BenefitsLink |   |
| September 6, 2007 |
| Here are the Internet's newest links on plan operation, design and policy; emphasis is on compliance and costs. |
Today's sponsor is DATAIR Employee Benefit Systems, Inc.
(Click on company name or banner to learn more.)
| Software for 401(k), Pension and Flex Administration |
| Pick and choose the software modules you need:
DC/401(k) Proposals & Administration - DB Proposals & Administration - Retirement Plan Documents (Prototype and
Volume Submitters) - Government Forms (5500s, 1099-Rs, 5300s) - Cafeteria Plan Administration & Documents - Participant Termination Calculations - FAS 132 Reporting
Contact sales@datair.com or call 1-888-328-2474. |
Official Guidance; News
Ways and Means Committee Member, Rep. Richard Neal, to Launch His Own 401(k) Fee Disclosure PlanExcerpt: "Mr. Neal cited the issue's tax angle. Given the favorable tax treatment accorded to 401(k) plans, 'we're examining the whole responsibility that the Ways and Means Committee has here,' he told Financial Week late last week. 'We're looking at the tax side of this issue.'" (Financial Week; free registration required)
PBGC Asks Court to Terminate Waltec Forgings Plan
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) has asked the U.S. District Court for the Eastern District of Michigan to terminate the Waltec American Forgings, Inc. Retirement Plan. According to the PBGC complaint, the agency and company could not come up with an agreement to terminate the plan. Waltec was automatically dissolved in July 2007 for failure to pay required fees and make required filings. It terminated all employees in 2003." (PLANSPONSOR.com; free registration required)
Profit Sharing/401k Council of America Sponsors National 401(k) Day
Excerpt: "The Profit Sharing/401k Council of America (PSCA), a national nonprofit association committed to retirement savings through employee-sponsored defined contribution programs, is sponsoring National 401(k) Day on September 7. Now in its 12th year, 401(k) Day is an annual celebration that encourages employers to set aside time at the workplace to spotlight the importance of their 401(k) plans." (Business Wire)
UPS Said to Reach Deal to Withdraw from Teamsters Pension Plan
Excerpt: "'The specific terms of the agreement are being finalized by the company and fund,' said the letter by James P. Hoffa, Teamster president and co-chairman of the Teamsters National United Parcel Service Negotiating Committee, and Ken Hall, co-chairman of the committee." (Pensions & Investments)
IRS 30 Year Treasury Securities Rate Updated for August 2007
30 Year Treasury Securities Rate for August 2007: 4.93% (Internal Revenue Service)
IRS Composite Corporate Bond Rate Table Updated for September 2007
Corporate Bond Weighted Average Interest Rate = 5.86 for September 2007 (Internal Revenue Service)
Appeal Sought in Key Canadian Pension Case
Excerpt: "Former employees of food manufacturer Kerry (Can.ada) Inc. have asked the Supreme Court of Can.ada to review an appeals court decision allowing the company to pay certain pension plan expenses from plan funds, among other things. The June decision by the Ontario Court of Appeals was widely held as being favorable to Canadian pension plan sponsors." (Business Insurance)
Summary/Analysis of Official Guidance
New Rules on Underfunded Pension Plans Call for Corporate Action NowExcerpt: "Given the proposed regulations the U.S. Treasury released last week related to the Pension Protection Act's restrictions on the benefits provided by underfunded pension plans, companies might want to check immediately on their plan's level of funding for this year, according to a retirement plan expert at Aon Consulting." (Financial Week; free registration required)
Overview: The Final 403(b) Regulations (PDF)
3 pages. Excerpt: "This Compliance Bulletin will provide an overview of the major provisions contained in these regulations and DOL guidance." (Prudential Financial)
Trends; Surveys; Research
Schwab Finds Sponsors Going Beyond Auto EnrollmentExcerpt: "Charles Schwab has reported both a dramatic increase in the use of automatic retirement plan features and additional applications of automated tools by its 401(k) plan clients." (PLANSPONSOR.com; free registration required)
Financial Research Corporation Finds Investor Solutions Desire Tied to Assets Invested
Excerpt: "Findings . . . from Financial Research Corporation (FRC) show the greater the percentage of assets investors have invested the more likely they are to adopt the new solution-oriented products and services emerging from investment product providers and financial advisory firms. [According to the study] the larger the percentage of total investment assets held in employer-sponsored retirement plans, the more interested participants are in options such as lifecycle funds." (PLANSPONSOR.com; free registration required)
The Inside ESOP Fiduciary Handbook
The NCEO presents excerpts from The Inside ESOP Fiduciary Handbook, a new publication for people at ESOP companies who serve as ESOP fiduciaries. (National Center for Employee Ownership)
Policy; Opinion; Advocacy
If White House Press Secretary Tony Snow Won't Save for Retirement, Why Should You?Excerpt: "[Snow's] life in many ways symbolizes the downside of the ownership society -- and suggests how much a government role in health and retirement benefits is necessary. When Snow came to the White House after several years at the Fox News Channel, it was clear that he had relied entirely on others to save for his retirement. Snow conceded: 'As a matter of fact, I was even too dopey to get in on a 401(k)." (Slate)
Limits for the Thrift Savings Plan?
