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Lawsuit Says Teachers Are Overcharged on Annuities; Sues Union for Endorsing Them (New York Times) Effort Underway to Switch Chicago Transit Authority from DB to 401(k) Plan (Heartland Institute) Former DOL Secretary: By Using Hedge Funds Pension Managers Are Rolling Dice (Robert Reich interviewed on American Public Media) PBGC Notice: Procedures for Election of Multiemployer Plan Status Excerpt: "Section 1106 of PPA amended the definition of a 'multiemployer plan' under ERISA and the Code to allow certain plans to elect to be multiemployer plans, pursuant to procedures prescribed by PBGC. An eligible plan may elect to be a multiemployer plan for all purposes under ERISA and the Code, provided that PBGC procedures are followed and the election is made on or before August 17, 2007." (Pension Benefit Guaranty Corporation) Checkbook Control for Self-Directed IRAs Excerpt: "The attribute that is touted most frequently by promoters of the use of LLCs for IRA investing is checkbook control. That is, the ability of the managing member (which may be the IRA owner if the IRA owner's IRA is the only member or C corporation stockholder) to write checks directly to fund investment purchases -- without having to go through the IRA custodian. While it is very true that this is possible (it is not illegal), it is also a cause for concern among custodians, IRA regulators, and many of those professionals serving investors who have employed the 'checkbook control' approach." (PENSCO Trust Company via ProducersWeb.com) Links to Items on Executive Comp, Benefits in General A Look At California County Employees' Fringe Benefits and Retirement Benefits (PDF) 78 pages; Excerpt: "According to a study by Governing magazine, California spends more on state and local public pension plans than the states of Florida, New York, Texas, Arizona and Vermont combined. The increasing cost of public pension plans, in combination with public employee fringe benefits and other factors, has resulted in large fiscal burdens for county governments." (Cal-Tax) Report: California Pension Plans for County Employees in Trouble Excerpt: "[A]n increasing amount of money could be taken away from county services -- such as law enforcement and road paving -- to pay for the pensions of retired employees." (WhitterDailyNews.com) Newly Online: DOL Amicus Brief to First Circuit in Fiduciary Breach Damages Case Regarding a denial of a death benefit. Excerpt: "Recovery Of Monetary Losses From A Fiduciary That Has Breached Its Duty Constitutes 'Equitable Relief' Under Section 502(a)(3). . . A Monetary Award Against A Fiduciary to Redress Its Breach Was Typically Available In Equity . . . The Court Should Reexamine Armstrong In Light Of Sereboff and Great-west . . . " (U.S. Department of Labor) The Social Security Number Privacy and Identity Theft Prevention Act (PDF) 56 pages. (via American Benefits Council) Overview: IRS Issues Guidance on Tax Shelter Transactions Involving Employee Benefit Plans Excerpt: "The IRS has issued final, temporary and proposed regulations providing guidance on prohibited tax shelter transactions for 'non-plan' tax-exempt entities, such as charitable organizations, and 'plan' tax-exempt entities, such as tax-favored retirement plans and IRAs. The guidance defines prohibited tax shelter transactions, sets forth disclosure requirements and specifies parties subject to the applicable excise taxes and attendant reporting and disclosure requirements." (CCH Pension and Benefits) Newly Posted Events Cafeteria Plan Compliance: Handling Status Change Rules - Including HSA Considerations Nationwide on July 26, 2007 presented by HRTrainingCenter.com Customer Service-- Best Practices for Payroll Nationwide on August 14, 2007 presented by HRTrainingCenter.com Do Employee Assistance Programs Keep Employees at Work? Teleweb Nationwide on August 2, 2007 presented by International Foundation of Employee Benefit Plans Health Care Reconsidered Pt. 2: Who's Got the Cure? Four Options for Achieving Universal Coverage Nationwide on July 20, 2007 presented by KaiserNetwork.org The ABCs Of Staff Management Nationwide on July 24, 2007 presented by HRTrainingCenter.com Newly Posted Press Releases Great-West Makes Top Ten Lists For Retirement Plan Service Providers Great-West Retirement Services ACS and Buck Consultants Announce Integrated Absence Management Services Buck Consultants, an ACS Company Labor Committee Approves Legislation to Help People with Mental Illnesses Get Treatment U.S. House Education and Labor Committee Transcend Technologies Group and the Association of Health Insurance Advisors Partner to Provide Members with Group Benefits Manager(TM) Transcend Technologies Group, Inc. CAPTRUST Completes Acquisition of Atlantic Capital Management CAPTRUST Financial Advisors Wolters Kluwer Law & Business Acquires Technical Answer Group Wolters Kluwer Law & Business Newly Posted or Renewed Job Openings (Post a Job | View All Jobs) Regulatory Compliance Manager for ADP, Inc. in GA, WA Client Service Representative for Bellevue Financial in WA Retirement Plan Specialist for Diversified Investment Advisors in MI Relationship Manager (IRC38755) for Huntington National Bank in WV Manager, Employee Benefits for Deloitte in CT, NY, TN RVP/External Wholesaler - Iowa, North & South Dakota for Transamerica Retirement Services in IA, ND, SD Account Manager (Insurance/TPA) for Zenith Administrators in WA Non-Qual Implementation Project Manager for Fidelity Investments in KY Retirement Benefits Supervisor for Unitrin, Inc. in IL DC and 401(k) Plan Administrator for N. A. FALCONE AND ASSOCIATES, INC. in PA Handy Links:
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