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| January 29, 2009 |
| Here are the Web's best new links about compliance and cost aspects of plan operation, design and policy. |
Today's sponsor is ASPPA
(Click on company name or banner to learn more.)
| The ASPPA 401(k) SUMMIT, March 22- 24, 2009 |
| Register now and be a part of this unique forum for retirement sales and investment professionals in the 401(k) arena. Hear Arthur Laffer discuss the condition of our new global economy, participate in interactive networking activities and specialized education tracks, and listen to our industry’s leaders discuss where the trends are taking us and how to be prepared. Don’t miss out on the longest running event dedicated solely to the sales and investment segment of our industry, register now. |
[Guidance Overview]
DOL Finalizes PPA Investment Advice Regulations Yet Future Status Is Uncertain (PDF)
11 pages. Excerpt: "On January 21, 2009, the Department of Labor (DOL) published in the Federal Register its final regulations implementing the ERISA participant investment advice exemptions enacted in the Pension Protection Act of 2006 (PPA). That guidance is the culmination of the most substantial effort to date, on the part of Congress and DOL, to support retirement plan participants and IRA beneficiaries directing the investment of their retirement accounts with professional investment advice. At this time, however, it is unclear whether the Obama Administration or the new Congress will allow that guidance to take effect -- further delaying both business plans and, in turn, the important objective of expanding the reach of investment advice for plan participants." (Sutherland)
[Guidance Overview]
Northwest Target-Date DC Plan Escapes Legal Challenge
Excerpt: "A federal judge in Minnesota has rebuffed an age-discrimination challenge to Northwest Airlines' defined contribution plan, ruling the complex program's use of age as a factor for a benefits determination was permissible. Relying heavily on the legal reasoning in a long line of cash balance plan cases, U.S. District Judge Joan N. Ericksen of the U.S. District Court for the District of Minnesota ruled that the DC plan did not violate the Employee Retirement Income Security Act (ERISA) or the Age Discrimination in Employment Act (ADEA)." (PLANSPONSOR.com; free registration required)
[Guidance Overview]
Cash Balance Plan Participants' Document Requests Not Subject to ERISA Time Limit
Excerpt: "The U.S. District Court for the Western District of Kentucky has determined that an employer did not have to provide certain documents requested by cash balance plan participants within 30 days as required by the Employee Retirement Income Security Act (ERISA). In its opinion, the court said Commonwealth Industries, Inc. 'acted in a reasonably timely and sufficient manner to comply with the plaintiffs' requests.' Judge Jennifer B. Coffman noted that the employer attempted to produce the documents, even trying to timely obtain those that were not in its possession." (PLANSPONSOR.com; free registration required)
Interest Rates Drops Forecast Much Lower DB Plan Funding Status on Accounting Basis for 2008
Excerpt: "An earlier Watson Wyatt analysis of pension funding in 450 FORTUNE 1000 firms projected an 8 percent decline in their defined benefit (DB) pension funding status under an assumption that the market conditions of Oct. 15 would persist through 2008.2 But interest rates have fallen by more than 200 basis points since then, and we are now projecting a much bigger 29 percent drop in funding status." (Watson Wyatt Worldwide)
[Opinion]
Discussion on Pending DOL Proposed Directives Halted by Memorandum
Excerpt: "[T]here are some important issues and policies behind these rules - fee disclosure and participant advice - and a period of extended uncertainty likely won't serve anyone's interests. On the other hand, it's not like these issues -- and potential solutions -- won't be a focus for the new Congress and Administration. It is, however, unlikely, IMHO, that they will present the same solutions contemplated in the still nascent regulations." (PLANSPONSOR.com; free registration required)
DATAIR Employee Benefit Systems, Inc. (Sponsor)
(Click on company name or banner to learn more.)
| DATAIR’s TWO for ONE sale* |
| *The Best TPA Software *The Best Support *The Best Price
CHOOSE THE SYSTEMS YOU NEED:
sales@datair.com (888) 328-2474 www.DATAIR.com |
Links to Items on Executive Comp, Benefits in General
[Guidance Overview]
Update: Employee Benefits Aspects of Same-Sex Marriages (PDF)
Pages 4-5 of 7. Excerpt: "[Trucker Huss previously] discussed the potential implications that the May 15, 2008 California Supreme Court . . . decision regarding the ability of same-sex couples to get married under the laws of the State of California could have on qualified pension plans, health and welfare plans, and non-qualified deferred compensation plans (collectively, 'plans'). The purpose of this article is to provide an update on the status of same-sex marriages in California and the possible consequences for sponsors of such plans." (Trucker Huss)
[Guidance Overview]
Executive Compensation Issues to Know About in 2009 (PDF)
Pages 1-6 of 8. Excerpt: "This newsletter provides an overview of the following seven areas of executive compensation: Applicable to Most Employers: The IRS correction program for certain operational violations of [IRC section 409A]; Reporting obligations for incentive stock options (including ESPP grants) that must be made by January 31; The U.S. Department of Labor Top Hat filing requirements for nonqualified plans subject to [ERISA]; Relief from W-2 and 1099-MISC reporting obligations for deferrals made under arrangements subject to Section 409A; Applicable to Publicly Traded Employers: Preparing for the 2009 Proxy Season . . . . The 8-K filing obligations for nonqualified deferred compensation plans sponsored by reporting companies; Applicable to Certain Financial Institutions: The Troubled Asset Relief Program ('TARP')." (Trucker Huss)
Newly Posted Press Releases
PBGC Assumes Hull House Association Pension Plan
Pension Benefit Guaranty Corporation (PBGC)
U.S. Department Of Labor Obtains Judgment Restoring 401(k) Assets To Employees Of Defunct Acworth, Georgia, Construction Company
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Fidelity Reports on 2008 Trends in 401(k) Plans
Fidelity Investments
New Web-Based Tool Helps Advisors Identify Optimal Roth Conversion Ratio
Convergent Retirement Plan Solutions, LLC
Company Founded To Educate Employees On 401(k) Plans And Lower Employer's Liability
Venture (k) Corp.
Newly Posted or Renewed Job Openings
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Account Administrator 1
for Alerus Financial
in MN
Vice President, Health & Welfare Advisory Services
for Sapers & Wallack, Inc.
in MA
Benefits Manager
for Pomona Valley Hospital Medical Center
in CA
Field Marketing Specialist
for Financial Engines
in MA
Retirement Services Specialist
for Administaff, Inc.
in TX
Sr. DC Client Consultant
for Prudential Financial
in CT
Benefits Product Specialist
for Ceridian
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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