Excerpt: "The folks that run the federal 401(k) plan, and most financial planners, say it's a long-term investment and that participants shouldn't be emotional (scared or euphoric) about the short-term ups and downs of the market. But they are also concerned because they say there are 'some large expenses' involved in mass movements of I-fund participants." (Federal News Radio)
Sponsored by: Mid-Sized Retirement & Pension Plan Management Conference
(Click on company name or banner to learn more.)
| October 7-10, 2007 - Chicago Marriott Downtown |
| Does your retirement program feel as though it's boxed in, challenged by regulatory concerns, fiduciary issues and uncertainty over new plan design options? There is good news ahead! One educational program provides real, take-away solutions to all your 401(k) or defined benefit plan issues. The Mid-Sized Retirement & Pension Plan Management Conference can enable your company to think "outside of the box," reach its goals and help your employees meet their retirement income needs. |
| (Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor) |
Links to Items on Executive Comp, Benefits in General
Understanding and Communicating Employee Benefits to Workers
Excerpt: "Despite [the] numbers, neither executives nor their employees are happy with the current state of company benefits programs. A study by Towers Perrin found that both sides of the equation are displeased with the system." (Thomas Publishing Company)
IRS Updates List of Time Sensitive Acts
Excerpt: "The IRS has issued a Revenue Procedure updating its list of time-sensitive acts that may be automatically postponed under Code Sec. 7508(a)(1) for individual taxpayers serving in a combat zone or contingency operation." (Wolters Kluwer Law & Business)
Opinion: State of Washington Not Owning Up to Future Retiree Benefit Costs
Excerpt: "The old rules made it very easy for governments to promise employees benefits during retirement, since doing so had no effect on their balance sheets. Costs were not reflected in the budget until benefits were paid to retirees years later, long after the politicians who made the promises left office. Currently, Washington is setting aside only about 20 percent of the $600 million needed annually to eliminate the unfunded liability in 25 years." (The Seattle Times)
Newly Posted Events
Code Section 409A Workshop
in Washington on September 25, 2007
presented by SunGard Relius
Code Section 409A Workshop
in New York on September 26, 2007
presented by SunGard Relius
Compensation Administration: The Fair Labor Standards Act with Craig J. Davidson, CEBS
Nationwide on September 18, 2007
presented by FutureOffice Network
ERISA Workshop
in Pennsylvania on October 2, 2007
presented by SunGard Relius
ERISA Workshop
in New York on October 3, 2007
presented by SunGard Relius
ERISA Workshop
in Georgia on October 3, 2007
presented by SunGard Relius
ERISA Workshop
in Ohio on October 3, 2007
presented by SunGard Relius
ERISA Workshop
in Massachusetts on October 4, 2007
presented by SunGard Relius
ERISA Workshop
in North Carolina on October 4, 2007
presented by SunGard Relius
ERISA Workshop
in Michigan on October 4, 2007
presented by SunGard Relius
Free Webinar Compensation: The Fair Labor Standards Act
Nationwide on August 18, 2007
presented by FutureOffice Network
Free Webinar Compensation: The Fair Labor Standards Act
Nationwide on August 18, 2007
presented by FutureOffice Network
IRS Issues Comprehensive Guidance for Cafeteria Plans Teleweb
Nationwide on September 13, 2007
presented by International Foundation of Employee Benefit Plans
Non-Qualified Deferred Compensation Plans: It's Time to Comply with Section 409A
in Ohio on September 20, 2007
presented by WEB (Worldwide Employee Benefits Network) Cleveland Chapter
Newly Posted Press Releases
Executive Of Tennessee Company Sentenced After Pleading Guilty To Theft Of 401(k) Assets In Case Investigated By U.S. Labor Department
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Guardian Offers Discounts on Tooth-Decay Fighting Sweetener
Guardian
National Retirement Partners Expands With 16 New Members
National Retirement Partners, Inc.
68 Percent of Americans Believe Prevention is the Solution to America's Healthcare Challenges
U.S. Preventive Medicine
Newly Posted or Renewed Job Openings
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Investment Consultant
for The Newport Group
in FL
Attorney
for Ogletree Deakins
in GA, IL, SC
Retirement Services Provider Consultant
for Deloitte Consulting LLP
in MA, MN, NY
Sr. Employee Benefit Specialist-Retire Secure
for The Principal Financial Group
in OH
Benefit and Planning Counselor
for The Principal Financial Group
in NY
Pension Plan Administrator
for Nationwide Insurance
in OH
Associate
for Epstein Becker & Green, P.C.
in NJ
Manager, New Business - Retirement Plans Administration
for Standard Insurance Company
in OR
Tax Manager - Employee Benefits, Global Employment Services
for Deloitte & Touche, LLP
in FL, GA
Pension Administrator
for Pension Investors Corp. of Orlando
in FL
Retirement Compliance Testing Manager
for Vanguard
in PA
ERISA Consultant
for Vanguard
in AZ
Relationship Manager - Defined Contribution Plans
for Vanguard
in AZ
Senior Compliance Testing Consultant
for Vanguard
in PA
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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