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| February 26, 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
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| The ERISA Outline Book – 2009 edition |
| Make sure you have the most up-to-date version available to provide you with the information you need on a daily basis. The 2009 edition is a six-volume asset that includes all the PPA guidance issued in 2008, revised EPCRS procedures, the latest ERISA litigation cases and all notices , rulings and other guidance from DOL, IRS and PBGC issued in 2008. The ERISA Outline Book also serves as recommended reading for the ERPA Exam! Order your 2009 edition NOW! |
[Guidance Overview]
2008 Pension Legislation and Amendment Reminders
Excerpt: "All qualified retirement plan sponsors, regardless of their remedial amendment cycle, must continue to amend their plans timely to comply with IRS 'interim' amendment requirements. For example, many plans will have to be amended by the due date for the plan sponsor's 2008 tax return to reflect applicable changes in the maximum benefit and maximum contribution limits under Internal Revenue Code Section 415. Also, amendments to reflect applicable provisions of the Pension Protection Act generally must be executed by the last day of the 2009 plan year." (Bond, Schoeneck & King, PLLC)
Participant Decisions to Stop Retirement Plan Contributions
Excerpt: "In response to current market conditions, slightly more participants than in the past have stopped contributing to their retirement plans. In a new Research Note, 'Participant decisions to stop contributions 2006-2008,' the Vanguard Center for Retirement Research provides insight into who these participants are and why they may have stopped contributing." (The Vanguard Group, Inc.)
Pensionomics: Measuring the Economic Impact of State & Local Pension Plans
Excerpt: "A new national economic impact study finds that the benefits provided by state and local government pension plans have a significant economic footprint: 2.5 million American jobs and $358 billion in economic impact. The analysis finds that the benefits provided by state and local government pension plans have a sizable impact that ripples through every state and industry across the nation. [On the target page, you may link to the Full Report, the Report in PowerPoint, State Fact Sheets/Map, and State Press Releases.]" (National Institute on Retirement Security)
The Structure of State and Local Government Retirement Benefits, 2008
Excerpt: "New data from the National Compensation Survey show that 92 percent of government workers have access to one or more types of retirement benefits; 84 percent have access to a traditional defined benefit plan, and two-thirds of those with any retirement benefits have access to more than one plan." (U.S. Bureau of Labor Statistics)
Fewer Than One in Three Americans Expect to Fully Retire, According to Scottrade Study
Excerpt: "This represents a decline from 39% in 2008 to 32% this year, according to a Scottrade press release. Scottrade's 2009 American Retirement Study found that 43% of Americans indicated their retirement accounts decreased 10% or more since last year. The study also indicated that almost two-thirds of Americans do not plan to contribute to an IRA, up from just over half last year." (PLANSPONSOR.com; free registration required)
Senate Special Aging Committee Takes Aim at Target-Date Funds
Excerpt: "The U.S. Senate Special Committee on Aging held a hearing on the economic downturn's effect on retirement security, particularly for those who are on the brink of retirement. The panel took a particularly close look 401(k) target date funds, which are designed to gradually shift to more conservative investments as workers approach retirement - and Committee Chairman Senator Herb Kohl (D-Wisconsin) also unveiled findings from a Committee investigation of 401(k) funds designed for people planning to retire in 2010, which, according to an announcement, 'revealed a wide variety of objectives, portfolio composition and risk within same-year target date funds.'" (PLANSPONSOR.com; free registration required)
An Eight-Step Plan for Solving the Nation's Retirement-Savings Crisis
Excerpt: "Annamaria Lusardi, an economics professor at Dartmouth College and research associate at the National Bureau of Economic Research, is editor of the just-published book 'Overcoming the Saving Slump.' . . . Much of what ails Americans' personal finances today can be fixed with financial education and savings programs, Lusardi said. Yes, there are already many programs in existence today, but few of them are effective. Here's Lusardi's eight-step plan to improve the effectiveness of those programs." (MarketWatch)
[Opinion]
ASPPA Comments at Hearing on The Challenges Small Businesses Face Funding and Maintaining Retirement Plans in a Struggling Economy (PDF)
6 pages. Committee on Small Business, United States House of Representatives, February 25, 2009. Excerpt: "I would like to focus today on two important areas where relief is critically needed: defined benefit pension plan funding relief and 401(k) safe harbor plan relief. If relief in these two areas is not provided, many small businesses will be forced to freeze or terminate their retirement plans." (American Society of Pension Professionals & Actuaries)
[Opinion]
ICI Testimony Given at the 'Strengthening Worker Retirement Security' Hearing, February 24, 2009
Excerpt: "[Despite] declining balances, working Americans strongly support 401(k)s. We know this because we examined account records of 22 million DC participants in late 2008. They were not panicking: As of October, only 3 percent had stopped contributing to their accounts, and fewer than one in 25 had taken any withdrawals. Clearly, 401(k) savers are staying the course. . . . None of this suggests that the 401(k) system is flawless. In fact, we believe it can and must be improved. In my written testimony, I spell out seven proposals that ICI believes Congress should consider to strengthen our retirement system." (Investment Company Institute)
DATAIR Employee Benefit Systems, Inc. (Sponsor)
(Click on company name or banner to learn more.)
| DC/401(k) Administration Software from DATAIR |
| DATAIR’s Defined Contribution System for Allocations, Discrimination Testing, and Proposals. Handles New Comparability Plans, Sole Proprietorships, 401(k) and 403(b) plans. Live, expert support.
