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March 24, 2009 |
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[Official Guidance]
Spring 2009 Issue of IRS 'Employee Plan News'; Includes Update on ERPA Program (PDF)
Excerpt: "This edition contains the following articles: * Know a Nonamender? Here's what you need to know Now... * Final Regulations Issued for Automatic Contribution Arrangements * Sample Plan Language - Transfer of an ESOP's S Corporation Shares to Prevent a Nonallocation Year * The EPCU Insider -The Multiemployer Actuarial Certification Project - Defined Benefit Plan Actuarial Certification Errors * ERPA - CPE Sponsor Program * Web Spins - The Retirement Plans Site * Employee Plans Published Guidance * Critical Priorities...With Monika Templeman - Today's Discussion: Update on the Enrolled Retirement Plan Agent Program * Attention All 2009 Form 1099-R Issuers * Highlights of the Retirement News for Employers * The Corner of Forms & Pubs * We're Glad You Asked! * 403(b) Phone Forum * DOL Corner * PBGC Insights * Calendar of EP Benefits Conferences" (Internal Revenue Service)
[Guidance Overview]
DOL's FAB on Annual Funding Notice Requirement
Excerpt: "The U.S. Department of Labor (DOL) recently published Field Assistance Bulletin (FAB) 2009-01, which addresses good-faith compliance with the annual funding notice requirement for defined benefit plans under ERISA section 101(f). The FAB also contains a model annual funding notice for single-employer plans." (Watson Wyatt Worldwide)
[Guidance Overview]
District Court Upholds Whipsaw Calculation for Pre-PPA Distributions
Excerpt: "In Traylor v. Avnet Pension Plan, a District Court ruled that the elimination of the so-called whipsaw calculation by the Pension Protection Act of 2006 (PPA) does not quash claims for additional benefits based on pre-PPA lump-sum distributions." (Watson Wyatt Worldwide)
[Guidance Overview]
Small Plans with End-of-Year Valuation Dates: PBGC Premium Deadline Looms (PDF)
1 page. Excerpt: "As part of its final rule implementing the PPA changes to the PBGC variable-rate premium ("VRP"), PBGC made significant changes to its premium due date structure, with the new rules varying depending on whether the plan is small, mid-size, or large (based on the required flat-rate participant count for the plan year preceding the premium payment year)." (Keightley & Ashner LLP)
House Reviews Investment Advice Given to 401(k), IRA Holders
Excerpt: "Lawmakers took a hard look [today] at rules adopted in the final days of the Bush administration on how millions of Americans with 401(k) and individual retirement accounts get guidance on investing for retirement. Members of a congressional panel said they wanted to ensure that retirement account holders have access to unbiased investment advice, an issue that's all the more important since stock market declines drained billions from retirement savings." (AP via The New York Times; free registration required)
Hearing on Retirement Security: The Importance of an Independent Investment Adviser
Excerpt: "The Health, Employment, Labor and Pensions Subcommittee of the House Education and Labor Committee will hold a hearing [March 24, 2009] on the importance of ensuring that if workers receive investment advice, that it be independent and free of financial conflicts of interest." (U.S. House of Representatives Committee on Education & Labor, Health, Employment, Labor and Pensions Subcommittee)
U.S. Treasury 'White Paper' on Buying 'Legacy' Assets
The target page is a reformatted version of a 'White Paper' released March 23, 2009, by the U.S. Treasury about its Public Private Investment Program. (Bloomberg L.P.)
Independent Retirement Plan Advisers Form New Organization
Excerpt: "A group of independent retirement plan investment advisers formed the National Association of Independent Retirement Plan Advisors (NAIRPA), a sister organization to the American Society of Pension Professionals & Actuaries (ASPPA). The mission of NAIRPA is to educate and advocate the role of retirement plan advisers, the importance of independence, and 'the real meaning of independence,' according to a press release." (planadvisor)
Pension Funds May Invest in Treasury Program
Excerpt: "Some of the largest U.S. pension funds likely will invest in the Treasury's new program to restart the market for troubled mortgage loans and mortgage-backed securities, according to pension experts. The funds are looking for more details of the so-called legacy loans program, which the U.S. Treasury Department unveiled Monday. Treasury Secretary Timothy Geithner said the government would pair up to $100 billion with private capital to generate $500 billion in purchasing power to buy the assets. Under the program, the Treasury would provide 50% of the equity capital for each fund while private managers would retain control of asset management subject to Federal Deposit Insurance Corp. oversight." (CNNMoney.com)
Study Finds Employer-Worker Disconnect about Retirement Advice
Excerpt: "Plan sponsors and employees see some retirement concerns differently -- including access to financial advice, a new study by MetLife suggested. MetLife's Annual Employee Benefits Trends Study found that while 51% of workers polled say they are interested in access to financial planners at work, only 37% of employers say they have a responsibility to provide retirement advice/guidance. In fact, Boomers born between 1946 and 1955 interested in such a workplace benefit jumped from 41% in August to 55% three months later." (planadvisor)
Chamber of Commerce Says No to Automatic Retirement Plans
Excerpt: "While the president's proposal could increase participation in retirement plans, it would also create a number of problems for small businesses in the process, said Randy Johnson, vice president of labor and employee benefits at the Chamber of Commerce. 'We're all for increasing [retirement plan] coverage. But these are new requirements that would be imposed on employers, and we oppose them.'" (Investment News; free registration required)
[Opinion]
The Problems with Target Funds for 401k Plans
Excerpt: "Common sense will tell you just picking a year to retire should not be the basis for constructing an investment portfolio. The most important information you need to know about a plan participant is their risk tolerance, not which year they plan to retire. As a financial advisor and 401k plan consultant, it is my ethical and legal obligation to know a clients risk tolerance before ever recommending an investment. Target funds assume everyone's tolerance for risk is the same. This makes it easy from an administrative viewpoint but are you doing a good job for your 401k participants? Even more importantly, are you making the right ethical decision in offering an investment to your participants which ignores their individual risk tolerance?" (Russell McAlmond via 401khelpcenter.com)
[Opinion]
Every Employer Should Be Required to Sponsor an Automatically Enrolled Deferral-Based Retirement Plan,
Excerpt: "There is a need to improve the retirement benefits provided by 401(k) plans. This column focuses on benefit improvements for the one-half of the private sector employees who are covered by 401(k) plans . . . ." (PLANSPONSOR.com; free registration required)
ASPPA (Advert.)
