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| August 17, 2007 |
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| ASPPA's Annual Conference, October 21-24, 2007 |
| Be a part of it all at ASPPA's Annual Conference this year. Join over 1,500 retirement professionals, choose from over 60 workshops, attend numerous networking opportunities and participate in ASPPA's bi-annual march to the hill. All this and more await you at the Hilton Washington, October 21-24, 2007. Register Now. |
2nd Circuit's ERISA Ruling Revives Benefits Claim by Firm 'Partner'
Excerpt: "A lawyer who rose from secretary to 'partner' at a Long Island, N.Y., law firm will get a second chance to show that she is entitled to benefits under the firm's profit-sharing and cash-balance pension plans." (Law.com)
Benefit Award to Participant's Ex-Wife Upheld under ERISA
Excerpt: "A federal appellate court has thrown out a lower court decision awarding the estate of a retirement savings plan participant his benefits, saying the employee's ex-wife never gave up her rights to that money." (PLANSPONSOR.com; free registration required)
Court Certifies Class in Cash Balance Benefit Calculation Suit
Excerpt: "A beneficiary of a former participant in the United Way of the Texas Gulf Coast Cash Balance Plan has won class certification for a suit claiming benefits were miscalculated according to language in the plan." (PLANSPONSOR.com; free registration required)
Court Says Cashed-Out Participant Can Pursue Fiduciary Breach Claim
Excerpt: "The 6th U.S. Circuit Court of Appeals has reversed a district court ruling denying class certification and dismissing a suit brought by a former plan participant who claimed plan administrators breached their fiduciary duties by continuing to offer company stock as a plan investment when it was imprudent to do so." (PLANSPONSOR.com; free registration required)
January 2008 COLA Drops
Excerpt: "If you prefer consistency to happiness you are going to love this: Both the stock market and the cost of living are down. The market had a great month in July but has fizzled so far this month. Living costs for July also dropped from the previous month. That could have an impact on the cost of living adjustment (COLA) due retirees in January." (Federal News Radio)
Employee Ownership Update for August 16, 2007
NCEO Executive Director Corey Rosen discusses data showing one-third of the largest 900 companies with ESOPs in 2004 dropped them by the end of 2005; the Third Circuit ruled an ex-employee had standing to sue over 401(k) company stock investments; a tax analyst argues REITs that perform active management duties should be eligible as Section 1042 qualified replacement property for sellers to an ESOP; and the NCEO's opinion against using a percentage of the company as a basis for equity awards. (National Center for Employee Ownership)
Another Question is Answered in the 401(k) Plans Q&A Column
Our participant loan interest rate is prime plus one. Is that the correct rate to use? (BenefitsLink.com)
90-24 Outrage by a Virginia Teacher
Excerpt: "Why Can't Employers and Unions Do the Right Thing? Why is it so hard, particularly for school districts, to simply offer at least one low-cost product? I am not demanding that the salespeople-sold products be eliminated (though because of conflict of interest it would be a good idea). Why doesn't my local union get involved? Why does the NEA endorse high fee products?" (403bwise.com)
Ohio Public Pension Divestment Is Contentious
Excerpt: "Under pressure from the Legislature, the state's five pension systems are wrestling with how, and even if, they should move their investments out of publicly traded companies doing business in Iran and Sudan." (The Repository)
In Germany, Social Tax Exemption for Pension Contributions May Be Extended
Excerpt: "On August 8, 2007, the German government approved a proposal to extend the social security tax exemption workers receive for contributions to occupational pension plans. The exemption had been set to expire on December 31, 2008." (Watson Wyatt Worldwide)
Overview: IRS Provides Temporary Relief for Normal Retirement Age Amendments (PDF)
3 pages. Excerpt: "The IRS recently issued final regulations defining normal retirement age (NRA) for defined benefit or money purchase pension plans, including for purposes of benefit accrual and minimum vesting rules under Internal Revenue Code Section 411." (Buck Consultants)
Opinion: Massachusetts' Public Pensions Ripe for Abuse
Excerpt: "The 'defined benefit' pension system in Massachusetts brings out a lot of passion among the public, although much of the controversy results from misunderstanding and even misinformation. In most cases, under reasonable economic assumptions, the system is fair to the employee and the taxpayer. But, unfortunately, the system is also ripe for abuse." (SouthCoastToday.com)
Ten Years to Go Until Retirement: Where Do You Stand?
