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| July 26, 2007 |
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Federal Register Version of IRS Final Regs on 403(b) Tax-Sheltered Annuity Contracts (PDF)
34 pages July 26, 2007 issue. (Internal Revenue Service)
Overview: Common Remitter Functions under the Final 403(b) Regulations and FAB 2007-02
Excerpt: "We finally have what we need to determine employer responsibilities under §403(b) and how those responsibilities have to be allocated to maintain ERISA exemption in the absence on governmental or church plan status. And it looks like all employer trying to use the special 403(b) exemption are going to have to hire somebody to provide compliance services, including payroll processing in a common remitter function." (403(b)-457 Plans Blog)
Overview: DOL Issues 403(b) Guidance on Interaction of ERISA with New IRS Final 403(b) Regs
Excerpt: "In conjunction with the publication of final tax regulations under Section 403(b), the Labor Department has issued a field assistance bulletin considering the interaction of ERISA with these final regulations." (Sutherland Asbill & Brennan LLP)
Exchange-Traded Funds for Your 401(k)
Excerpt: "To allow participants to hold this increasingly popular asset in their retirement portfolios, some retirement plan practitioners are exploring the practicality of offering ETFs in an area of investing once dominated by mutual funds." (Forbes.com)
The U.S. Retirement Market, 2006 (PDF)
12 pages. Excerpt: "The bulk of retirement assets either is held in employer-sponsored retirement plans -- including plans sponsored by both private employers and federal, state, and local governments -- or originated there. Employer-sponsored plans directly hold 64 percent of retirement assets. In addition, about half of the assets in IRAs originated as employer-sponsored savings, representing another 13 percent of retirement assets." (investment Company Institute)
Appendix: Additional Data on the U.S. Retirement Market, 2006 (PDF)
16 pages. Excerpt: "The July 2007 issue of Fundamentals covers the U.S. retirement market in 2006. The report highlights data collected by the Investment Company Institute (ICI), government agencies, and other trade associations to characterize the U.S. retirement market and mutual funds' role in managing retirement assets. This Appendix provides supplementary tables and charts with additional detail for the July 2007 Fundamentals." (investment Company Institute)
Fidelity Report on State of the 401(k) Industry (PDF)
Excerpt: "Building Futures is Fidelity Investments' annual report on the state of the 401(k) industry. Volume VIII provides a comprehensive analysis of over 10 million participants in nearly 13,000 corporate defined contribution (DC) plans administered by Fidelity at the end of 2006, representing $674 billion in assets. The full report will be published this fall." (Fidelity Investments)
National Association of Personal Financial Advisers Urges Transparency for 12(b)-1 Fees
Excerpt: "In the letter, dated July 17, NAPFA recommended that 12(b)-1 fees be given a 'precise and descriptive' names 'brokerage firm compensation' or 'brokerage firm reimbursement for account maintenance expenses.'" (Investment News; free registration required)
Facts from EBRI: Retirement Trends in the United States Over the Past Quarter-Century (PDF)
3 pages. Excerpt: "The vast majority of private-sector working-age Americans who have retirement and health benefits obtain them through their jobs. Since 1980, significant changes have occurred in the kind of employment-based retirement plan that workers participate in: Defined benefit . . . plans have declined (reflecting pressures on defined benefit plan sponsors to control costs and funding volatility, in addition to increased regulatory burdens), while defined contribution . . . ." (Employee Benefit Research Institute)
Overview of PPA'06 Challenges: Preparing to Satisfy New and Revised Compliance Requirements (PDF)
2 pages. Excerpt: "Spotlight is Sibson Consulting's publication for private sector employers that briefly discusses the implications of and action items associated with significant developments." (The Segal Group, Inc.)