DATAIR’s DC/401(k) System includes
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Links to Items on Executive Comp, Benefits in General
The State of the Workplace for Les.bian, G.ay, Bise.xual and Transg.ender Americans 2007-2008 (PDF)
38 pages. Excerpt: "This ninth installment of The State of the Workplace report shows that job protections and benefits for les.bian, g.ay, bise.xual and transgender employees have surged in recent years, at large businesses and other private employers such as law firms and universities. In particular, protections against employment discrimination on the basis of gender identity have expanded rapidly. Today, the more successful a business (as defined by the annual Fortune 500 ranking of gross revenue) the more likely it is to include protections for LGBT employees . . . ." (Human Rights Campaign Foundation)
Layoffs Slow, but More Salary and Benefits Cuts to Come
Excerpt: "A new update to an ongoing series of surveys conducted by Watson Wyatt shows that most companies have already made most of the sweeping changes they intend to, although many expect to make further cost-cutting changes this year, such as salary and hiring freezes, and reduced 401(k) matching contributions." (Watson Wyatt Worldwide)
Newly Posted Events
"457 Plans: More Retirement Funds for Government/Tax-Exempt Employees" Web Seminar
Nationwide on March 17, 2009
presented by SunGard Relius
Best Practices for Wellness Programs: How to Motivate Employees to Make Lifestyle Changes
Nationwide on April 9, 2009
presented by Thompson Interactive, A Division of Thompson Publishing Group
COBRA Premium Subsidy Program: What This Means for Employers
in District of Columbia on March 30, 2009
presented by Thompson Interactive, A Division of Thompson Publishing Group
COBRA Workshop
in Utah on April 15, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
COBRA/HIPAA Compliance Workshop
in Florida on March 24, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Compliance Assistance Seminar
in Texas on March 13, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Health Benefits Laws: Compliance Assistance Seminar
in Kansas on May 20, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Health Benefits Laws: Compliance Assistance Seminar
in North Dakota on June 3, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Health Benefits Laws: Compliance Assistance Seminar
in Alabama on August 12, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Health Benefits Laws: Compliance Assistance Seminar
in California on September 2, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
HIPAA Workshop
in Utah on April 16, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
IRS Issues Comprehensive Auto-Enrollment Guidance
Nationwide on March 12, 2009
presented by Convergent Retirement Plan Solutions, LLC
IRS Issues Comprehensive Auto-Enrollment Guidance
Nationwide on March 17, 2009
presented by Convergent Retirement Plan Solutions, LLC
MEWA Workshop for Insurance Professionals and ERISA Service Providers
in New York on June 10, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Retirement Plan Compliance Assistance Seminar
in Illinois on June 24, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Retirement Plan Compliance Assistance Seminar
in Georgia on July 9, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Reviewing the McKay Hochman EGTRRA Prototype Plan Document - 3 Parts
Nationwide on March 24, 2009
presented by McKay Hochman Co.
The Latest on EGTRRA Restatements and Plan Termination Review Webcast
Nationwide on March 18, 2009
presented by National Institute of Pension Administrators
Voluntary Fiduciary Correction Program Workshop
in Utah on April 14, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Newly Posted Press Releases
Company Layoff Plans Expected to Decline, Watson Wyatt Survey Finds
Watson Wyatt
U.S. Department of Labor Sues Closed Seatoma Convalescent Center to Give 401(k) Participants Access to Almost $14,000 in Retirement Funds
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
IRS Releases Information to Help Employers Claim COBRA Coverage Credit on Payroll Tax Form
Internal Revenue Service (IRS)
Lump-Sum Distribution Rollovers, by Age Group
Employee Benefit Research Institute (EBRI)
Allegiant Funds Added to CPI Retirement Platform
CPI Qualified Plan Consultants, Inc.
New Study Finds 2.5 Million U.S. Jobs, $358 Billion Economic Impact From State And Local Pensions
National Institute on Retirement Security
New “Savings” Stimulus Campaign Calls on Business to Support Long-Term Financial Health of America’s Workforce
Perspective Partners
Newly Posted or Renewed Job Openings
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Pension Administrator
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in NY
Senior ERISA Consultant
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in MA
Vice President & Chief Pension Actuary
for MBM Advisors, Inc.,
in TX
Request for Proposal (RFP) Specialist
for Prudential Financial
in CT
Defined Contribution Plan Administrator
for Dunbar, Bender & Zapf, Inc.
in PA
EmployeeBenefitsJobs.com (Sponsor)
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