Stay Up To Date at the 2009 Mid-Atlantic Benefits Conference, April 29-30, 2009 Get the most for your time and money with ASPPA and the IRS at the 2009 Mid-Atlantic Benefits Conference. Designed to provide you with the most up to date information governing retirement plans, this conference includes sessions covering 401(k) plans in 2009, plan documentation, EGTRRA restatements and PPA Interim Amendments. Join other employee benefit professionals this year in Washington, DC by registering now and locking in early savings discounts. Save even more by attending the DOL Speaks: The 2009 Employee Benefits Conference too. For additional information go to www.asppa.org/mabc |
Links to Items on Executive Comp, Benefits in General
[Guidance Overview]Wachovia Securities to Pay $1M to Former Adviser in USERRA Case
Excerpt: "The U.S. District Court for the District of Connecticut has ordered Wachovia Securities to reinstate a former adviser and pay him back pay and damages for violating the Uniform Services Employment and Reemployment Rights Act (USERRA). The court ruled that Wachovia Securities constructively discharged reservist Michael Serricchio when it offered him a much less compensated position upon his return from active duty. The court rejected Wachovia's argument that Serricchio failed to fulfill his obligation to minimize his wage loss by not accepting the inferior offer or by not seeking other employment as a financial adviser." (PLANSPONSOR.com; free registration required)
[Guidance Overview]
Specified Employee Status Under Code Section 409A
Excerpt: "This article examines the six-month delayed payment rule for 'specified employees' under Section 409A. It is extremely important that specified employees be properly identified, and this article -- together with the attached Specified Employees Checklist -- provides practical guidance to help you comply with this rule." (Faegre & Benson)
[Guidance Overview]
Separation Pay Options Under Code Section 409A
Excerpt: "This article examines methods for providing separation pay consistent with Section 409A, including use of the short-term deferral and safe harbor exceptions, 'stacking,' and integrating a release of claims. The attached chart provides analysis and options under various sets of circumstances related to separation pay under Section 409A." (Faegre & Benson)
Webcasts and Conferences
(Click to post your webcast or conference)Benefit Plans in Mergers & Acquisitions
in California on April 21, 2009
presented by Western Pension & Benefits Conference, San Diego Chapter
Cash Balance Pension Plans: It’s Time To Consider Retirement Plan Alternatives
in Illinois on May 20, 2009
presented by Lockstone Advisors / Crane Solutions / Comprehensive Benefit Consultants
Employee Benefits Conference
in Illinois on May 27, 2009
presented by Illinois CPA Society
Form 5500 Update and Plan Audits with Janice Wegesin, CPC, EA
in Ohio on April 6, 2009
presented by ASPPA Benefits Council of Cleveland
The New Healthcare Reform Package
in Colorado on April 14, 2009
presented by Western Pension and Benefits Conference-Denver Chapter
Press Releases
(Click to post your press release)Employees Would Like to Purchase Non-Traditional, Voluntary Benefits at Work
PurchasingPower
U.S. Labor Department Extends Effective Date of Rules on Investment Advice
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Council Applauds Initiatives to Improve Health Care Quality
American Benefits Council
California Public Pension Funds Seek to Lead Bank of America Class Actions
CalPERS (California Public Employees' Retirement System)
Milliman Study: Five Years of Corporate Pension Gains Wiped Out in 2008
Milliman USA
ADP Announces New Retirement Services Offering
ADP
Pension Risk Matters Celebrates Its Third Birthday With Continued Readership Growth
PensionRiskMatters.com
Hartford Expands Target Retirement Funds Lineup
The Hartford
Thousands of Employers Cancel Employee Health Plans Prompting 15 Year High in Private Insurance Enrollments -- Reports BestHealthcareRates.com
BestHealthcareRates.com
Employee Benefits Jobs
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Primary Administrator for Qualified Retirement Plans
for Kidder Benefits Consultants, Inc.
in IA
Pension Administrator
for Growing TPA in Los Angeles
in CA
FSA/HRA Administrator
for REDW The Rogoff Firm
in NM
Receptionist / Pension Administrator
for G.M. Pensions, Inc.
in CA
Trust Officer
for New York Life Retirement Plan Services
in NJ
Relationship Manager
for New York Life Retirement Plan Services
in MA
EmployeeBenefitsJobs.com (Sponsor)
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