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| June 18, 2007 |
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Effective Monitoring of Outsourced Plan Recordkeeping and Reporting Functions (PDF)
26 pages. Excerpt: "It is a comprehensive document that contains information about your fiduciary responsibility for monitoring TPAs and useful tips for selecting and monitoring service providers, and addresses the quality of plan accounting information, monitoring TPA controls over plan accounting information, and special considerations for different types of plans." (American Institute of Certified Public Accountants, Inc.)
DOE Scraps Plan to End Pension Reimbursements
Excerpt: "The Department of Energy will not put in place a plan to stop reimbursing contractors for defined benefit pension plan costs, a DOE spokeswoman said . . . ." (Business Insurance)
Overview: Beyond PPA '06-Required Participant Communications
Excerpt: "[W]hile the law speaks of retirement benefit disclosure, employers may want to seize this opportunity to not only say, 'Here are the facts,' but also, 'Here's how you should be thinking about them.'" (BNA Tax Management)
Merger Impermissible Method of Pension Plan Termination, High Court Rules
Excerpt: "[M]erger is not a permissible method of plan termination under ERISA, the U.S. Supreme Court has unanimously ruled." (Wolters Kluwer Law & Business)
Senate Moves to Extend Early Withdrawal Penalty Exemption for Reservists
Excerpt: "A bill introduced in the U.S. Senate would make permanent the exemption for reservists or National Guard members from the 10% early withdrawal penalty on independent retirement account or retirement plan distributions." (PLANSPONSOR.com; free registration required)
Target-Date Funds Miss the Bulls-Eye: Public Employees Have Different Needs
Excerpt: "None of these Target Date funds take into account the fact that public employees are unlike today's average private-sector 401(k) plan participant who has no other retirement plan. Unlike workers in the private sector, 90 percent of state and local government employees are members of a pension plan." (Congressional Quarterly, Inc.)
PBGC Seeks Approval for Multiemployer Plan Information Request
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) has issued a notice seeking approval from the Office of Management and Budget (OMB) of its rules for information to be collected regarding multiemployer plan elections and inviting public comment." (PLANSPONSOR.com; free registration required)
Request: Correct IRS Interpretation Penalizing Pension Plans for Pro-Participant 'Greater Of' Design (PDF)
2 pages. Excerpt: "The undersigned organizations, representing employers of all sizes that provide retirement plan benefits to employees as well as the service providers that help administer these benefit plans, write with great concern to urge swift action to correct an Internal Revenue Service interpretive position that will harm employees and unfairly penalize employers." (HR Policy Association)
List of Required Modifications for DB Plans Should Prove Useful in Drafting Good-Faith 415 Amendment
Excerpt: "From the Cincinnati Benefits Conference today comes information about the amendment for the Final 415 Regulations. The IRS will not be issuing a model or sample amendment, so plan sponsors should plan on adopting a good faith amendment to incorporate the changes made by these regulations into their plan documents. The deadline for adopting the amendment is the tax filing deadline for the 2008 plan year." (Suzanne L. Wynn, Esq.)
With a Few Exceptions, the Advice Remains: Don't Touch That Nest Egg
Excerpt: "Conventional wisdom says not to pull money out of retirement accounts except for actual retirement. Most Americans have enough difficulty building up a nest egg, and cracking it prematurely could mean living on cat food (slang for Social Security) later." (The New York Times; free registration required)
(Popular Press) Automatic Deductions Force Workers to Save
Excerpt: "In an effort to increase the number of people saving for retirement, some companies are starting to automatically enroll workers in retirement investment accounts instead of waiting for them to enroll themselves." (Gannett News Service via The Journal News)
Links to Items on Executive Comp, Benefits in General
GASB Reconciles Disclosure Requirements for Governmental Pension and OPEB Reporting (PDF)
Excerpt: "In view of progress made in disclosure requirements for state and local governments on retiree health insurance and other postemployment benefits (OPEB), the Governmental Accounting Standards Board (GASB) has brought those same improvements to reporting for pension costs and obligations." (Governmental Accounting Standards Board)
Overview on Proposed Regulations on Deductions for Entertainment Use of Business Aircraft (PDF)
3 pages. Excerpt: "More than two years after the issuance of Notice 2005-45, the Internal Revenue Service has finally issued proposed regulations addressing the deductibility of entertainment expenses under section 274(e)(2) of the Internal Revenue Code, as amended by the American Jobs Creation Act of 2004 (and later technical amendments legislation)." (Miller & Chevalier Chartered)
Faulty Description of Benefits Constitutes Wrong Without Remedy
Excerpt: "'Even if Gillette had breached a fiduciary duty, no remedy exists under ERISA in this case. This conclusion may seem harsh, but it is consistent with the ERISA policy of ensuring that benefits are paid consistently and predictably in accordance with a written plan.'" (Health Plan Law blog by Attorney Roy F. Harmon III)
The Principal Financial Well-Being Index Executive Summary - Second Quarter 2007
Excerpt: "The Principal Financial Group® commissioned Harris Interactive® to conduct online research with employees (ages 18+) of small and mid-sized (SMB) U.S. businesses (firm size 10 - 1,000 employees) about their attitudes and perceptions regarding their financial well being and their current employee benefits." (Principal Financial Services, Inc.)
Newly Posted Events
Cross-Tested Plans Workshop
Nationwide on August 15, 2007
presented by SunGard Relius
Elements of State Health Reform: Covering Kids - Webcast
Nationwide on June 19, 2007
presented by KaiserNetwork.org
Maternity Care and Consumer-Driven Health Plans - Webcast
Nationwide on June 19, 2007
presented by KaiserNetwork.org
Safe Harbor 401(k) Plans Workshop
Nationwide on August 16, 2007
presented by SunGard Relius
Newly Posted Press Releases
Two-Step Software Finds Chief Financial Officers Struggling To Meet Greater FAS 123R Requirements And Increased Scrutiny By Auditors
Two-Step Software, Inc.
ERIC Supports Mental Health Coverage, But Opposed to Amending ERISA and New Mandates
ERIC (ERISA Industry Committee)
TIAA-CREF Introduces Policyholder Advisory Vote on Executive Compensation Policy
TIAA-CREF
Shaping America's Health and American Diabetes Association National Office Employees Start 'Walking the Talk' to Improve their HealthStyle
American Diabetes Association
Retirement Plan Participants Want More Financial Planning
Spectrem Group
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
Pension Recordkeeper
for Iris Bashi Associates, LLC
in NJ
401(k) Client Relationship Manager
for The Douglas Group
in CA, FL, GA, MA, NJ, NY, TX
ERISA Associate
for Kilpatrick Stockton LLP, Raleigh, North Carolina
in NC
Senior Pension Analyst
for T. Rowe Price
in MD
Installation Administrator
for Transamerica Retirement Services
in CA
New Business Project Manager
for National Retirement Plan Services Firm
in
Vocational Case Manager
for Standard Insurance Company
in OR
Manager, Health & Welfare Benefits
for Republic National Distributing Company
in GA
ERISA Administrative Assistant
for Charles Schwab
in TX
ERISA Consultant
for Charles Schwab
in TX
Pensions New Business Manager
for CUNA Mutual Group
in WI
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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