuals who are relying on self-directed investment accounts to provide future retirement income.]" (Zvi Bodie via Financial Engineering News)
ICI Comments: Department of Labor Regulation on Qualified Default Investment Alternatives
Excerpt: "The range of options outlined in the Department's safe harbor proposal will achieve the goals of automatic enrollment. Including stable value funds would be inconsistent with the purpose of measures enacted in the Pension Protection Act of 2006 (PPA) to facilitate automatic enrollment and enhance the utility of 401(k) plans." (investment Company Institute)
Opinion: Fleecing 403(b) Plan Participants
Excerpt: "Notice that over 40 years, a 403(b) account with low costs (1.25%) generates nearly $500,000 more than one with high costs (4.00%). Even in some parts of California that's considered a lot of money. And who do you suppose that $500,000 goes to in the high cost account?" (Morningstar)
Rethinking Ohio's Teacher Pension System - A Report
Excerpt: "Despite its long history and prodigious size, all is not well with Ohio's teacher pension system. In this Fordham Institute report, nationally renowned economists Robert Costrell and Mike Podgursky illuminate some of the serious challenges facing STRS. [The target page links to the report, the press release, and a supplementary PowerPoint presentation.]" (The Thomas B. Fordham Institute)
Ohio State Teacher Retirement System a 'Ticking Time Bomb,' According to Report
Excerpt: "An educational think tank has released a blisteringly critical report about the Ohio State Teacher Retirement System (STRS), saying the Buckeye State pension system 'faces immense and growing fiscal challenges' and needs an immediate overhaul." (PLANSPONSOR.com; free registration required)
Overview: PBGC Proposed Regs Streamline VRP Determination Dates for PPA Compliance
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) has issued proposed regulations that streamline and make consistent measurement dates and definitions for calculating variable rate premiums (VRPs) to comply with the Pension Protection Act of 2006 (PPA; P.L. 109-280)." (Wolters Kluwer Law & Business)
Substantial Penalty for Messed-Up Withdrawal from Retirement Plans
Excerpt: "The amount you are required to draw is determined by life-expectancy tables published by the IRS. Your required minimum distribution is the amount in your retirement accounts divided by the IRS's figures on projected longevity." (The Washington Post; free registration required)
Experts Prescribe Standards for Governance of Pension Funds by Trustees
Excerpt: "[T]he governing bodies of these institutional investors must evolve the skill mix necessary firmly to protect funds against the disquieting prospects of influence peddling, fraudulent investment reporting, corruption, unaccountability and potentially massive transfers of wealth from the beneficiary owners to favored service providers, money managers, and consultants." (Cypen & Cypen)
Florida Becomes First State with Law to Divest Pension Funds from Iran, Sudan
Excerpt: "Florida became the first U.S. state on Friday to outlaw pension fund investments in any companies doing business with Iran's energy sector and with Sudan. Several other states have divested pension funds with companies doing business in Sudan and some states have general policies against such investments. But none had put the action into law." (AP via Human Resource Executive Online; free registration required)
Recent Legislative Activity as Pension Conference Continues to Move Slowly (PDF)
Excerpt: "As Congress prepared to leave for the Memorial Day recess, they enacted two pieces of legislation which had implications for employee benefit plans. Of more significance, however, was what didn't happen. The pension reform legislation was not resolved and negotiations among the conferees continue." (Groom Law Group)
Links to Items on Executive Comp, Benefits in General
Chart Showing Benefit Obligations of Several of California's Governmental Entities (PDF)
1 page. (Los Angeles Times; free registration required)
Navigating the Hazards of the Executive Benefits Arena
Excerpt: "[There] are a host of new regulatory mandates that companies will have to navigate if their executive benefits packages are to pass muster with federal authorities." (The National Underwriter Company; free registration or paid subscription required)
SEC Says Executive Pay Disclosures Work OK
Excerpt: "The nation's top securities regulator says he is generally satisfied that new disclosure rules are giving investors a clearer picture of how much public companies are paying top executives and provide useful insight into the reasoning underlying compensation awards." (AP via The Washington Post; free registration required)
National Compensation Survey: Employee Benefits in Private Industry in the U.S., 2005 (PDF)
98 pages. Excerpt: "This bulletin includes data on detailed provisions of healthcare and retirement plans offered as employee benefits in private industry establishments. The period for compiling these data was June 2004 through December 2005; thus, they have a 2005 reference date." (U.S. Bureau of Labor Statistics)
Hewitt Global Report: Latin America and the Caribbean, Monthly Legislative Update, May 2007 (PDF)
3 pages. Excerpt: "[The] monthly updates summarize recent legislative activity throughout Latin America, by country, for the following issues: labor environment, cost of employment, employment terms and conditions, retirement and social security, health care system, taxation of compensation and benefits, and issues for expatriate employees." (Hewitt Associates)
Hewitt Global Report: Europe, Africa, the Middle East Monthly Legislative Update (PDF)
7 pages. Excerpt: "[The] monthly updates summarize recent legislative activity . . ., by country, for the following issues: labor environment, cost of employment, employment terms and conditions, retirement and social security, health care system, taxation of compensation and benefits, and issues for expatriate employees." (Hewitt Associates)
Investigating Mislabeling of Workers in New York
Excerpt: "Gov. Eliot Spitzer is planning to step up enforcement against thousands of companies that illegally misclassify workers as independent contractors to cheat on taxes and skimp on employee benefits, the state labor commissioner said . . . ." (The New York Times; free registration required)
Newly Posted Events
Retirement Plan Fiduciary Responsibility
in North Carolina on July 19, 2007
presented by Presidium Retirement Advisers, Inc.
Newly Posted Press Releases
ftwilliam.com Announces the Integration of its Form 5500 Software with the Form 5500 Preparer's Manual
ftwilliam.com
Retiring Baby Boomers Creating Workforce Talent Shortage
Buck Consultants, an ACS Company
UNIFI to Help Plan Sponsors with Fiduciary Investment Requirements
UNIFI Companies Retirement Plans
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
Plan Document Specialist
for Kravitz - Louis Kravitz & Associates
in CA
Service Representative
for Standard Insurance Company
in CA
Employee Benefits Recordkeeper
for Johnson Financial Group
in WI
401(k) Plan Administrator
for Rogers & Associates
in TX
AVP - 401K Compliance / ERISA Analyst
for Fortune 500 Company Princeton New Jersey Area
in NJ
Compensation Consultant
for Toyota Financial Services
in CA
Plan Administrator
for TPA Firm w/ an Excellent Industry Reputation and Longevity
in IL
Human Resources Benefits Division Manager
for County of Riverside Human Resources Department
in CA
Principal Human Resources Analyst
for County of Riverside Human Resources Department
in CA
Principal Human Resources Analyst
for County of Riverside Human Resources Department
in CA
Daily Recordkeeping Plan Administrator 1
for RSM McGladrey Retirement Resources
in IL
Business Development Director
for RSM McGladrey Retirement Resources
in IA
ERISA Consultant
for Vanguard
in PA
Sr. Operations Manager
for CitiStreet
in FL
401(k) Administrators
for CEP Consultants, Inc.
in NY
Plan Manager
for BCG
in MA
Qualified Retirement Plans Specialist
for Davenport, Marvin, Joyce & Co., LLP
in NC
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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