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| March 21, 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.)
| 5500 / PBGC / 1099-R / 5300 / FAS 158 Software from DATAIR |
DATAIR Pension Reporter System. Easy to use and economical for electronic and paper filing with instant access to forms and instructions. Live, expert support included.
Choose from 4 modules:
|
[Official Guidance] Text of Final PBGC Regs on Premium Rates and Payment of Premiums for 2008, Reflecting PPA Changes (PDF)
The final rule amends PBGC's regulations on Premium Rates and Payment of Premiums. The amendments implement provisions of the Pension Protection Act of 2006 that change the variable-rate premium for plan years beginning on or after January 1, 2008, and make other changes. The related premium instructions for 2008 final e-filings (now called Comprehensive Filings) have been updated to incorporate the final rule. (Pension Benefit Guaranty Corporation)
[Guidance Overview] IRS/Treasury Proposed Regulations Concerning Notice Required for Pension Plan Amendments
Excerpt: "The Treasury Department and Internal Revenue Service have issued proposed regulations that would provide guidance concerning application of the notice requirements of Code Sec. 4980F and section 204(h) of ERISA to a plan amendment that is permitted to reduce benefits accrued before its applicable amendment date. The proposed regulations would impact pension plan sponsors, administrators, participants and beneficiaries." (CCH Incorporated)
Revisiting Corporate Pension Plans
Excerpt: "The Conference Board has just issued a report [based on its] Pensions and Retirement Conference which . . . noted that as retirement benefits are redesigned for today's retirees, it's become unclear whether employer programs can support long-term financial security. 'The changing definition of retirement raises controversial questions, especially from a societal point of view. What is the responsibility of the corporation to provide a safe and secure retirement for its employees? The evolving social contact between employees and employers has resulted in many issues that plan sponsors, policymakers, and academics need to resolve.'" (WebCPA and SourceMedia, Inc.)
Greek Parliament Adopts Pension Reform, Ending Public Workers Strikes
Excerpt: "The government intends to merge 133 pension funds into 13 new groups in a bid to cut operating costs, and also wants to encourage retiring workers to stay in the workforce up to an extra three years." (Thomson Financial News via Forbes.com)
Dallas-Fort Worth Area Cities Must Make Up for Public Pension Shortfall
Excerpt: "The massive retirement system that covers many of the state's municipal workers is calling on Texas cities to help shrink a $2.9 billion shortfall, and now the cities must figure out how to handle increased costs. Reducing benefits for retirees or increasing taxes are among options open to the cities, but administrators say they won't know the effect of changes to the Texas Municipal Retirement System until they start work on next year's budgets." (Star-Telegram)
New Hampshire Pension Reform Passes House Without Debate
Excerpt: "By a 259-60 vote, the House adopted the changes in HB 1645, which organized labor, as well as towns and school districts across the state, are watching closely. The bill is aimed at restoring the health of the $6 billion New Hampshire Retirement System, which provides retirement benefits for retired police, firefighters, teachers, state and many municipal workers. NHRS membership includes 70,000 retirees and active workers." (The Union Leader)
With Farm Bill postponed, Future of New Roth 457 Arrangements in 457 Plans Still Uncertain
Excerpt: "The Senate passed a 30-day extension on farm programs legislation, H.R. 2419, commonly known as the Farm Bill, until April 18, 2008. The bill includes a provision that would provide for Roth arrangements in 457 plans -- but the future of these new arrangements is uncertain at this time." (ICMA-RC)
Hewitt Survey Shows Plan Funding and Employee Participation Will Be Focus in 2008
Excerpt: "Hewitt's study of 190 mid- to large-sized U.S. companies revealed that new funding rules for pensions and increased scrutiny of retirement plan operations are prompting more companies to administer their defined benefit plans with an eye to reducing plan risk of underfunding due to investment losses in 2008." (Wolters Kluwer)
Retirement Plan Sponsors to Focus on Risk Management, Automation, Employee Accountability in 2008
Excerpt: "Hewitt's study of 190 midsize and large U.S. companies revealed that the new funding rules for pension plans enacted by the Pension Protection Act of 2006 (PPA) and increased scrutiny of retirement plan operations in general are prompting more companies to take additional steps to administer their plans within a risk framework in 2008." (Wolters Kluwer)
State of New Jersey not Doing its Share of Funding Pensions
Excerpt: "State law requires local governments to make the full payment due for their pension benefits for the first time in a decade. However, the state is not held to the same standard. Governor Jon Corzine's proposed budget includes less than half the amount Janet Cranna, the actuary who presented the report, calculated the state should pay into the funds, increasing the shortfall . . . ." (PLANSPONSOR.com; free registration required)
PBGC to Publish Final Rules on Premium Rates
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) announced it will publish a final rule to amend PBGC's regulations on Premium Rates and Payment of Premiums in the Federal Register on March 21.' (PLANSPONSOR.com; free registration required)
[Opinion] Another Perspective on the Shifting 401(k)
Excerpt: "[Re the Fred Barstein interview]: Representatives of large plans are more sophisticated and knowledgeable buyers. Size is not indicative of sophistication or knowledge and to presume that a buyer is more knowledgeable or more sophisticated when they represent a large plan is inconclusive. In fact, the only reliable observation we can make about large retirement plans is that economies of scale do apply." (David Witz via benchmarkalert.com)
Sponsored by: Moore School of Business
(Click on company name or banner to learn more.)
| 37th Annual Retirement and Benefits Management Seminar |
| The University of South Carolina Moore School of Business and the U.S. Department of Labor along with the Internal Revenue Service will conduct their annual seminar April 24th-25th in Charlotte, North Carolina. The program will feature experts from the legal, accounting, and the retirement industry along with government representatives in eight sessions focusing on current retirement issues and trends. |
| (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
Survey Shows Most Boards Not Renegotiating Severance Packages
Excerpt: "According to a new report from Watson Wyatt, 54 of the 70 companies studied by the consulting firm, or 77%, did not provide their exiting CEOs with any termination payments beyond what was disclosed to shareholders in their 2007 proxies." (Financial Week; free registration required)
Newly Posted Events
Upcoming 401k Seminar
in Virginia on April 1, 2008
presented by AFS Financial Group
Newly Posted Press Releases
Variable Rate Premium Final Rule
Pension Benefit Guaranty Corporation (PBGC)
2 New Essential Resources for Consumer Driven Care Consumer Driven Care Guidebook 2008 Edition and Consumer Driven Care Resource Kit CD-ROM
Healthcare Web Summit
Upcoming 401k Seminar
AFS Financial Group
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs |
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Retirement Plan Administrator
for Kolb+Co. SC Retirement Plan Services
in WI
HR Benefits Representative
for Entergy
in LA
Associate Attorney
for Womble Carlyle Sandridge & Rice PLLC
in NC
CRTMA - Business Analyst Implementation Services
for Citi
in MA
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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