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| December 27, 2007 |
| Here are the Web's best new links about compliance and cost aspects of plan operation, design and policy. |
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. |
(a) New Guidance Documents
Final IRS Regs: User Fees Relating to Enrollment To Perform Actuarial Services; Up From $25 to $250 (PDF)
2 pages. User fee for enrollment and renewal of enrollment for enrolled actuaries increases from $25 to $250, effective January 22, 2008. (Internal Revenue Service)
Disaster Relief Announcement 07-29 Relating to PBGC Deadlines in Response to Severe Storms, Flooding, Landslides and Mudslides in Oregon
Excerpt: "The Pension Benefit Guaranty Corporation is waiving certain penalties and extending certain deadlines in response to the severe storms, flooding, landslides and mudslides beginning on December 1, 2008, in Oregon." (Pension Benefit Guaranty Corporation)
Disaster Relief Announcement 07-28 Relating to PBGC Deadlines in Response to Severe Storms and Flooding in Washington
Excerpt: "The Pension Benefit Guaranty Corporation is waiving certain penalties and extending certain deadlines in response to the severe storms and flooding that occurred on December 1, 2007, in Washington." (Pension Benefit Guaranty Corporation)
Disaster Relief Announcement 07-27 Relating to PBGC Deadlines in Response to Severe Storms and Flooding in Indiana
Excerpt: "The Pension Benefit Guaranty Corporation is waiving certain penalties and extending certain deadlines in response to the severe storms and flooding that occurred on August 15, 2007, in Indiana." (Pension Benefit Guaranty Corporation)
Disaster Relief Announcement 07-26 Relating to PBGC Deadlines in Response to Severe Wildfires in California
Excerpt: "The Pension Benefit Guaranty Corporation is waiving certain penalties and extending certain deadlines in response to the Severe Wildfires that occurred on October 21, 2007, in California." (Pension Benefit Guaranty Corporation)
(b) News
San Diego Pension Board OKs Adoption of IRS Correction Procedure: 'Compliance Statement' Calls 14 Issues 'Failures'
Excerpt: "San Diego's pension board . . . unanimously adopted a 14-point plan negotiated with the Internal Revenue Service to bring its programs and practices in compliance with federal tax law." (The San Diego Union-Tribune)
(c) Summaries of Guidance; Filed Comments
(None today.)
(d) Trends, Surveys, Research
Pension Protection Act Boosting 401(k) Participation, Survey Concludes
Excerpt: "The passage of the Pension Protection Act in 2006 has led to higher participation in 401(k) plans, in large part due to increased implementation of automatic plan features such as automatic enrollment, according to a survey by Diversified Investment Advisors Inc." (Workforce Management; free registration required)
Pre-Screening of 401(k) Rules Gets Bad Reviews
Excerpt: "Critics said the proposal had one major flaw: The disclosures would be to plan 'fiduciaries' -- employers -- and not employees, who typically bear the brunt of the overhead costs. 'It's clear that the rules are inadequate because they fail to require disclosure of fees and conflicts of interest to workers,' said Rep. George Miller (D-Calif.), chairman of the House Education and Labor Committee, who has proposed legislation that would mandate such disclosures." (The Star-Ledger via New Jersey On-Line LLC)
Rush to 401(k) Auto Enrollment Takes Provider by Surprise
Excerpt: "Officials at New York Life Retirement Plan Services saw significant growth in the adoption of automatic enrollment among 401(k) plan clients in the nine short months after the Pension Protection Act of 2006 was signed into law[.] New York Life executives said they were surprised at how fast plan executives acted." (Pensions & Investments)
CalPERS to Shift $44 Billion: Fund Moving 18% of Assets to International, Alternative Strategies
Excerpt: "At the Dec. 17 board meeting, trustees approved a new allocation that, based on the fund's Dec. 19 market value, will cause CalPERS to pour an additional $24 billion into its $46 billion international equity portfolio, $4.4 billion more into its $20.6 billion private equity portfolio, another $5.2 billion into its $19.8 billion real estate portfolio and about $10 billion more into a new inflation-linked asset class. The international equity figure assumes that one-third of CalPERS' $138 billion global equity portfolio is invested in international stocks." (Pensions & Investments)
(e) Policy, Opinion, Advocacy
