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| January 25, 2008 |
| 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. |
[Guidance Overview] Nevada State Supreme Court Considering Battle Between Benefits Program and Las Vegas Metro Police
Excerpt: "Whether the Las Vegas Metropolitan Police must pay subsidies for retirees who join the state benefits plan is now up to the Nevada Supreme Court. But the decision affects more than just the department; it could leave 1,900 teachers in Clark County without benefits and set the standard for inclusion of other agencies that use the state's plan." (Nevada Appeal)
[Guidance Overview] Hewitt Federal Legislation Quick Guide Updated as of January 23, 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)
[Guidance Overview] Pre-Tax Rollovers to Roth IRAs
Excerpt: "Beginning January 1, 2008, a plan participant may roll over directly from an 'eligible retirement plan' account to a Roth IRA, subject to the existing limitation on Roth IRA rollovers. An eligible retirement plan includes a qualified plan, a 403(b) plan, and a governmental 457(b) plan. This law change was part of the Pension Protection Act of 2006 ('PPA')." (SunGard Corbel LLC)
Fewer 401(k) Savers Would Be Facing Inadequate Nest Eggs if Told Necessary Contribution Rate (PDF)
4 pages. Excerpt: "What participants need is specific numbers on the percentage of their salary they need to save now to achieve their goal -- depending on when they start saving and how well they invest their money. For this purpose, we would like to discuss the concept of retirement sufficiency, which is defined as the nest egg that one needs to accumulate in order to maintain his or her pre-retirement standard of living after retirement." (James E. Turpin, MSPA, and Jane White; reprinted with permission from the ASPPA Journal)
Chart of Pending Retirement Legislation 2008 (PDF)
Excerpt: "The 110th Congress reconvenes on January 3rd with some significant bills on the table -- most important being the technical corrections to the Pension Protection Act. Other bills of note involve fee disclosures, changes to nonqualified deferred compensation and making permanent certain tax deductions due to expire. The following represent bills that are actively being considered by Congress at this time." (The Center for Due Diligence)
Needs and Spending in Retirement - Papers from the 2007 Society of Actuaries Annual Meeting
On the target page, you may download a single PDF of all three papers: Spending Decisions in Retirement-What Choices Can People Make? Retirement Spending and Changing Needs during Retirement: Summary of Regression Analysis; and, A Decomposition of the Various Effects of Retirement on Consumption, or individual PDFs of each paper. (Society of Actuaries)
Trends and Experience in 401(k) Plans, 2007 - Survey Highlights (PDF)
5 pages. Excerpt: "The 2007 Trends and Experience in 401(k) Plans survey results reveal emerging trends in 401(k) plan design and administration." (Hewitt Associates)
Rhode Island Public Employee Pension Costs Studied
Excerpt: "Despite recent 'reforms' aimed at reining in the state's pension costs, today's state workers can still look forward to significantly higher pensions than their counterparts in most other New England states, at a steep cost to taxpayers -- a potential $1.6 million over the retirement life of a single pensioner, according to a newly released report by the state treasurer's office." (The Providence Journal)
The Effects of Enacted and Proposed Pension Accounting Changes on Leverage, Profitability and Earnings Volatility (PDF)
20 pages. Excerpt: "In the first part of this research report, we examine changes to the balance sheet and its effects on measures of leverage and profitability for the 30 companies in the Dow Jones Industrial Average caused by the initial adoption of SFAS No. 158. In the second part of the report, we concentrate on likely other future pension accounting changes that could impact financial statements even further. In particular, we examine the possible effects on pension expense and income from continuing operations if full pension costs were recognized in income, instead of flowing through other comprehensive income." (College of Management, Georgia Institute of Technology)
With the Plan on Autopilot, What Should the Adviser Be Doing?
Excerpt: "It seems that technology could be threatening to take the jobs of advisers who specialize in retirement. With more and more retirement plans featuring automatic enrollment, automatic increases and default investments, there is very little retirement decision making left in the hands of plan participants." (Employee Benefit Advisor; free registration required)
Sponsored by: ASPPA
(Click on company name or banner to learn more.)
| The ASPPA 401(k) SUMMIT |
| Join over 1,400 colleagues at the retirement industry's longest running conference dedicated solely to retirement plan sales and investment professionals , The ASPPA 401(k) SUMMIT. Attend advisor centered workshops, general sessions with internationally known speakers, secure insurance and other CE credits, network with your peers and more in Orlando, Florida, February 10-12, 2008. Don't miss your opportunity to join the best of the best. Early bird savings apply so register NOW. |
| (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
[Guidance Overview] Court Rules Workplace Safety Laws Independent of ERISA
Excerpt: "The 5th U.S. Circuit Court of Appeals has ruled that the Employee Retirement Income Security Act does not pre-empt state law claims regarding unsafe workplaces." (Workforce Management; free registration required)
[Guidance Overview] Supreme Court - MetLife v. Glenn and other Employment Cases (PDF)
2 pages. Excerpt: "The United States Supreme Court recently announced that it will consider three cases that may impact employers and employees. These cases are briefly summarized . . . ." (Winston & Strawn LLP)
[Guidance Overview] U.S. Supreme Court Will Hear Three New Employment and ERISA Cases (PDF)
3 pages. Excerpt: "In three more cases the Court agreed to hear on Friday concerning age discrimination, retaliation and ERISA claims, the Court's decisions will likely impact not only the success of employers in defending certain employment cases, but also the types (and number) of employees protected by anti-discrimination statutes. While many expect the Court to continue its relatively conservative approach in the employment area, even pro-employer decisions may negatively impact employers if the end result is to prompt Congress to roll back the Court's decisions." (Sutherland Asbill & Brennan LLP)
[Guidance Overview] January 2008 Employee Benefits Update (PDF)
10 pages. This newsletter covers select compliance deadlines and retirement, health and welfare developments. (Reinhart Boerner Van Deuren s.c.)
