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March 19, 2009 |
| Here are the Web's best new links about compliance and cost aspects of plan operation, design and policy. |
ASPPA (Advert.)
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]
ASPPA Announces Success with Nevada Trust Company Rules; Retirement Plan TPAs No Longer Targeted
Excerpt: "We at ASPPA are pleased to inform you that the Nevada Financial Institutions Division, Department of Business & Industry, has issued proposed legislation (SB 310) amending the Nevada Trust Company Statute . . . with a much narrower definition of the term 'administrator.' This legislation was issued to replace a proposed regulation issued last fall. As reported in earlier communications, the original proposed regulation (read with the statute), would have required ERISA-covered retirement plan administrators and recordkeepers providing retirement plan services in Nevada to be licensed as a trust company, even though they do not act as custodian of plan assets or as a fiduciary. " (American Society of Pension Professionals and Actuaries)
[Guidance Overview]
Pension Plan Administrators to Use New Withholding Tables
Excerpt: "The IRS has issued IRS Pub. 15-T, Wage Withholding and Advance Earned Income Credit Payment Tables (For Wages Paid Through December 2009) . The publication contains new wage-bracket and percentage method withholding tables as well as all other federal withholding tables. The tables are to be implemented as soon as possible, but no later than April 1, 2009. They are effective through December 31, 2009." (Wolters Kluwer)
[Guidance Overview]
ERISA Fiduciaries Have No Affirmative Duty to Disclose Revenue Sharing, Seventh Circuit Rules
Excerpt: "A recent 7th Circuit decision may stem the tide of 'excessive fee' and 'imprudent selection of investment' suits being brought against ERISA plan fiduciaries. The Court of Appeals upheld a lower court ruling that ERISA's fiduciary standards do not require disclosure of revenue sharing arrangements among the service providers. Disclosure of total fund-level fees is 'enough' according to the Court - and compliance with ERISA § 404(c) coupled with a 'brokerage window' is sufficient to quell claims that the fiduciary's selection of investment is imprudent." (Deloitte via BenefitsLink.com)
PBGC Final Rule on Need for Section 4010 Filings for Underfunded Pension Plans Has April 15 Due Date
Excerpt: "With filings due as soon as April 15 for certain underfunded pension plans, affected employers will want to make a quick study of the just-issued final PBGC rule under ERISA Section 4010. The regulations implement Pension Protection Act changes for '4010 filings' of controlled-group financial and plan actuarial information, effective for information years (generally company fiscal years) after 2007. If required under the new rule, 4010 filings are due 105 days after the 2008 information year (April 15 for calendar-year employers). The PBGC has not delayed the filing deadline." (Mercer LLC)
PBGC Offers to E-Mail Monthly Reminders of Filing Deadlines to Pension Sponsors and Practitioners
Excerpt: "Pension plan sponsors and practitioners can now sign up on the Pension Benefit Guaranty Corporation (PBGC) website to receive e-mail reminders of monthly filing deadlines, in addition to other agency publications previously available by e-mail . . . . Filing deadline e-mails are sent on the third workday of each month for which the user subscribes. " (Mercer LLC)
Managing Retirement Plans During a Financial Downturn
Excerpt: "In the context of the current recession and existing retirement plan design, employers are left to pick their poison. Defined-benefit plans provide excellent tools for managing retirements but pull hard cash out of the company, while defined-contribution plans require less hard cash but leave companies ill-equipped to manage retirements. Hybrid plans -- a third option -- are just now emerging from years of regulatory chaos." (Workforce Management; free registration required)
National Save For Retirement Week, October 18-24, 2009
Local governments participate in 'National Save for Retirement Week' in order to help employees understand their personal responsibility for their retirement future and the benefit of using their defined contribution employer-sponsored plan to prepare for that future. (National Association of Government Defined Contribution Administrators)
Legislation Modifying Federal Retirement Rules Advances
Excerpt: "The House and Senate both advanced legislation on Wednesday to make it easier for federal employees to continue serving the government at the end of their careers, either as part-time workers or retirees. The House Oversight and Government Reform Committee adopted an amendment to tobacco legislation (H.R. 1256) that would grant employees under the Civil Service Retirement System who work part time instead of retiring prorated credit that would count toward their annuity payments." (GovernmentExecutive.com)
More Participants Ending Elective Deferral, While Average Annual Contributions Grow
Excerpt: "The percentage of active participants who have ended their contributions to a defined contribution plan increased in 2008, at the same time as the average annual participant contributions have increased, according to statistics compiled by the Vanguard Center for Retirement Research. Vanguard found that 3.1% of active participants in defined contribution plans stopped making elective deferrals sometime during 2008, versus 2.4% who did so in 2007 and 2.5% who did so in 2006." (Wolters Kluwer)
U.S. Representative Proposes Bill to Use Pension Assets for Banking System
Excerpt: "A ranking member of the House Financial Services Committee has proposed legislation that would allow public pension funds to buy preferred stock from ailing U.S. banks, prompting apprehension from public pension plan trustees. The legislation introduced by Rep. Gary Ackerman, D-N.Y., offers public pension funds a guaranteed rate of return in exchange for buying the preferred stock, or for loaning the government their money to loosen the credit freeze." (CNNMoney.com)
DATAIR Employee Benefit Systems, Inc. (Advert.)
