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| July 23, 2007 |
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Text of Final 403(b) Regs; Apply to Years Beginning After 12/31/2008 (PDF)
134 pages. (Internal Revenue Service)
Frequently Asked Questions About 401(k) Investment Statistics
Excerpt: "Mutual fund assets held in retirement accounts (defined contribution plan accounts and IRAs) stood at $4.1 trillion at the end of 2006, or 39 percent of overall mutual fund assets. Fund assets in 401(k) plans stood at $1,485 billion, or 14 percent of total mutual fund assets at year-end 2006." (Investment Company Institute)
U.S. Treasury Bonds Lure Pension Funds Overflowing with Stock Gains
Excerpt: "'[Y]ou say, hey, at the end of the day we really don't need the volatility' of stocks, said Nancy Everett, chief executive and investment officer at General Motors Asset Management Corp. in New York. The fund is shifting 20 percent of the largest U.S. automaker's pension assets into bonds from equities." (Bloomberg)
Brother, Can You Spare a Billion? New Jersey Local Governments to Raise Taxes for Pension Liabilities
Excerpt: "New cost projections from the state Treasury Department have more than $1 billion in funds from local property taxes paying for pensions in the coming year -- a number 20 times larger than what local governments had to pay four years ago." (CourierPost Online)
Massachusetts to Take Over Underperforming Local Government Pension Funds
Excerpt: "Legislators [on Thursday, July 19] voted final approval of a disputed bill that allows the state to seize the assets of 19 underperforming local government pension funds, including those in Chicopee, West Springfield and Hampshire County. " (MassLive.com)
Federal Register Version of PBGC Rules for Election of Multiemployer Plan Status per PPA 2006 (PDF)
6 pages. Excerpt: "This Notice establishes implementing procedures for a special election concerning multiemployer plan status that may be made under the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act of 2006. Under these procedures, an eligible plan may elect to be a multiemployer plan for all purposes under ERISA and the Internal Revenue Code of 1986." (Pension Benefit Guaranty Corporation)
Text of ASPPA, CIKR Comments to DOL on Fee and Expense Disclosures to Self-Directed Plan Participants (PDF)
15 pages. Excerpt: "ASPPA and CIKR strongly recommend that any additional disclosure requirements imposed on service providers be uniform for both bundled and unbundled providers. . . . ASPPA and CIKR recommend that participants be given a concise summary (a 'fee menu') of all of the direct expenses that could be charged to their accounts. . . . ASPPA and CIKR have prepared for the Department's consideration a sample participant fee disclosure form that reports these fees in a concise manner." (American Society of Pension Professionals & Actuaries, Council of Independent 401(k) Recordkeepers)
Text of Comments by SPARK Institute to DOL on Retirement Plan Fee Disclosure to Participants (PDF)
20 pages. Excerpt: "Fee information is only one of many data points and arguably not the most important one that participants should consider in making investment decisions. . . . Over-emphasis on fees and expenses may lead to poor investment decisions, as well as lower employee participation and contributions to employer sponsored retirement plans. . . . Participant fee disclosure must be short and simple to have any chance of being effective. . . . Fee disclosure requirements should neither favor any one retirement plan or investment industry segment nor disrupt the current competitive balance among such service providers." (The SPARK Institute, Inc.)
Opinion: Don't Fall for 'Sky-Is-Falling' Warning from Reich, Others on Hedge Funds in Pensions
Excerpt: "It's official: A bunch of investors lost tons of money in two hedge funds run by Bear Stearns Cos. Instinctively, government do-gooders like Robert Reich gasp that corporate and government pension plans actually own risky investments just like them!" (KansasCity.com)
Overview: Practitioners' Committee Suggests Increased Accountability for Tax Code Compliance by Sponsors of Pre-Approved Plans
Excerpt: "The Advisory Committee on Tax Exempt and Government Entities (ACT) has made suggestions to ensure accountability by sponsors of pre-approved plans for greater compliance with the governing qualification rules by employers adopting such plans.' (The text of the report is online (click).) (CCH Pension and Benefits)
Former New York State Pension Investment Czar Counterattacks
Excerpt: "The charges and countercharges are the latest chapters in an increasingly acrimonious investigation that has raised questions among state officials about the comptroller's role as sole overseer of the state's $154.5 billion pension fund; many other state pensions are overseen by boards." (New York Times; free registration required)
Former President of New Jersey Senate Forfeits Entire Pension
Excerpt: "The former State Senate president, John A. Lynch Jr., who pleaded guilty to federal corruption charges last year and is serving a 39-month sentence, was stripped of his legislative pension on Wednesday because of illegal conduct while in office." (New York Times; free registration required)
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Links to Items on Executive Comp, Benefits in General
Pointers for Starting a Third-Party Administration Firm for Pension or Welfare Benefits
Excerpt: "In truth, there is no how-to guide for starting a TPA. However, understanding the reasons why not and a few handy suggestions will be your most useful tool." (Society of Professional Benefit Administrators)
Newly Posted Press Releases
Pension Plan Freezes Slowing, Watson Wyatt Finds
Watson Wyatt
U.S. Labor Department Action Restores Funds to San Luis Obispo 401(k) Fund
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
U.S. Labor Department Sues To Recover Assets For Former Birmingham, Ala., Company's 401(k) Plan
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
The SPARK Institute Recommends Simplification And Efficiency In Fee Disclosure To 401(k) Participants
SPARK Institute
Transamerica Retirement Services Expands 401k Distribution
Transamerica Retirement Services
Pension Governance, LLC is Proud to Present a Musical Commentary - Pension Tension Blues
Pension Governance, LLC
Trust Builders Launch New Batch Gap Illustration Tool
Trust Builders, Inc.
SurePayroll to Offer Small Business 401k
SurePayroll
Healthquotes.com Launches New Short-Term Health Insurance Web Site
Healthquotes.com
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
Senior Plan Administrator
for American National Insurance Company
in TX
Defined Benefit Analyst
for Vanguard
in PA
Client Management
for Benefit Jobs LLC
in NJ
Systems Solutions Specialist - OmniScript
for JPMorgan Retirement Plan Services
in KS, MO
Associate Benefit Administrator
for Independent Benefit Services
in MD
Retirement Plan Proposal & Implementation Manager
for National Rural Electric Cooperative Association (NRECA)
in DC, MD, VA
401(k) Administrator
for Temecula California Location Opportunity
in CA
Junior Pension Administrator
for A leading provider of pension administration and actuarial consulting.
in CA
Relationship Manager - Defined Contribution Plans
for Vanguard
in PA
Director of Taft-Hartley Plan Administration
for Segal on behalf of a client
in MI
Vice President-TPA Operations
for Employee Benefits/Retirement Plan Services Firm Located in Midwest
in IN
Regional Sales Consultant
for Gallagher Retirement Services
in NY, PA
Employee Benefits Administration
for Primary Consulting, Inc.
in ANY STATE
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