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| July 5, 2007 |
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Stable Value As 401(k) Default Option Debated
Excerpt: "As the Department of Labor prepares to finalize its proposed regulation on qualified default investment alternatives (QDIAs) in 401(k) plans, the debate rages on as to whether stable value funds should be included as a default option." (Investment Advisor)
Insurers Target 401(k) Market for Immediate Annuities
Excerpt: "'It comes down to behavioral economics,' . . . . 'An immediate annuity is an optimal solution, but people don't want to buy them because they lose control of their assets. People are more comfortable with a guaranteed income for life, but don't give up control.'" (Annuity Market News via International Foundation of Employee Benefit Plans)
403(b)ill of Rights
Excerpt: "We the people of the 403(b) plan, in order to form a more perfect retirement vehicle, establish justice, insure investing tranquility, provide for the common fairness, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this Constitution for the 403(b) Investors of the United States of America." (bWise Guys, LLC)
GASB Requests Input on Public Employee Pension Standards
Excerpt: "The deadline for input is July 31, 2007." (International Foundation of Employee Benefit Plans)
Court Rejects California Pension Bonds
Excerpt: "An appeals court has denied California's request to float $525 million in bonds to cover government pensions because the state didn't ask voters for their permission." (The Sacramento Bee; free registration required)
Commentary: Louisiana Retirement Bill Is 'Train Wreck' That Should Be Vetoed
Excerpt: "With the passage of House Bill 845, Louisiana lawmakers voted to place an enormous and completely unjustifiable financial burden on the trust fund of the Louisiana State Employees' Retirement System." (The Advertiser)
Missouri Governor Signs Law Giving Tax Break on Social Security Benefits
Excerpt: "Missourians will be getting a tax cut on their Social Security benefits. Gov. Matt Blunt is signing legislation that would gradually exempt most Social Security benefits from state income taxes, starting this year and being phased in through 2012." (Springfield News-Leader)
One Analysis Finds New Rules Are Making Companies Rethink How Generous Their Plans Should Be
Excerpt: "New regulations intended to protect workers' pensions may have the opposite effect, leading some companies to stop offering the plans altogether. Defined benefit pensions, which have been on the decline for years, still cover roughly 44 million workers and retirees. But they may become less generous and available to even fewer workers over the next two years, according to an analysis by the Employee Benefit Research Institute (EBRI) and Mercer Human Resource Consulting . . . ." (CNNMoney.com)
Listing of IRS Published Guidance for January-June 2007
The target page links to guidance published by the Service relating to retirement plans: Treasury Regulations; Revenue Rulings; Revenue Procedures; Notices; and, Announcements. (Internal Revenue Service)
Hewitt Federal Legislation Quick Guide Updated as of July 3, 2007, for Retirement Plans (PDF)
6 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)
IRS 30 Year Treasury Securities Rate Updated for June 2007
30 Year Treasury Securities Rate for June 2007: 5.20% (Internal Revenue Service)
IRS Composite Corporate Bond Rate Table Updated for July 2007
Corporate Bond Weighted Average Interest Rate = 5.83 for July 2007 (Internal Revenue Service)
IRS Warns of Late Opinion Letter Request Consequences
Excerpt: "Sponsors or their representatives who apply late for an Internal Revenue Service (IRS) opinion or advisory letter may end up with less allowable time in which to formally adopt their plan as submitted." (PLANSPONSOR.com; free registration required)
Pension Plans Face Possible Elimination
Excerpt: "Findings of a survey conducted among 162 plan sponsors by the Employee Benefit Research Institute and Mercer Human Resource Consulting, showed that in the next two years, nearly 40 percent of pension sponsors expect to close their plans to new hire, while 27 percent plan to freeze benefits for all participants." (MoneyNews.com)
Links to Items on Executive Comp, Benefits in General
Overview: IRS Says CFOs Are Not Covered Employees Under Section 162(m) (PDF)
Excerpt: "Recent Internal Revenue Service Notice 2007-49 addresses the inconsistent definitions of a 'named executive officer' in the Securities and Exchange Commission disclosure rules under the Securities Exchange Act of 1934 and 'covered employee' in Section 162(m) of the Internal Revenue Code." (Pillsbury Winthrop Shaw Pittman LLP)
Hewitt Federal Legislation Quick Guide for July 3, 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 Events
Summary Plan Descriptions (SPDs) for Health and Welfare Plans -- A Hands-On Guide to SPD Preparation and Delivery
Nationwide on June 28, 2007
presented by Employee Benefits Institute of America Inc. (EBIA)
Newly Posted Press Releases
BenefitsEssentials.com Wins 2007 APEX Award
ASC
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
Senior Health and Welfare Benefits Specialist
for Ice Miller LLP
in IN
Experienced Employee Benefits Attorney
for Ice Miller LLP
in IN
Employee Benefits Attorney
for Ice Miller LLP
in IN
Associate Consultant
for Fidelity Investments
in IL
Implementation Manager
for Great-West Corporate
in CO
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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