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
[Official Guidance]General Explanation of Tax Legislation Enacted in the 110th Congress (PDF)
642 pages. (U.S. Joint Committee on Taxation)
[Guidance Overview]
Employee Benefits Issues to Consider in a Reduction in Force
Excerpt: "As unfortunate as it may be, sometimes the only effective way to increase a company's bottom line during an economic recession is a reduction in force (RIF). The economic analysis should, however, consider much more than just the terminated employees' salaries. Other considerations include nonqualified deferred compensation, stock plans, bonuses, severance pay, retirement plans, health and welfare plans, and FSAs. This article, while not exhaustive, discusses many of the issues an employer may face and thus should consider when performing the economic analysis of a potential RIF." (Deloitte via BenefitsLink.com)
Webcasts and Conferences
(Click to post your webcast or conference)Administering the 65% COBRA Premium Subsidy
Nationwide on March 6, 2009
presented by Spencer Fane Britt & Browne LLP
COBRA Subsidy and HIPAA: What You Need to Know and Do
in California on March 26, 2009
presented by No. Calif. Chapter of Certified Employee Benefits Specialists (ISCEBS)
Distinguished Lecture Series in Employee Benefits Law
in Illinois on March 23, 2009
presented by The Center for Tax Law and Employee Benefits at The John Marshall Law School in Chicago
Effect of CHIP Expansion on Employer Health Plans
Nationwide on April 29, 2009
presented by Spencer Fane Britt & Browne LLP
HIPAA Privacy and Security Rule Changes
Nationwide on April 22, 2009
presented by Spencer Fane Britt & Browne LLP
Stimulus Package Jump Starts EHR Adoption and Toughens Health Information Protections
in Illinois on April 21, 2009
presented by Neal, Gerber & Eisenberg LLP
Stimulus Package Jumpstarts EHR Adoption and Toughens Health Information Protections - Webcast
Nationwide on April 21, 2009
presented by Neal, Gerber & Eisenberg LLP
Press Releases
(Click to post your press release)ExpertPlan's "PlanRecordkeeper+" Revolutionizes Daily Recordkeeping For TPAs
ExpertPlan
Louisville, Kentucky, Restaurant Chain Agrees to Restore Participants’ 401(k) Funds Following U.S. Department of Labor Investigation
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
U.S. Department of Labor Sues North Carolina Health Care Provider to Recover More Than $55,000 in 401(k) Assets
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Statement of Secretary of Labor Hilda L. Solis on COBRA Subsidy under American Recovery and Reinvestment Act of 2009
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Great-West Retirement Services® Launches New Retiree Crossroads Web Site
Great-West Retirement Services
ING Launches New Web Tool that Connects the Power of ‘Peer Comparison’ to Retirement Saving
ING Group
Medical Costs for One Premature Baby Could Cover A Dozen Healthy Births
March of Dimes
U.S. Retirement Assets Tumble 24% in 2008, Spectrem Group Reports
Spectrem Group
Benefit Informatics Introduces Executive Summary to Save Time and Resources for Health Plan Analysis and Reporting
Benefit Informatics
Leader in Health Plan Cost Containment Cites Three Economy- Driven Reasons Why Self-Insured Health Plans Should Brace for Claim Increases and Fund Reserves Accordingly
Healthcare Data Management, Inc.
EmployeeBenefitsJobs.com (Sponsor)
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