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| June 22, 2007 |
Sponsored by: ASPPA and WP&BC
(Click on company name or banner to learn more.)
| 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 |
Text of IRS Employee Plans News (Summer 2007 Issue) (PDF)
21 pages. Includes a description of the new Employee Plans Compliance Unit and its web page containing details about its projects and the associated compliance contact or examination letters that plan sponsors have received or might receive in the future. Also includes information about retroactive funding standard account calculations for 412(i) plans. (Internal Revenue Service)
The Supreme Court Will Decide a 401(k) Case that Addresses the Scope of ERISA Remedies (PDF)
2 pages. Excerpt: "One of the more vexing aspects of ERISA is defining what remedies the statute permits. The Supreme Court has just agreed to decide a case on this subject. The case, LaRue v. DeWolff, Boberg & Associates, arises in the context of 401(k) plans, which are fast becoming the principal vehicle for retirement benefits for American employees." (Seyfarth Shaw LLP)
IRS Continues Project to Ensure Compliance with 403(b) Coverage Rules
Excerpt: "The Internal Revenue Service (IRS) has announced it is expanding its outreach effort to ensure that public schools throughout the United States are complying with the universal availability requirement for retirement annuities they may offer." (PLANSPONSOR.com; free registration required)
Automatic Enrollment -- More Choices, More Decisions for Plan Sponsors
Excerpt: "Automatic enrollment, frequently referred to as negative elections, has received the blessing of the IRS through a series of Announcements, Revenue Rulings, Bulletins and Information Letters. As a result of the Pension Protection Act of 2006 (PPA), automatic enrollment has been anointed by the IRS. We will discuss automatic enrollment in terms of pre-PPA and post-PPA." (ERISAdiagnostics, Inc.)
Thinking Beyond PPA '06-Required Participant Communications (PDF)
2 pages. (The Segal Group, Inc.)
Are Your Participant Account Statements Compliant?
Excerpt: "The Pension Protection Act ('PPA') changed the rules for participant account statements. Under the PPA, the plan administrator must furnish a participant benefit statement at least once each calendar quarter if participants have the right to direct investment of their account." (Poyner & Spruill LLP)
New edition of Understanding ESOP Valuation
The NCEO presents excerpts from the new edition of its publication Understanding ESOP Valuation, written by NCEO executive director Corey Rosen. Valuation is a crucial issue for ESOPs, and this booklet (not to be confused with the NCEO's full-length book on the topic) presents the essentials of ESOP valuation for company executives, ESOP participants, board members, and others who need to understand how it works and how to choose and work with an appraiser. (National Center for Employee Ownership)
Convicted Ex-Lawmakers Rake in Pensions
Excerpt: "At least 20 former members of Congress convicted of a range of criminal offenses continue to draw taxpayer-supported pensions each year, according to the National Taxpayers Union." (CNSNews.com)
CalPERS to Ease Up on Social Activist Role; Curbs on Emerging Markets Cut Returns
Excerpt: "The nation's largest public pension fund is poised to scrap a pioneering strategy that for years banned investments in some of the world's most politically charged countries -- a move that would soften its image as a social activist investor." (The Sacramento Bee; free registration required)
Oregon Senate Votes to Keep Pension Seniority: Employees Who Go on Break Will Retain Rights
Excerpt: "Senators voted 20-7 for House Bill 2285-B, which rescinds the Public Employees Retirement System 'break-in-service' provision of a 2003 pension reform." (StatesmanJournal.com)
City of Houston Reaches Tentative Deal on Employee Pension Fund
Excerpt: "With a deadline approaching, the city and the managers of its largest pension fund announced an agreement [yesterday], settling on benefit cuts for new employees and a financing schedule that avoids layoffs and reduced taxpayer services." (Houston Chronicle)
U.S. Senate & House of Representatives Introduce Companion National Save for Retirement Resolutions
One page Word document. (National Association of Government Defined Contribution Administrators, Inc.)
Hewitt Federal Legislation Quick Guide Updated as of June 19, 2007, for Retirement Plans (PDF)
5 pages. This Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding retirement plans. (Hewitt Associates)
Study Finds 12 Percent Increase in Retirement Assets in 2006
Excerpt: "Assets in American retirement accounts increased by $1.7 trillion during 2006, a 12 percent increase over the prior year, according to the Investment Company Institute (ICI) 2007 Investment Company Fact Book." (Wolters Kluwer Law & Business)
Don't Give Up on Defined Benefit Pension System Says American Benefits Council
Excerpt: "The U.S. should be encouraging both defined-benefit and defined-contribution plans, the head of a group that represents major employers said today at a retirement conference." (Investment News; free registration required)
Sponsored by: AllianceBernstein Institutional Investments
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| June 27th Conference Call; 401k Class Action Litigation Update |
| AllianceBernstein invites you to a conference call discussing developments in the ongoing 401k fee class action lawsuits, as well as the likely impact of evolving fiduciary duty standards on defined contribution plan sponsors. The call will be hosted by General Counsel Laurence Cranch, Senior ERISA Counsel Daniel Notto, and Sean Murphy, a partner in the Securities Litigation Group at Milbank Tweed Hadley & McCloy LLP. Click on the banner above to view detailed dial-in information. |
| (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
Overview: Severance Pay Plan Must Comply with IRC Section 409A
Excerpt: "Section 409A primarily affects nonqualified deferred compensation plans, which are plans many employers maintain to provide benefits to executives and other key employees in excess of the benefits they can earn under qualified plans, such as 401(k) plans and qualified pension plans." (Mitchell Silberberg & Knupp LLP)
New Benefits Bills in Congress, June 22, 2007
Excerpt: "[F]rom Spencer's Benefits Reports: Between May 8 and June 11, the [benefits-related bills introduced in Congress are noted in this target page]." (Wolters Kluwer Law & Business)
Hewitt Federal Legislation Quick Guide for June 19, 2007, on Human Resources & Employment Law (PDF)
12 pages. This Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding human resources and employment law. (Hewitt Associates)
Newly Posted Press Releases
Auto Enrollment, Roth 401(k)s Gaining Ground, Soon May Be the Norm
Mercer Human Resource Consulting
Strategy Is Key to Communicating Changes in Employee Benefits
International Foundation of Employee Benefit Plans
Better Access to Federal and Employer-Provided Time Off Helps Working Parents of Chronically Ill Children, RAND Study Finds
RAND Corporation
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
401(k) Plan Administrator
for Hicks Pension Group - Honolulu Hawaii
in HI
Client Service Pension Administrator
for San Diego Pension Consultants, Inc.
in CA
Manager, Benefits Analysis and Reporting
for Benetemps, Inc.
in MA
Retirement Plan Administrator
for Howard Simon & Associates
in IL
DC Plan Consultant
for E.A. Edberg Associates, Inc.
in AZ
DB / DC Plan Consultant
for E.A. Edberg Associates, Inc.
in AZ
Senior Analyst/Consultant
for Gabriel Roeder Smith & Company
in FL
Consultant, Pension Administration Solutions
for Buck Consultants
in IN
PSP/401(k)/Pension Plan Administrator
for Third Party Administrative Firm
in GA
Omniplus Conversion Tester
for Prestige Staffing
in CO
Defined Benefit Plan Administrator
for Pinnacle Plan Design, L.L.C.
in AZ
TPA Regional Manager - Central Region
for Transamerica
in CA
Team Leader - Data Management
for Standard Insurance Company
in OR
Plan Document Specialist
for Sentinel Benefits Group
in MA
Tax Attorney-Benefit Plans
for Marathon Oil Corp.
in TX
Retirement Consultant
for Freedom One Financial Group
in MI
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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