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| August 14, 2007 |
Sponsored by: RELIUS Education - Seminars and Conferences for Pension Professionals
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| 2007 Chicago Advanced Pension Conference |
| Chicago, IL - September 5-7, with participating sponsor, The John Marshall Law School. - Leading ERISA experts present the most current analysis of new legislative and regulatory guidance. Join us and learn all about plan amendments, final 415 regulations, cash balance plans, the final 403(b) regulations, final Roth regulations, benefit statements, a DOL update including PPA '06 guidance, and more. Include two hours of "Ask the Experts," concurrent sessions, "Pension Jeopardy," and over 900 minutes of continuing education credits for a program you won't want to miss.
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Special Report: The Pension Protection Act of 2006 (PDF)
52 pages. Excerpt: "Hewitt has prepared a Special Report on this sweeping and groundbreaking pension reform legislation. The 52-page Special Report provides extensive explanations of key provisions in the Pension Protection Act, with practical commentary on how specific provisions are likely to impact employers and employees." (Hewitt Associates)
Chart: Summary of the 401(k) Fair Disclosure for Retirement Security Act of 2007 (PDF)
19 pages. Excerpt: "The 401(k) Fair Disclosure for Retirement Security Act of 2007, H.R. 3185, (the 'Miller bill') was introduced on July 26, 2007 by Representative George Miller (D-CA), Chairman of the House Committee on Education and Labor." (Davis & Harman LLP via American Benefits Council)
The Perils of a Fiduciary Advisor - Case in Point
Excerpt: "A recent case provides a rather chilling example of the potential, and perhaps unanticipated, risks in providing investment advice as defined by ERISA. In Ellis v. Rycenga Homes Inc., the question of liability had nothing to do with the quality of the advice given. Rather, the provision of the advice was used to establish liability for broader fiduciary duties owed to plan participants." (Tim Meehan via 401khelpcenter.com)
Judge Denies Motion to Dismiss United Technologies 401(k) Fee Lawsuit
Excerpt: "A judge in U.S. District Court in the District of Connecticut dismissed one of the claims in a 401(k) fee lawsuit filed against United Technologies, but allowed the rest of the case to proceed. The lawsuit, Taylor v. United Technologies, charges the company, its pension committees and three executives with having breached their fiduciary duties by allowing 401(k) plan participants to be charged excessive fees." (Financial Week; free registration required)
Discussion: What Should 90-24 People Do with Deadline Approaching?
Excerpt: "[A teacher] contributes 403(b) money to a money market account through a vendor offered at work and then 90-24 transfers money to Vanguard, a vendor outside of his plan. His question? What does he do now with the September 24, 2007 deadline for the end of outside-of-plan 90-24 transfers approaching?" (403bwise.com)
Overview: Final Regulations Under Section 403(b) (PDF)
4 pages. Excerpt: "The final regulations, which had been proposed in November 2004, represent the first comprehensive guidance issued under section 403(b) since 1964." (Morgan, Lewis & Bockius LLP)
Towers Perrin U.S. Legislative Tracking Charts -- Retirement -- Updated August 13, 2007 (PDF)
7 pages. Excerpt: "These charts summarize selected federal legislation that would affect employee benefit programs. The bills included on the charts are based on judgments regarding the prominence of the issue, the likelihood of enactment, and the influence of the sponsors." (Towers Perrin)
Soliciting Public Employee Pension Plan Investors - and Some Guidelines After They Invest (PDF)
Pages 1, 12-14 of 16 pages. Excerpt: "[I]n the process for selection of an investment manager for a public employee pension plan, common themes appear throughout the country. For example, plans usually rely on SEC-registered investment advisers who provide pension consulting services, apply public policy principles . . . . This article focuses on some of these themes, costly and embarrassing traps for the unwary and some suggestions for appropriate compliance and ethical policies." (Kirkpatrick & Lockhart Preston Gates Ellis LLP)
California Draws Line on Public Employee Pensions as the Bill Comes Due
Excerpt: "The plan to challenge the retroactive increase was approved by county supervisors on July 31. Supervisor Moorlach said the increase was unconstitutional because it created an unfunded liability without voter approval, and might bankrupt the county. . . . Everyone in California is going to be watching the county, and if it prevails in court, because so many state and local agencies did the same thing when it looked like pension funds were awash in cash." (Bloomberg News)
More Employers Freezing or Closing Pension Plans, According to Study
Excerpt: "'This is a watershed event,' said Jack VanDerhei, a Temple University pension specialist. 'There has been a steady decline in traditional pensions for two decades, but the trend is really accelerating, and it's going to accelerate even more.'" (The Baltimore Sun)
IRS Lends Helping Hand on Plan Retirement Age Changes
Excerpt: "Plan sponsors will have more time to comply with Internal Revenue Service (IRS) phased retirement and in-service distribution rules issued this spring regarding a plan's normal retirement age definition. While the rules published in the Federal Register May 22 were originally set to be effective immediately, Notice 2007-69 now gives affected relief until the first day of the first plan year that begins after June 30, 2008 . . . ." (PLANSPONSOR.com; free registration required)
PBGC Disaster Relief Announcement 07-15 in Response to Severe Storms/Tornadoes/Flooding in Oklahoma
Excerpt: "The Pension Benefit Guaranty Corporation is waiving certain penalties and extending certain deadlines in response to the severe storms, tornadoes and flooding that occurred on June 10, 2007, in Oklahoma." (Pension Benefit Guaranty Corporation)
