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| July 27, 2007 |
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Text of Official Summary of the 401(k) Fair Disclosure for Retirement Security Act, H.R. 3185 (PDF)
3 pages. The Act would address two key areas of concern: hidden fees and conflicts of interest. (U.S. House of Representatives via American Benefits Council)
Text of the 401(k) Fair Disclosure for Retirement Security Act of 2007 (PDF)
27 pages. Excerpt: "To amend the Employee Retirement Income Security Act of 1974 to provide special reporting and disclosure rules for individual account plans and to establish in the Department of Labor an Advisory Council on Improving Employer-Employee Retirement Practices." (U.S. House of Representatives via American Benefits Council)
401(k) Disclosure Legislation Introduced
Excerpt: "[On July 26], House Education and Labor Committee Chairman George Miller, D-Calif., announced he is introducing . . . the '401(k) Fair Disclosure for Retirement Security Act of 2007.'" (Investment News; free registration required)
New 403(b) IRS Regs Provide Opportunity
Excerpt: "The regulations, which at press time were expected to debut in early July, will likely upend the way 403(b) plans have operated for decades." (On Wall Street Magazine)
Overview of 403(b) Regulations (PDF)
4 pages. Excerpt: "The primary purposes of this newest set of regulations are to organize and consolidate the Section 403(b) guidance issued since 1964 and to override prior guidance that no longer applies. The final regulations also provide additional flexibility, introduce new restrictions and attempt to make 403(b) programs operate more like 401(k) plans, although key differences remain." (Drinker Biddle & Reath LLP)
State Senator Rejects Pittsburgh Pension Bailout
Excerpt: "If the state helps Pittsburgh escape its deepening pension problem, it would set 'a horrible precedent' for dozens of Pennsylvania towns in similar straits, state Sen. Jane Orie said [yesterday]." (Pittsburgh Tribune-Review)
Podcast and Text: The Global Evolution of Defined Benefit Plans -- Managing Costs and Risks
Excerpt: "In this podcast clip from a recent Towers Perrin Webcast, learn how leading multinationals are dealing with the evolution of defined benefit plans in key countries, including: The latest design trends in Europe, North America and other regions; What multinational companies are doing to reduce cost volatility and better manage financial risk; Global monitoring and governance approaches that can help multinationals avoid financial surprises and manage pension plan financial . . . ." (Towers Perrin)
Poor Performing Massachusetts Municipal Pension Funds to be Turned Over to State
Excerpt: "Massachusetts Governor Deval Patrick signed a bill . . . that will allow the state to seize the assets of municipal funds that are underperforming, the New Bedford (MA) Standard-Times reported." (PLANSPONSOR.com; free registration required)
Law Professor's Flowchart of IRS Final Regulations Under Section 415: Visualizing How the Rules Work (PDF)
7 pages; marvelous. (Barry Kozak, J.D. LL.M. of the Center for Tax Law and Employee Benefits at the John Marshall Law School)
Rating the Online Retirement Planners: Five Programs Are Put Through Their Paces
Excerpt: "Which tool gave the most accurate results? We have no idea. Only time will tell whether these 30-year forecasts have any validity. What we can say, after quizzing some of the providers of the tools and digging into the fine print of how they work, is that retirement-planning software is as much art as it is science." (The Kiplinger Washington Editors)
Pension Case Against Time Warner Settled for 1% of Losses
Excerpt: "The payout is Minnesota's piece of a $2.5 billion worldwide settlement between the company and investors who claimed it manipulated its stock price. The State Board of Investment got the $3.3 million in several checks that came in the mail this week." (Star Tribune)
LaRue Supreme Court Case Now in Doubt
Excerpt: "Attorneys for a nationwide management consulting firm involved in a case the Supreme Court is scheduled to hear at its next Term have urged the Justices to dismiss the case as moot. In a motion filed on Monday, counsel for DeWolff, Boberg & Associates Inc. said that the individual who took the case to the Supreme Court has withdrawn all of his funds from his pension plan account, leaving him 'with no legally cognizable interest in the outcome of the case.'" (Workplace Prof Blog)
'The Restoring Pension Promises to Workers Act of 2007' Introduced
Excerpt: "This bill (S. 1725) contains several provisions aimed at improving retirement security for workers and their families. All of the provisions in the bill address real inequities that have stood in the way of workers and their families receiving their full pension benefits." (Pension Rights Center)
Hewitt Federal Legislation Quick Guide Updated as of July 24, 2007, for Retirement Plans (PDF)
6 pages. This Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding retirement plans. (Hewitt Associates)
Audio and Text: Can You Afford a Healthy Retirement?