[Guidance Overview] Hewitt Federal Legislation Quick Guide for January 23, 2007, on Human Resources & Employment Law (PDF)
15 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)
[Guidance Overview] 2007 Legislative and Regulatory Year in Review and the Outlook for 2008
Excerpt: "This comprehensive report rounds up key legislation and regulatory guidance enacted in 2007 and forecasts the outlook for legislative and regulatory activity in 2008." (Hewitt Associates)
[Guidance Overview] Seventh Circuit Rejects FedEx's Request To Review Class Certification
Excerpt: "According to a CNN news report, a Seventh Circuit panel rejected FedEx's request to review the nationwide class certification of the drivers' claim for employee benefits under the Employee Retirement Income Security Act (ERISA) and other state claims. Central to the case is the classification of workers as independent contractors. The decision clears the way for further proceedings in the nationwide class action suit that involves thousands of workers." (Health Plan Law blog by Attorney Roy F. Harmon III)
[Guidance Overview] Final Rules for Nonqualified Defined Contribution Deferred Compensation Plans (PDF)
7 pages. Excerpt: "These rules apply to sponsors of and participants in nonqualified defined contribution plans, including section 457(f) plans. These rules do not apply to qualified plans (for example, 401(k) plans), section 403(b) arrangements, or section 457(b) plans." (Prudential Retirement)
[Guidance Overview] Chart - Highlights of Final Rules for Nonqualified Defined Contribution Plans (PDF)
5 pages. (Prudential Retirement)
[Guidance Overview] Deferred Compensation Planning Opportunities for Executives of Tax-Exempt Entities
Excerpt: "Two important planning techniques . . . can significantly increase the amount of compensation that a key employee of a tax-exempt entity may annually defer. First, changes in the Code, which became effective in 2002, eliminated the offset of amounts deferred under an eligible Code Section 457 plan against deferrals that the executive may make under a tax-sheltered annuity or a 401(k) plan, thereby permitting an executive to 'double up' his or her pre-tax deferrals." (Buchanan Ingersoll & Rooney PC)
Labor Dept. Working on Changes for Families Coping with Illness and Military Duty
Excerpt: "Labor Department officials said [yesterday] that they had proposed new regulations that address some corporate complaints that workers are abusing the Family and Medical Leave Act. Under the proposals, workers would generally have to call in to request a leave before taking it; currently, employees can take off for two days before requesting a leave." (The New York Times; free registration required)
Changes in Family Leave Act Regs Proposed
Excerpt: "The Bush administration is proposing the first changes in more than a decade to regulations that give workers unpaid leave to deal with family or medical emergencies, a move that concerns some of the law's supporters who want to see it expanded." (AP via The New York Times; free registration required)
Fortune Lauds the 'Best' 100 Employers
Excerpt: "Robust workplace benefits still remain a key factor in why some employers appear on Fortune magazine's list of the 100 Best Companies to Work For." (Employee Benefit News; free registration required)
Southwest Employees Say no More Stock Options
Excerpt: "Southwest Airlines has used stock options to enrich employees during good financial periods, but officials with the Transport Workers Union of America are now seeking more traditional compensation for ground workers." (PLANSPONSOR.com; free registration required)
Employers See Advantage in Helping Workers Care for Families
Excerpt: "Now some companies, searching for ways to reduce absences and low productivity among workers with hefty personal demands, are coming up with ways to help. The services they help provide run the gamut: backup care, in-home care for family members with minor illnesses and referrals to day-care services that offer weekend, night-shift or late-evening care." (The Columbia Daily Tribune)
Newly Posted Events
Consumer Driven Care Web Summit - A Healthcare Web Summit Event
in California on March 13, 2008
presented by Healthcare Web Summit
The Business Case for Employee Health and Well-Being Webcast
Nationwide on February 14, 2008
presented by International Foundation of Employee Benefit Plans
Newly Posted Press Releases
Many Companies Still Unlikely to Disclose Performance Goals In Their 2008 Proxy Statements, Watson Wyatt Poll Finds
Watson Wyatt
AASA Center for System Leadership Releases 403(b) Toolkit for School Administrators
American Association of School Administrators
Newly Posted or Renewed Job Openings
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Assistant Vice President-USIG Benefits Support-50031446
for MassMutual Financial Group
in CT
Pension Administrator
for The Benefits Consulting Group, Inc.
in IL
Small Market Sales Representative
for CitiStreet
in MA
Team Leader
for CitiStreet
in MA
Senior Manager - Healthcare Consulting
for Deloitte Consulting LLP
in TX
Senior Manager - Executive Compensation Consulting
for Deloitte Consulting LLP
in TX
Retirement Sales Consultant
for EPIC Advisors, Inc.
in AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY
Defined Contribution Client Manager
for Milliman, Inc.
in WA
Vice President, International Benefits / Domestic Retirement
for 20th Century Fox
in CA
Plan Specialist - Plan Sponsor Desk (Los Angeles)
for Transamerica Retirement Services
in CA
Taft-Hartley Defined Contribution Client Account Manager
for New York Life Retirement Plan Services
in MA
Defined Contribution Client Account Manager
for New York Life Retirement Plan Services
in NJ
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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