PBGC Disaster Relief Announcement 07-16 in Response to Severe Storms, Tornadoes, Flooding in Texas
Excerpt: "The Pension Benefit Guaranty Corporation is waiving certain penalties and extending certain deadlines in response to the severe storms, tornadoes and flooding that occurred beginning June 16, 2007, in Texas." (Pension Benefit Guaranty Corporation)
Links to Items on Executive Comp, Benefits in General
DOL Advisory Opinion 2007-04A of July 18, 2007, on ERISA Sec. 406
Excerpt: "This is in response to your request for an advisory opinion, on behalf of the National Elevator Industry Educational Program (the NEIEP), regarding whether the proposed reimbursements of certain monies by the NEIEP to affiliated local unions of the International Union of Elevator Constructors constitute prohibited transactions under section 406 of the Employee Retirement Income Security Act of 1974, as amended (ERISA)." (U.S. Employee Benefits Security Administration)
Overview for Tax-Exempt Organizations: Restrictive New IRS Section 457(f) Guidance is Coming (PDF)
3 pages. Excerpt: "Notice 2007-62 reports that the upcoming guidance will focus on two principal components of IRC Section 457(f): (i) the exemption from IRC Section 457(f) for bona fide severance pay plans (under IRC Section 457(e)(11)), and (ii) the definition of 'substantial risk of forfeiture' (under IRC Section 457(f)(3)(B))." (Drinker Biddle & Reath LLP)
Benefits Legislation Active as 2007 Session Hits Midpoint
Excerpt: "As Congress headed into the July 4 recess, compensation and benefits were high on the legislative agenda. The focus is expected to last through the year, with health care likely to play a role in the presidential elections as well. After the . . . enactment of the Pension Protection Act of 2006 (PPA), retirement issues slipped down the agenda . . . . However, Congress enacted some technical corrections to the PPA and is discussing others, as well as retirement savings, 401(k) . . . ." (Watson Wyatt Worldwide)
Towers Perrin U.S. Legislative Tracking Charts -- Human Resources -- Updated August 13, 2007 (PDF)
11 pages. Excerpt: "These charts summarize selected federal legislation that would affect employee benefit programs. The bills included on the charts are based on judgments regarding the prominence of the issue, the likelihood of enactment, and the influence of the sponsors." (Towers Perrin)
Milliman's Monthly Benefit News and Developments, August 2007 (PDF)
2 pages. The newsletter provides a summary of the previous month's legislative, regulatory, and judicial information on employee benefits. (Milliman)
How to Identify/Seize/Capitalize on Opportunities Non-Qualified Retirement Plans Present Employers
Excerpt: "[The Newport Group, a national retirement services firm,] builds alliances with other financial services professionals to expand its business reach. Partnering is a perfect way for advisers to leverage the non-qualified and deferred compensation market . . . ." (Employee Benefit Advisor; free registration required)
Overview: Section 409A Impact - Employment Agreements, Severance Arrangements, Settlement Agreements
Excerpt: "This Insight discusses how Section 409A affects employment agreements, severance arrangements and settlement agreements, how employers can utilize exceptions built into the rules to sidestep the restrictions imposed by Section 409A and the necessary steps that employers must implement in order to comply with these rules." (Littler Mendelson P.C.)
Newly Posted Events
2008 Annual Forum & Expo
in Nevada on May 5, 2008
presented by National Institute of Pension Administrators
2008 Business Management Conference
in Arizona on January 12, 2008
presented by National Institute of Pension Administrators
December 2007 APA/APR Exams
Nationwide on December 1, 2007
presented by National Institute of Pension Administrators
New Proposed Cafeteria Plan Regulations: IRS & Experts Analyze Changes - Webcast
Nationwide on September 4, 2007
presented by ALI-ABA (American Law Institute-American Bar Association)
NIPA Webcast - PPA: One Year Later
Nationwide on August 23, 2007
presented by National Institute of Pension Administrators
Newly Posted Press Releases
The Hanover Insurance Group Introduces New Miscellaneous Professional Liability Product
Hanover Insurance Group, Inc.
Cassidy Retirement Group Celebrates 10th Anniversary
Cassidy Retirement Group
Newly Posted or Renewed Job Openings
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Defined Benefit Calculation Developer
for Vanguard
in PA
Regional Vice President - Sales (Mid-Atlantic)
for BISYS Retirement Services
in DC, NC, SC, TN, VA
DC Testing Specialist
for Kravitz - Louis Kravitz & Associates
in ANY STATE, CA
Defined Benefit Client Account Manager
for New York Life Retirement Plan Services
in NJ
Internal Sales Consultant - Atlanta, GA
for Transamerica
in GA
Internal Sales Consultant - San Mateo, CA
for Transamerica
in CA
New Business Analyst - Retirement Planning
for Standard Insurance Company
in PA
Retirement Plan Consultant
for Valley Forge Pension Management, Inc.
in PA
401(k) Plan Administrator
for National Life Group
in VT
Communications Consultant, Retirement
for Fidelity
in MA
New Business Data Specialist -Retirement Plans
for Standard Insurance Company
in OR
Senior Analyst
for Diversified Investment Advisors
in MA
Actuarial Analyst
for Diversified Investment Advisors, Inc.
in MA
Defined Benefit Programmer
for New York Life Retirement Plan Services
in MA
Communications Consultant
for New York Life Retirement Plan Services
in MA
Taft-Hartley Relationship Manager
for New York Life Retirement Plan Services
in MA
Retirement Plan Specialist
for New York Life Retirement Plan Services
in MA
Actuarial Assistant
for New York Life Retirement Plan Services
in MA
Health and Benefit Solution Architect, Product Management
for Mercer HR Services
in ANY STATE
Handy Links:
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- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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