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| June 5, 2008 |
| Here are the Web's best new links about compliance and cost aspects of plan operation, design and policy. |
Today's sponsor is SunGard
(Click on company name or banner to learn more.)
| SunGard's Document Management Services |
| Do you have 500 or more defined contribution plans to restate for EGTRRA? Outsource them to us. SunGard’s expert Document Management Services (DMS) staff can work as your "invisible" back office resource to help you through the restatement process. Let us focus on your plan documents, so you can focus on growing your business. Contact Ellen Nasrallah at 800-326-7235, ext. 5968. |
[Official Guidance] PBGC Issues Disaster Relief for Flooding and Tornadoes
Severe storms, tornadoes and flooding In Mississippi, Iowa, Georgia, Missouri, Colorado, Oklahoma and Maine. (Pension Benefit Guaranty Corporation)
[Guidance Overview] How New Disclosure Rules Will Affect Financial Advisors
Excerpt: "This article will review the general requirements of the regulations and explore several of the more potentially problematic elements of the regulations." (401kExchange)
[Guidance Overview] Update on Plan Fee Disclosure
Excerpt: "This Regulatory Brief examines the evolving landscape of plan fee disclosure. It will get you up to date on service provider fee disclosure, participant fee disclosure, final Form 5500 regulations, and legislative response to fee disclosure concerns." (The Vanguard Group, Inc.)
[Guidance Overview] Towers Perrin U.S. Legislative Tracking Charts -- Retirement -- Updated June 4, 2008 (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)
[Guidance Overview] Fiduciary Focus: Fleecing 403(b) Plan Participants, Part 8
Excerpt: "How to Avoid Becoming an Ostrich about Fiduciary Duties All retirement plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) are governed by fiduciaries with distinct responsibilities (and corresponding liabilities) to plan participants (and their beneficiaries). The new IRS 403(b) regulations make clear that school districts aren't subject to ERISA. School administrators in some states, however, will find, post-Jan. 1, that they've become fiduciaries under their respective state fiduciary laws with respect to the 403(b) plans they administer." (Morningstar)
[Guidance Overview] Listing of IRS Published Guidance for January - May 2008
The target page links to guidance published by the Service relating to retirement plans: Treasury Regulations; Revenue Rulings; Revenue Procedures; Notices; and, Announcements. (Internal Revenue Service)
Andrews and Miller Legislation Addresses Asset Smoothing, Retiree Benefits, and Other Changes
Excerpt: "House Education and Labor Committee Chairman George Miller (D-CA) and Health, Employment, Labor, and Pensions Subcommittee Chairman Rob Andrews (D-NJ) just prior to Congress' Memorial Day recess introduced legislation (H.R. 6143) to make corrections and other modifications to the Pension Protection Act of 2006 (PPA)." (The ERISA Industry Committee)
Pension Plans Say Thank You Subprime for Return to Overfunded Status
Excerpt: "The subprime-mortgage crisis that crushed home sales and financial stocks during the past year was a boon to at least one group of investors: pension plans at some of the largest U.S. companies." (Bloomberg)
Early Retirement Plan Backfires in Germany
Excerpt: "A state programme allowing retirement at 57, with a large pension, to open jobs for youngsters has backfired because of cost and workers are now being told not only that the scheme has ended but that the official retirement age has been lifted from 65 to 67." (Motoring & Independent Online)
U.K. Pension Manager, Pension Corp., Buys Out Steel Products Group Delta's Pension Plan
Excerpt: "In exchange for taking on the liabilities of 10,200 members of Delta's pension plan who are already receiving their pensions, Pension Corp. will receive assets amounting to £451 million ($879 million)." (Business Insurance)
West Virginia School System Employees to Switch Out of Underfunded 401(k)s
Excerpt: "Nearly 15,000 West Virginia teachers, administrators and school service personnel will trade in their underfunded 401(k)-style retirement plans for guaranteed pension benefits. Accountants Tuesday notified the Consolidated Public Retirement Board that 14,871 participants in the Teachers Defined Contribution system had elected to transfer to the Teachers Retirement System." (The Charleston Gazette)
Lifecycle Funds - One Size Fits All? A Collection of Global Perspectives
Excerpt: "In this issue [of DC Connections] we'll give you an update on how these funds have evolved in Can.ada, Europe, the United Kingdom and the United States and, interestingly, why in Australia, one of the most mature DC markets, this is not common. We'll also discuss why some organizations are building custom target-date/age funds, as well as what should be considered when choosing 'off the shelf' target-date/age products." (Mercer LLC)
Pension Reform in New Hampshire Finally Agreed Upon
Excerpt: "New Hampshire House and Senate negotiators finally reached an agreement on pension reform on Tuesday. A compromise was reached on the provision that stalled negotiations on Monday - a cap on pension benefits for new hires after July 1, 2009 (See NH Lawmakers Bogged Down Over Pension Reform Snag). The Associated Press reports that pensions for those employees will still be capped at 100% of pay under the compromise, but the House conceded to including overtime and other income in the calculations." (PLANSPONSOR.com; free registration required)
California Assembly Approves Opening CalPERS to Private Sector
Excerpt: "California's Assembly voted 42-28 for the California Public Employees' Retirement System (CalPERS) to oversee a separate and voluntary investment program for private workers." (PLANSPONSOR.com; free registration required)
Sponsored by: ASPPA
(Click on company name or banner to learn more.)
