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July 19, 2007
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Sponsored by: ASPPA and WP&BC

(Click on company name or banner to learn more.)
Banner ad for ASPPA and WP&BC

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

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


We're one of the top 350 employment sites on the web!Newly Posted or Renewed Job Openings
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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




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