Excerpt: "FOR MUCH OF your working life, you're probably trying to sock away as much money as you can before you call it quits. Once you retire, your focus will shift to figuring out how much you can afford to spend from your savings each year without running out of money. But you shouldn't wait until retirement to make that calculation. Do it now while you still have time to adjust your financial plan if necessary." (The Kiplinger Washington Editors, Inc. via InsuranceNewsNet)
Links to Items on Executive Comp, Benefits in General
Overview: Guilty Verdict in First Options Backdating Trial May Embolden Prosecutors (PDF)
2 pages. Excerpt: "On August 7, 2007, a jury in the United States District Court for the Northern District of California found Gregory L. Reyes, the former CEO of Brocade Communications Systems, Inc. ('Brocade'), guilty of securities fraud and conspiracy for backdating stock options granted to Brocade employees. The trial was the first in an options backdating case and commentators are predicting the verdict may embolden prosecutors to pursue similar cases." (Powell Goldstein LLP)
Business Strategy, People Strategy and Total Rewards
Excerpt: "This article strives to 'connect the dots' among business strategy, people strategy and total rewards. It describes the value of integrating these initiatives and the value that a total rewards strategy brings in the achievement of business goals. It presents a 'how-to' approach in linking the total rewards -- defined as compensation, benefits, learning and development, and work environment -- to an organization's business and people strategy." (International Foundation of Employee Benefit Plans)
Overview: IRS Explains Section 409A Effect on Teachers' Salaries
2 pages. Excerpt: "The IRS issued an Information Release clarifying that elections made by teachers and school employees before January 1, 2008 to annualize their salaries will not be subject to Section 409A deferred compensation rules. However, this relief is only temporary and the IRS also posted information to its website on how Section 409A rules apply to teachers' salary annualization arrangements in the future." (Buck Consultants)
District Court Rules SPD Provided for Benefits Plan Was in Conflict with the Plan Itself
Excerpt: "This case involves an employee suing for disability benefits under the Employment Retirement Income Security Act ('ERISA'), 29 U.S.C. § 1001, et seq. The district court below found that the terms of the Summary Plan Description ('SPD') conflicted with the plan itself and entered summary judgment in the employee's favor on the ground that an employee need not prove reliance on the conflicting terms of an SPD in order to prevail on a claim for benefits." (MoreLaw.Com, Inc.)
Aon Reports Incorrect Procedures for Stock Options Awards
Excerpt: "Aon Corp. has reported that a review of its stock option grant practices from 1994 to 2006 found incorrect procedures were used for several thousand awards." (PLANSPONSOR.com; free registration required)
Note: Revised Form LM-30 Now Available and Can Be Completed Electronically
Excerpt: "The Office of Labor-Management Standards (OLMS) of the U.S. Department of Labor has made the Revised Form LM-30 available in an electronically fillable Adobe format on the OLMS Web site." (International Foundation of Employee Benefit Plans)
Newly Posted Events
Advanced Actuarial Conference
in Massachusetts on June 10, 2008
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Annual Conference
in District of Columbia on October 19, 2008
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Benefits Conference of the South
in Georgia on September 18, 2008
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Breakfast Seminar with Brian Graff, Esq.
in Texas on September 13, 2007
presented by ASPPA Benefits Council of Dallas/Fort Worth
DOL Speaks: The 2008 Employee Benefits Conference
in District of Columbia on May 22, 2008
presented by ASPPA (American Society of Pension Professionals & Actuaries)
ERISA Update
in Michigan on September 20, 2007
presented by ASPPA Benefits Council of Detroit
ERISA Workshop
Nationwide on October 2, 2007
presented by SunGard Relius
Great Lakes Benefits Conference
in Illinois on May 8, 2008
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Los Angeles Benefits Conference
in California on January 24, 2008
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Mid-Atlantic Benefits Conference
in District of Columbia on August 14, 2008
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Northeast Benefits Conference
in Massachusetts on June 12, 2008
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Northeast Benefits Conference
in New York on June 13, 2008
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Seminar with Craig Hoffman
in Texas on November 9, 2007
presented by ASPPA Benefits Council of Dallas/Fort Worth
Western Benefits Conference
in Washington on July 13, 2008
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Newly Posted or Renewed Job Openings
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ERISA Associate
for Kilpatrick Stockton LLP, Raleigh, North Carolina
in NC
Retirement Plan Administration Specialist
for Consulting Actuaries Incorporated
in NJ
Retirement Plan Manager
for Capital Group Companies
in VA
Pension Assistant
for Swerdlin and Company
in GA
Experienced Client Manager
for Swerdlin and Company
in GA
Client Relationship Manager - Atlanta, Georgia or Florida
for Transamerica Retirement Services
in FL, GA
Pension Plan Operations Representative
for Transamerica Retirement Services
in CA
Marketing & Sales Benefits Specialist for the Chicago Area
for BPAH, HB&T and Flex Corp
in IL
Senior Pension Analyst
for Trinity Pension Group, LLC
in NC
Client Data Management Processor
for Decimal, Inc.
in CA
Defined Contribution Plan Administrator
for Dunbar, Bender & Zapf, Inc.
in PA
Client Relations Manager
for ING, US Financial Services
in MA
Retirement Plan Sales
for National Financial Partners
in ANY STATE
Institutional Trust Communication Specialist I
for BB&T
in NC
Pension Plan Administrator - St. Louis, MO
for Ralcorp
in MO
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