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July 16, 2007
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Investing Pension Assets in Alternative Investments
Excerpt: "There has been an increase in media and regulatory attention paid to these alternative asset classes, including published concerns about lack of regulation, hedge fund failure rates and a variety of other issues." (International Foundation of Employee Benefit Plans)

Overview: IRS's Further Roth 401(k)/403(b) Guidance (PDF)
4 pages. (Milliman)

Overview: IASB Decision Clarifies Asset Ceiling Calculations
Excerpt: "The International Accounting Standards Board has approved a new interpretation of International Accounting Standards 19 (IAS19) that clarifies the asset ceilings for defined benefit pension schemes." (Watson Wyatt Worldwide)

SEC Won't Require Restatements for FASB 158 Misclassifications
Excerpt: "The Securities and Exchange Commission (SEC) says it will not require amended filings to correct misclassifications under new Financial Accounting Standards Board (FASB) Statement 158 for defined benefit pension plans, according to a recent alert from the AICPA's Center for Audit Quality." (PLANSPONSOR.com; free registration required)

ASPPA Testimony to ERISA Advisory Council's Working Group on Automated Benefit Statements (PDF)
6 pages. Testimony given on behalf of ASPPA on July 12, 2007. (American Society of Pension Professionals & Actuaries)

Tax Court Rejects Hepatitis Early Withdrawal Penalty Exception
Excerpt: "A participant who tried to claim the disability exception to the required 10% early withdrawal penalty because he suffered from hepatitis C was dealt a recent setback by the U.S. Tax Court." (PLANSPONSOR.com; free registration required)

Hevesi's Sons and Aides Face New York Pension Fund Investigation
Excerpt: "State and Albany County investigators are examining whether the sons and top aides of former State Comptroller Alan G. Hevesi improperly reaped benefits from his control of the state's $154 billion pension fund, according to people involved in the investigation." (The New York Times; free registration required)

Overview: IRS Updated Procedures for Opinion, Advisory and Determination Letter Applications (PDF)
Pages 5-8 of 10. Excerpt: "This article presents an overview of those changes, concentrating mainly on the more significant modifications." (Trucker Huss)

Overview: Treasury Department Issues Final Regulations under Code Section 415 (PDF)
Pages 1-4 of 10. Excerpt: "The final regulations are effective April 5, 2007, but generally apply to limitation years beginning on or after July 1, 2007 for non-governmental plans. Governmental plans are subject to a delayed effective date." (Trucker Huss)

Note: Mandatory Electronic Filing of Form 5500 Delayed One Year
Excerpt: "On June 22, a DOL representative confirmed that the deadline would be delayed with the following statement: 'The requirement for employee benefit plans to file the Form 5500 Annual Report electronically will not take effect until the 2009 plan year. . . .'" (Thompson)

Retirement Planning: It's Not Your Mother's Retirement
Excerpt: "It is becoming increasingly clear that a 'new retirement' is emerging. More clarity to the picture comes from 'It's Not Your Mother's Retirement,' a new survey released by MetLife." (The National Underwriter Company; free registration or paid subscription required)

Senate Approves National Save for Retirement Week Oct. 21-27, 2007
Excerpt: "With passage of a Senate Resolution S. 240 on July 11, 2007, October 21-27, 2007 has been officially designated National Save for Retirement Week (NSFRW). Senators Kent Conrad (D-ND) and Gordon Smith (R-OR) co-sponsored the Senate resolution. The Senate's action follows passage of H.R. 513 by the House of Representatives in June." (ICMA-RC)

Growing Pension Investment in Hedge Funds Prompts Heightened Concern
Excerpt: "Concern exists . . . as to whether hedge funds are appropriate investments for employee retirement plans because of their risky nature, rapid growth, lack of oversight by government agencies, and recent losses." (Wolters Kluwer Law & Business)

Mexican Income Tax Reform Affecting Pension Plans
Excerpt: "Employers in Mexico are contending with new limits on deducting retirement plan contributions from income taxes and other changes to regulations affecting complementary retirement plans. The changes are due to income tax law amendments that went into effect in December 2006." (Watson Wyatt Worldwide)


Links to Items on Executive Comp, Benefits in General

Overview: Harkin Bill Links Executive Pay to Employee Pensions
Excerpt: "Building upon the inequality theme in the current Congress, Sen. Tom Harkin (D-IA) has introduced legislation that would virtually prohibit nonqualified deferred compensation plans for companies that do not maintain at least one defined benefit plan." (HR Policy Association)

Disclosing Executive Perks May Lead to Scaling Back as Firms Struggle to Defend Fringe Benefits
Excerpt: "[W]ith new rules that force companies to provide more details on perks than ever before, compensation experts say companies will have a harder time offering the golf club memberships and generous tax reimbursements that have been standard benefits for executives." (The Washington Post; free registration required)

New SEC Rules Make Executive Pay More Transparent
Excerpt: "This year's executive pay reports are the first since the government mandated clearer disclosure, and even some people responsible for setting compensation have been surprised at what they show." (The Washington Post; free registration required)

New Rules Expose Total Executive Pay, But Comparisons Can Be Misleading
Excerpt: "The perennially complex exercise of measuring executive compensation became much more contentious this year as new disclosure rules scrambled the way companies tally the numbers. Companies . . . say the totals they were required to report in public filings don't really describe what their executives took home last year." (The Washington Post; free registration required)

Spencer Begins Collecting Data for 2007 Survey of Benefits Managers
Excerpt: "[F]rom Spencer's Benefits Reports: Spencer's Benefits Reports has launched the 2007 Spencer survey of benefits managers and employee benefits departments. This eleventh biennial survey requests information concerning compensation, organization, and functional responsibilities of corporate employee benefits departments. All employers with employee benefits departments are encouraged to respond to the survey." (Wolters Kluwer Law & Business)

Milliman's Monthly Benefit News and Developments, July 2007 (PDF)
2 pages. The newsletter provides a summary of the previous month's legislative, regulatory, and judicial information on employee benefits. (Milliman)


Newly Posted Events

ERISA Fiduciary Basics: What You Need to Know
Nationwide on August 16, 2007
presented by ABA Joint Committee on Employee Benefits


Newly Posted Press Releases

PBGC Protects Pensions At Keller Manufacturing Co. Inc.
Pension Benefit Guaranty Corporation (PBGC)

PBGC Protects Pensions At Oklahoma Fixture Company
Pension Benefit Guaranty Corporation (PBGC)

U.S. Labor Department Secures 401(k) Plan Assets for Former Rycor Fabrication Employees in Dayton, Ohio
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)


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