Hewitt Federal Legislation Quick Guide Updated as of December 19, 2007, for Retirement Plans (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 retirement plans. (Hewitt Associates)
Book Review: The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance
Excerpt: "[The author] does a remarkable job at melding several disciplines in his text: financial economics, insurance, mathematics, and actuarial science. The text serves as a bridge for actuaries into the world of finance, and for financial economists into the world of pensions, insurance, and actuarial science. This user-friendly bridge is not only a notable achievement but an essential step toward joining the insights achievable through the various disciplines and equipping researchers to make further advances in the fields of pensions and retirement income." (InsuranceNewsNet)
Links to Items on Executive Comp, Benefits in General
Opinion: Some Workplace Trends for 2008
Excerpt: "What's ahead for the workplace next year? My crystal ball is only as good as the ones used by the experts, the so-called experts, and the John and Jane Does who communicate with me. Based on that entirely unscientific roundup, here are some sure and not-so-sure bets for 2008 . . . ." (The Kansas City Star; free registration required)
MetLife Mature Market Institute Takes First Look at the Baby Boomers Turning 62
Excerpt: "'This is the first time that the oldest baby boomers, including their lifestyles, perceptions and plans have been examined in such detail,' . . . . 'Despite the social and political turbulence of their youth, these leading edge boomers have established very traditional lifestyle characteristics." (Business Wire via InsuranceNewsNet.com)
Overview of Section 6039: IRS Interim Guidance on Information Returns to Be Filed with the IRS for ISOs and ESPPs
Excerpt: "The time and manner in which to file the information return to the IRS is to be set forth in regulations. However, the IRS has yet to issue regulations addressing this particular requirement. As a result, the IRS has temporarily waived the obligation to file an information return to the IRS for stock transfers covered under Section 6039. There is still, however, the existing requirement to furnish employees with a written statement containing certain specific information as provided in the current regulations." (Wilson Sonsini Goodrich & Rosati)
Working Paper: Health, Economic Resources and the Work Decisions of Older Men
Excerpt: "In this paper, we specify a dynamic programming model that addresses the interplay among health, financial resources, and the labor market behavior of men in the later part of their working lives. Unlike previous work which has typically used self reported health of disability status as a proxy for health status, we model health as a latent variable, using self reported disability status as an indicator of this latent construct." (National Bureau of Economic Research via Reish Luftman Reicher & Cohen)
working Paper: Net Worth and Housing Equity in Retirement
Excerpt: "This paper documents the trends in the life-cycle profiles of net worth and housing equity between 1983 and 2004. The net worth of older households significantly increased during the housing boom of recent years. However, net worth grew by more than housing equity, in part because other assets also appreciated at the same time." (National Bureau of Economic Research via Reish Luftman Reicher & Cohen)
Hewitt Federal Legislation Quick Guide for December 19, 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)
Overview: DOL Proposes Regulation on Service Provider Disclosures for 401(k) and Health & Welfare Plans
Excerpt: "EBIA Comment: The proposed regulation and PTE are part of a current DOL enforcement focus on service provider compensation, a longstanding investigative priority. . . . The DOL acknowledges that the new regulation would create significant compliance costs and burdens for certain plans and service providers. It also reminds plan fiduciaries that they must continue to satisfy their general ERISA fiduciary obligations in selecting and monitoring all service providers, whether subject to the new requirements or not." (Employee Benefits Institute of America)
Newly Posted Press Releases
PBGC Moves To Protect Pensions At New York Racing Association Inc.
Pension Benefit Guaranty Corporation (PBGC)
Newly Posted or Renewed Job Openings
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Senior Retirement Plan Administrator
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