Statement of Charles E.F. Millard, Nominated as PBGC Director, before the Senate Finance Committee
Excerpt: "Mr. Chairman, I would like to emphasize my personal commitment to PBGC's mission and purpose. It is PBGC's job to promote and maintain healthy plans, to negotiate in bankrup.tcy and other proceedings to protect workers and their benefits and, of course, when a plan must terminate, it is PBGC's job to pay those benefits." (Pension Benefit Guaranty Corporation)
American Benefits Council Stresses Need for Financial Literacy in Retirement Saving
Excerpt: "[F]rom Spencer's Benefits Reports: Testifying at a July 10 meeting of the ERISA Advisory Council's working group on financial literacy, Melissa Kahn, vice president of Metropolitan Life Insurance Company, asserted that 'financial literacy is the foundation upon which a solid retirement nest egg must be built. Ms. Kahn testified on behalf of the American Benefits Council . . . ." (Wolters Kluwer Law & Business)
Domestic Partner's Action Related to Beneficiary Status Was Legal, Not Equitable
Excerpt: "A claim by a participant's domestic partner seeking a restoration in status to that of a designated beneficiary prior to the reduction in plan account value was not a claim for an equitable remedy under ERISA but was in substance a legal claim for monetary damages, according to the U.S. Court of Appeals in San Francisco (CA-9)." (Wolters Kluwer Law & Business)
Links to Items on Executive Comp, Benefits in General
Summary of 409A: A Nightmare of Complexity
Excerpt: "In this newsletter, we will first provide a relatively brief, high level outline of the Section 409A rules, after which we will provide a more detailed summary of those rules." (Utz, Miller & Kuhn, LLC)
Newly Posted Events
Fight Obesity in the Workplace
Nationwide on July 27, 2007
presented by Health Resources Online
The Buzz on 403(b): The Final Regulations
Nationwide on August 14, 2007
presented by SunGard Relius
Newly Posted Press Releases
U.S. Labor Department Solicits Nominations for 2008 ERISA Advisory Council
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Council Briefs Media: Meaningful, Useful 401(k) Plan Fee Disclosure Just One Piece Of The Puzzle
American Benefits Council
New MCOLBlog Features Team of Eight Nationally Respected Health Industry Professionals Offering Key Insights and Dialogue On A Wide Range of Important Topics Shaping The Business and Future of Health Care
MCOL
SHRM Urges Classification of Independent Contractors
Society for Human Resource Management (SHRM)
NAPFA Challenges The DOL To Adopt Tougher ERISA Disclosures: Fee-Only Financial Advisors Want Greater Transparency Of Fees And Expenses In 401(k) Plans
National Association of Personal Financial Advisors (NAPFA)
3PEA International, Inc. Announces Commencement of Issuance of Over Three Million Six Hundred Thousand Prepaid Debit Cards To The Healthcare Market in Support of Pharmacies Across The Nation
3PEA International, Inc.
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
Consulting/Marketing Manager
for Associated Pension Consultants
in CA
Actuarial Specialist
for Kravitz - Louis Kravitz & Associates
in ANY STATE, CA
Sr New Business Defined Contribution Analyst
for Standard Insurance Company
in OR
HRIS/Benefits Specialist
for The Urban Institute
in DC
Compensation & Benefits Professional/Paralegal
for The Hartford Financial Services Group
in CT
Domain Effectiveness Managers - Defined Contribution (401k) & Health and Benefits
for Mercer HR Services
in MA
Associate Legal Counsel
for T. Rowe Price
in MD
Quality Assurance Manager
for Mercer HR Services
in MA
401(k) Enrollers/Independent Contractors - Part Time
for Transamerica Retirement Services
in AZ, CA, DC, FL, IL, KS, MO, NV, TX
Pension Administrator
for Retirement Planners
in VA
Employee Benefit Attorney With at Least 2 Years Experience
for Chang, Ruthenberg & Long PC
in CA
Employee Benefit Attorney With at Least 5 Years Experience
for Chang, Ruthenberg & Long PC
in CA
Employee Benefit Attorney With ESOP Experience
for Chang, Ruthenberg & Long PC
in CA
Assistant Actuary
for Standard Insurance Company
in OR
Actuarial Asst
for Standard Insurance Company
in OR
ERISA Attorney - Part Time
for Howard Simon & Associates
in IL
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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