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| August 22, 2007 |
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Disinherited by Vanguard? Check Those IRA Beneficiary Forms
Excerpt: "Vanguard has decided that, as of mid-September, it will require customers to use identical beneficiaries for all IRAs of the same type. All your IRAs holding money rolled from employer pension plans count as the same type and must have the same beneficiaries. Traditional IRAs, both pretax and aftertax, are a second type. Roth IRAs are a third." (Forbes.com; free registration required)
Opinion: Fund Diversity, Not Fees, Should Be Top 401(k) Concern
Excerpt: "Although knowing what you're paying for is a good idea, if you're saving for retirement in a 401(k) plan, don't let the fees distract you from other important factors in managing your plan." (BNA Tax Management)
Overview: The First New 403(b) Regulations in More Than 40 Years (PDF)
7 pages. (Milliman)
Colorado Public Employees' Retirement Association Says Funding Problem Fixed for Most Employees
Excerpt: "Still, the plan remains unable to forecast paying off its liability to state employees, one of the largest groups in PERA." (RockyMountainNews.com)
Sister of 9/11 Victim Calls for 'Terror Free Investing' by Public Pension Funds
Excerpt: "The initiative is growing in popularity, as Missouri, Florida, Illinois, and Louisiana have approved measures to take public pension money out of Iran and Sudan. Meanwhile, California appears poised to do the same with widespread support in the state legislature and support from Gov. Arnold Schwarzenegger." (CNSNews.com)
Towers Perrin U.S. Legislative Tracking Charts -- Retirement -- Updated August 20, 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)
Delta Pilots Get Pension Boost, According to PBGC
Excerpt: "A pension agency told the Atlanta carriers' current and former pilots Monday that, starting in November, about 3,300 will be getting somewhat bigger monthly pension checks than previously estimated." (The Atlanta Journal-Constitution; free registration required)
Teamsters Demand Employee Representation on Tribune ESOP & Board
Excerpt: "The Teamsters Union will bring a delegation of union leaders and newspaper workers to the Tribune Company (NYSE: TRB) Special Meeting of Shareholders on Tuesday, August 21, 2007 at the Company's corporate headquarters to demand employee representation on the Company's Employee Stock Ownership Plan (ESOP) and Board of Directors. They will warn investors, employees and creditors about the dangers of the Company's proposed reorganization into an S-Corp ESOP." (PR Newswire via Human Resource Executive Online; free registration required)
Is an Expanded Fiduciary Role the Right Choice for Financial Professionals?
12 pages. Excerpt: "The Pension Protection Act of 2006 (PPA) added new options for financial professionals who want to provide investment advice to participants. . . . This white paper is an excellent starting point for learning about and evaluating the PPA changes. It presents an easy-to-understand, yet technically correct, overview of the PPA changes and the Department of Labor guidance." (Principal Financial Group)
JP Morgan Cash Balance Plan Suit Update
Excerpt: "Judge Harold Baer, S.D.N.Y., has partially granted the motion for class certification in the suit against the J.P. Morgan Chase cash balance plan. Notably, Judge Baer excluded all proposed class members who had already received their distribution because, as he reasoned, they lack standing under ERISA. This holding is in direct conflict with recent decisions by the 3rd, 6th, and 7th Circuit Court of Appeals." (ERISA Class Action Watch)
Overview: IRS Clarifies Annuity Investment Diversification Requirements
Excerpt: "Federal tax officials . . . issued Revenue Ruling 2007-58 to supplement their 2004 pronouncement on the arrangements to be accepted as a 'qualified pension or retirement plan' for annuity investment diversification purposes." (PLANSPONSOR.com; free registration required)
Hewitt Global Retirement Update, August 2007 (PDF)
3 pages. Excerpt: "This update summarizes recent legislative developments and trends related to retirement and financial management and highlights recently passed and pending legislation that may require employers to take action to comply with new rules or review existing plans." (Hewitt Associates)