| The Western Benefits Conference, July 13-16, 2008, Seattle, Washington |
| It's the best of both worlds, and should not be missed. Join the Western Pension & Benefits Conference and ASPPA for this unique conference designed with all retirement, health, welfare and benefits professionals in mind. The Western Benefits Conference offers attendees seven separate professional learning tracks with over 50 individual sessions all led by nationally renowned speakers and both national and local government representatives. Network with your peers, private sector experts, and government officials at planned events throughout the conference. Be in Seattle with over 900 of your colleagues July 13-16, 2008 and experience this conference first hand. Register NOW and don't miss out. |
| (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] Towers Perrin U.S. Legislative Tracking Charts -- Human Resources -- Updated June 4, 2008 (PDF)
14 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)
[Guidance Overview] Plaintiff's Professional Liability Claims Against Insurance Agent Avert ERISA Preemption Defense
Excerpt: "This recent district court case illustrates an important distinction in ERISA preemption caselaw that prevents defendants in professional liability cases from turning to ERISA as an affirmative defense." (Health Plan Law blog by Attorney Roy F. Harmon III)
[Guidance Overview] The Constraint of Promissory Estoppel Versus the Broad Ambit of Deferential Review
Excerpt: "To prevail on an estoppel claim under ERISA, plaintiffs must ordinarily show: (1) a knowing misrepresentation; (2) made in writing; (3) reasonable reliance on that representation by them; (4) to their detriment." (Health Plan Law blog by Attorney Roy F. Harmon III)
[Guidance Overview] Code Section 409A Remedial Amendment Period Scheduled to End December 31, 2008 (PDF)
2 pages. Excerpt: "The final regulations under §409A relating to the deferral of compensation of employees (other than through tax-qualified plans), consultants, directors, and other service providers will be effective January 1, 2009." (Dechert LLP)
[Guidance Overview] IRS Deferral of Amendment Deadlines for Deferred Compensation Plans (PDF)
5 pages. Excerpt: "This article will provide a bit of historical context for Section 409A, will describe its basic provisions as seen through the lens of the final regulations, and will conclude with a list of what most businesses should be doing to prepare themselves for the January 1, 2009, moment of reckoning." (Adams and Reese LLP)
What the 2008 Trustees' Reports Tell Us About the Financial Status of Social Security and Medicare: Some Implications for Plan Sponsors
Excerpt: "This article reviews briefly the results of this year's reports and comments on their implications for employer sponsors of retirement and health plans." (Watson Wyatt Worldwide)
Employers Dealing with Workers' Commuting Costs
Excerpt: "As gas prices skyrocket, some workers are changing jobs to be closer to home, while others won't even apply to ones that require a long commute. Experts say employers must develop strategies to deal with these threats -- and many companies are already taking action." (Human Resource Executive Online)
Solicitor General Recommends High Court Review of ERISA Remedies Case
Excerpt: "U.S. Solicitor General Paul Clement on May 23 urged the U.S. Supreme Court to grant certiorari in Amschwand v. Spherion Corp. in order to address 'equitable relief' under ERISA Section 502(a)(3)." (The ERISA Industry Committee)
Obtaining Quality Employee Benefit Plan Audit Services—The Request for Proposal
Excerpt: "Employee benefit plan sponsors and administrators can save time selecting an audit firm and evaluating the quality of its services by writing a thorough Request for Proposal (RFP)." (The American Institute of Certified Public Accountants)
California Court Refuses to Stay G.ay Marriage Ruling
Excerpt: "Conservative religious and legal groups had asked the California Supreme Court to stop its May 15 order requiring state and local officials to sanction same-sex unions from becoming effective until voters have the chance to consider the issue in November. The justices' decisions typically become final after 30 days." (AP via Yahoo!News)
Naming a Defendant in an ERISA Action
Excerpt: "This article argues that courts should permit suit against any entity that played a role in denying the claim. This approach (1) is consistent with the plain language of ERISA, (2) is consistent with the legislative intent behind ERISA which was to protect employees from underfunded plans and from erroneous benefit denials, (3) is consistent with Supreme Court precedent permitting fiduciaries to be sued under ERISA, and (4) creates an incentive for entities making benefits determinations to make those determinations correctly." (Social Science Research Network)
Newly Posted Events
2008 Benefits Forum & Expo
in Maryland on September 21, 2008
presented by SourceMedia
ERISA Audits: What We All Knew but Forgot
Nationwide on August 13, 2008
presented by Lorman Education Services
ERISA Audits: What We All Knew but Forgot
Nationwide on August 27, 2008
presented by Lorman Education Services
Important Update on the Current Fiduciary Duties of Plan Sponsors
in Illinois on June 11, 2008
presented by ASPPA Benefits Council of Chicago
Wellness Programs: Rewards, Penalties and Legal Risks
Nationwide on August 6, 2008
presented by Lorman Education Services
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs |
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Regulatory Policy Analyst
for National Business Group on Health
in DC
PART-TIME DC Plan Administrator
for Platinum Pension Group, LLC
in MA
Vice President for Compliance and Fiduciary Review
for Unified Trust Company, N.A.
in KY
Plan Implementation Consultant
for Federated Investors, Inc.
in PA
CRTMA - Senior Participant Accountant - ABA
for Citi
in ME
Records Analyst
for Citi
in ME
Internal Participant Relationship Consultant
for Gallagher Retirement Services
in MO
401(k) Administrator
for West Pension Solutions, LLC
in MD
Pension Administrator - Senior
for Pension Planners, Inc.
in FL
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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