Excerpt: "Chicago Tribune personal finance columnist Gail MarksJarvis reviews [retirement] numbers with Renee Montagne, she notes that most households on the verge of retirement have saved no more than $88,000. That amount translates into about $650 a month for living expenses, Jarvis says." (Morning Edition via National Public Radio)
President Appoints Members to PBGC Advisory Committee
Excerpt: "President Bush has appointed R. Todd Gardenhire of Chattanooga, Tenn., as chair of the Advisory Committee of the Pension Benefit Guaranty Corporation (PBGC)." (Wolters Kluwer Law & Business)
Links to Items on Executive Comp, Benefits in General
Today's Diverse Workforce Leading to Dramatic Change in Employee Benefits Industry
Excerpt: "For the first time in history, America's workforce is composed of four distinct generations - just one of many trends propelling the benefits industry towards consumer choice and driving the growth in voluntary employee benefits, according to a report released . . . by benefits leader Unum UNM in conjunction with LIMRA International. 'HR Trends and Challenges: The Changing U.S. Demographic, Economic and Social Landscape of the Workplace' . . . ." (Business Wire via MSN.Money)
Text of EBSA Call for Nominations for Advisory Council on Employee Welfare and Pension Benefit Plans
Excerpt: "The terms of five members of the Council expire on November 14, 2007. The groups or fields they represent are as follows: (1) Employee organizations; (2) employers; (3) insurance; (4) accounting; and (5) the general public (representing those receiving benefits from a retirement plan). The Department of Labor is committed to equal opportunity in the workplace and seeks a broad-based and diverse Advisory Council." (Employee Benefits Security Administration, U.S. Department of Labor)
Hewitt Federal Legislation Quick Guide for July 24, 2007, on Human Resources & Employment Law (PDF)
12 pages. This Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding human resources and employment law. (Hewitt Associates)
Newly Posted Events
Do Employee Assistance Programs Keep Employees at Work? Teleweb
Nationwide on August 2, 2007
presented by International Foundation of Employee Benefit Plans
Intermediate IRA Fall/Winter Seminar Tour Registration Now Open
Nationwide on September 25, 2007
presented by Wolters Kluwer Financial Services
Newly Posted Press Releases
Chairman Miller Introduces Legislation to Require Full Disclosure of 401(k) Fees & Provider Conflicts of Interest
U.S. House Education and Labor Committee
Statement Regarding Rep. Miller's Legislation, The 401(k) Fair Disclosure for Retirement Security Act of 2007
ERIC (ERISA Industry Committee)
Affordability Remains a Key Concern in Massachusetts Health Reform
Center for Studying Health System Change
SHRM Study Highlights FMLA's Challenges
Society for Human Resource Management (SHRM)
New Award Honors Outstanding Apprenticeship Training Program
International Foundation of Employee Benefit Plans
Today's Diverse Workforce Leading to Dramatic Change in Employee Benefits Industry
Unum
Secure Our Future Announces 2008 Presidential Candidates Web Site
Secure Our Future
Covestor Threatens Money Management Industry, As Self-Directed Investors Take On The Pros
Covestor LLC
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
Pension Administrator
for Truog-Ryding Company
in CA
401(k) Administrator Quiz
for The Pension Group, Inc.
in CA
Retirement Sales Wholesaler - Inside Sales
for ExpertPlan, Inc.
in NJ
Employee Benefits Attorney
for Hershner Hunter, LLP
in OR
Retirement Plan Consultant
for Benefits Administration Services, LLC
in AL
Enrollment Specialist
for Alliance Benefit Group of Michigan
in MI
System Manager, Retirement and HR Operations
for Providence Health & Services
in WA
Benefits Operation Manager - DB
for Hewitt Associates
in GA
Benefits Service Manager (Entry)
for Hewitt Associates
in GA
Employee Benefits Associate
for Davis Graham & Stubbs LLP
in CO
Team Leader - Retirement Plans - Regional Svc Teams
for Standard Insurance Company
in OR
Retirement Plan Administrator
for Fringe Benefits Design
in MN
Senior Pension Administrator - Defined Benefits
for Retirement System Group Inc.
in NY
Benefits Analyst
for Commerce Banc Insurance Services
in NJ
Client Service Manager
for Merrill Lynch
in CO, NJ
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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