Modern Portfolio Decumulation: A New Strategy for Managing Retirement Income
Excerpt: "This article outlines a strategy to improve the ability to obtain a stable and steady stream of distributions for life from a retirement portfolio and at the same time fund future wealth goals, such as for gifts and bequests." (Journal of Financial Planning)
Using Decision Rules to Create Retirement Withdrawal Profiles
Excerpt: "This paper defines three retirement withdrawal profiles and specifies decision rules that will produce each profile." (Journal of Financial Planning)
Sponsored by: ASC & the ASC Institute
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Links to Items on Executive Comp, Benefits in General
Summary of Proposed Treasury Regulations on Accident or Health Insurance under a Qualified Plan (PDF)
Excerpt: "The Treasury Department released proposed regulations on the tax treatment of long-term care (LTC) insurance, health insurance and disability insurance held by a 401(k) plan or other tax-qualified retirement plan." (American Benefits Council)
Towers Perrin U.S. Legislative Tracking Charts -- Human Resources -- Updated August 20, 2007 (PDF)
12 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)
Overview: IRS Clarification That 409A Election to Defer Teachers' Salaries Not Applicable to This School Year
Excerpt: "The guidance, which was released in a series of Frequently Asked Questions (FAQs) on Code Sec. 409A and deferred compensation, reiterates that the final regulations will not be applied to annualization elections for school years beginning before January 1, 2008." (Wolters Kluwer Law & Business)
Overview of the IRS, Treasury Department 2007-08 Priority Guidance Plan
Excerpt: "The 2007-2008 Priority Guidance Plan lists 44 guidance projects relating to employee benefits, including 26 projects for retirement plans and 18 projects for health care benefits and executive compensation." (Wolters Kluwer Law & Business)
Stabilizing Future Fiscal Policy: It's Time to Start
Excerpt: "Fiscal policy is out of control. Programs, such as Social Security and Medicare, have design features that push up spending faster than the growth of revenues. It is time to change the course of the automatic pilot driving these programs. To do so, policymakers can develop 'triggers' that automatically curb spending. . . . The paper examines triggers employed to reform Social Security in other advanced democracies and explores design options for an optimal trigger." (The Urban Institute)
Newly Posted Events
IRS Issues Comprehensive Guidance for Cafeteria Plans Teleweb
Nationwide on September 13, 2007
presented by International Foundation of Employee Benefit Plans
New Nondiscrimination Rules for Cafeteria Plans: A Wake-Up Call for Employers and Administrators
Nationwide on September 20, 2007
presented by Employee Benefits Institute of America Inc. (EBIA)
Newly Posted Press Releases
Hewitt Study: While Salary Increases in 2008 Remain Modest, Variable Pay Awards Reach Record High
Hewitt Associates LLC
ICC Plan Solutions Completes Major Enrollment Kit Application Upgrade
ICC Plan Solutions
Bridges to Excellence Physician Reward Program Expands National Presence - from Maine to Georgia
Bridges to Excellence (BTE)
Keller Rohrback L.L.P. Announces Investigation of the Countrywide Financial Corp. 401(k) Savings and Investment Plan
Keller Rohrback
Newly Posted or Renewed Job Openings
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Attorney Benefits / ERISA
for Constangy, Brooks & Smith, LLC
in AL
Retirement Plan Specialist
for Diversified Investment Advisors
in MI
401(k) Plan Daily Recordkeeper
for Scott, Tellier & Co., Inc.
in AZ
Pension Administrator
for Lurie Besikof Lapidus & Company, LLP
in MN
Compliance Specialist
for The Newport Group
in NC
Employee Benefits Paralegal
for Downtown NYC law firm
in NY
Associate Consultant (Actuary)
for Fidelity Investments
in MA
Benefits Manager
for AmTrust Bank
in OH
Associate Consultant (Actuary)
for Fidelity Investments
in MA
Pension Analyst
for T Rowe Price
in MD
Vice President, Retirement Programs and Services
for The National Rural Electric Cooperative Association (NRECA)
in VA
Retirement Plan Administrator
for Howard Simon & Associates
in IL
ERISA / Executive Compensation Attorney
for Smith, Gambrell & Russell, LLP
in GA
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