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| July 2, 2007 |
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CRS Report for Congress: Pension Funds Investing in Hedge Funds (PDF)
6 pages. Excerpt: "In early 2007, while the Bush Administration called for increased vigilance rather than new government rules to handle industry risks, Congress has asked the Government Accountability Office to examine the use of hedge funds by public and private sponsors of defined benefit pension plans." (U.S. Congressional Research Service)
Court Approves Exelon Fee Case Class Action Status
Excerpt: "A federal judge has agreed that an excessive fee suit against Exelon Corp. can move forward as a class action." (PLANSPONSOR.com; free registration required)
Judge Grants Stay in Exelon 401(k) Fee Lawsuit
Excerpt: "A U.S. district court judge in Chicago . . . granted Exelon Corp.'s request that a 401(k) fee lawsuit filed against it be stayed pending the appeal of [the] dismissal of a similar lawsuit against Deere & Co." (Financial Week; free registration required)
Overview: PPA Makes Additional Changes to Defined Contribution Plan Rules for 2008 and Beyond (PDF)
Excerpt: "These developments affect sponsors of and participants in qualified defined contribution plans, 403(b) arrangements and section 457(b) plans." (Prudential Financial)
ICI Comments on Transition Guidance Regarding Employer Stock Diversification Requirements
Excerpt: "The [IRS] has stated that it will issue regulations under Code section 401(a)(35) consistent with the guidance provided in the Notice and has asked for comments on the Notice." (investment Company Institute)
Working Paper: Reform of the Tax on Reversions of Excess Pension Assets
Excerpt: "This study quantifies the possible consequences to stakeholders of reforms to the excise tax on reversions of excess pension assets." (Pension Research Council; registration required to download full-text of paper)
Overview: No Existing Requirement to Disclose Revenue Sharing Information to Participants
Excerpt: "Dismissing the lawsuit, the court found that ERISA and its regulations could not be reasonably read to require the type of detailed disclosure of plan expenses necessary to provide revenue sharing information. The court noted that recent proposals to amend ERISA's regulations to require revenue sharing disclosures on Form 5500 made it apparent that existing regulations do not require these disclosures." (Employee Benefits Institute of America Inc.)
Overview: PPA Expands Distribution and Withdrawal Rights for Non-Spouse Beneficiaries
Excerpt: "The Pension Protection Act of 2006 (PPA), enacted into law on August 17, 2006, contains provisions that are beneficial to a countless number of employees who choose to name a beneficiary of their retirement plan to a person who is not deemed a spouse of the employee. The two main provisions of the PPA assisting such employees are Section 826 regarding hardship withdrawals and Section 829 regarding account balance rollovers for non-spouse beneficiaries." (McDermott Will & Emery)
Employee Ownership Update for June 29, 2007
NCEO Executive Director Corey Rosen discusses a compilation of data on stock drop lawsuits; the German government's desire to increase employee shareholding; a move by large companies to set the exercise price of stock options at not less than the grant date closing price; a new booklet on employee owners in S ESOP corporations; a Federal Reserve article with a positive view of ESOPs; and opportunities to be evaluated for the Best Place to Work Institute's small and medium company list. (National Center for Employee Ownership)
Pension Plan Buyout of Bell Can.ada Would Set Record
Excerpt: "Bell Can.ada agreed [June 30] to be bought by a private partnership led by the Ontario Teachers Pension Plan in a deal valued at $48.5 billion that would be the largest leveraged buyout ever." (The Washington Post; free registration required)
Watch those Government Pension Plans
Excerpt: "A recent report out of Austin by Attorney General Greg Abbott on the state of Texas' public-sector pension plans is a reminder that government employees would be wise to keep an eye on their plans." (The Dallas Morning News: free registration required)
Overview of 'Other' Major Sports Leagues' Pension Plans
The target page is a compilation of facts on the pensions of major league baseball, the National Basketball Association, National Hockey League, the PGA Tour, and the Association of Tennis Professionals. (The Enquirer)
Summary of Prudential Retirement's Publications on the Pension Protection Act of 2006 (PDF)
25 pages. Excerpt: "The purpose of this document is to provide a reference tool with respect to both the official guidance provided by federal regulatory agencies regarding the provisions of the Pension Protection Act of 2006 (PPA) and Prudential Retirement's publications discussing that guidance." (Prudential Financial)
Securities Basics for a Foreign-Based Company When Offering to Employees Based in the U.S. or UK (PDF)
2 pages. Excerpt: "Foreign sponsors of equity incentive plans (stock option, restricted stock option plans, etc.) often assume that if their plans comply with local securities laws they will automatically meet the requirements of foreign jurisdictions. This is typically not true." (The Metropolitan Corporate Counsel via Kirkpatrick & Lockhart Preston Gates Ellis LLP)
Big Ideas for Small Business Retirement Plans
Excerpt: "A recent survey by the National Association for the Self-Employed found that the biggest barrier to a business-based retirement plan was that the business owners couldn't afford to administer or contribute to one. And small businesses are the fastest growing employment sector in the economy." (The Washington Post; free registration required)
Links to Items on Executive Comp, Benefits in General
Commentary: Consequences of a Graying World
Excerpt: "Numerous studies have estimated the probable impact of population aging, from the potentially devastating effects on an unprepared welfare state to shortages of blood for transfusions. Pension provisions will be stretched to the limit. The traditional model of the working young paying for the retired old will not work if the latter group is twice the size of the former." (The Christian Science Monitor via RAND)
Judge Refuses to Dismiss Grace Age-Based Firing Suit
Excerpt: "A suit alleging a company violated federal laws by firing an employee shortly before he became eligible for increased retirement payments has survived its first major legal challenge." (PLANSPONSOR.com; free registration required)
Subpoena for Advisers on Salaries
Excerpt: "Towers Perrin, one of the nation's largest executive pay consulting firms, was subpoenaed by a House committee after it failed to comply with a request for information about potential conflicts in its compensation consulting business." (The New York Times; free registration required)
An Overview of Perks in the Workplace
Excerpt: "[A]ny discussion of perks would not be complete without mentioning San Francisco's very own Google. Recently named the best company to work for by Fortune Magazine, this place exceeds any expectations of employee benefits. In addition to the standard rota of 401(k) plans and health insurance coverage, their offices have coin-free washers and dryers, an on-site doctor, and employees can partake in daily free lunch and dinner from any one of eleven cafeterias." (The Examiner)
Little Change in Benefit Packages This Year, According to Survey
Excerpt: "Overall, employee benefits remained relatively stable from 2006 to 2007, despite a slight decrease in financial and compensation benefits, according to a comprehensive benefits survey released [last] week by the Society for Human Resource Management." (Employee Benefit News; free registration required)
Newly Posted Events
From "Required" to "Inspired": Moving Beyond the PPA '06 Rules of Participant Communications Teleweb
Nationwide on July 26, 2007
presented by International Foundation of Employee Benefit Plans
National Employee Benefits Web Summit
in California on July 23, 2007
presented by Healthcare Web Summit
Newly Posted Press Releases
President Names Chair, Two Members To PBGC Advisory Committee
Pension Benefit Guaranty Corporation (PBGC)
The Online 401k Partners With Two Additional Financial Advisors
The Online 401(k)
MainStay to Launch Target Date Retirement Fund Series
New York Life Investment Management
Heinz Foundation/Women's Institute for a Secure Retirement Releases 'How To' on Retirement
Heinz Family Philanthropies
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
Tax Manager - Employee Benefits, Global Employment Services
for Deloitte & Touche, LLP
in FL, GA
Pension Administrator
for Block Consulting Actuaries, Inc.
in CA
Account Relationship Manager
for Beneco, Inc.
in AZ
Employer Products & Sales Director
for Sutter Health
in CA
Pension Administrator
for Highly Respected Independent Pension Consulting Firm
in CA
Pension Actuary
for Chicago Suburban Pension Firm
in IL
Employee Benefits Consultant / Client Relationship Manager
for The Segal Company
in TX
Defined Benefit Administration Specialist
for Consulting Actuaries Incorporated
in NJ
Client Management
for Benefit Jobs LLC
in ANY STATE
Manager, Leave and Disability
for Administaff
in TX
Product Manager - OmniPlus
for Administaff
in TX
Associate Consultant - Defined Contributions
for Segal Advisors
in NY
Pension Administrator
for Jim Hallinan Pension Consulting, LLC
in
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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