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April 3, 2009 |
| Here are the Web's best new links about compliance and cost aspects of plan operation, design and policy. |
SunGard (Advert.)
EFAST2 – Are you ready to electronically file 5500 forms? Form 5500 must be electronically filed, beginning January 2010. Modifying your existing procedures and routines and helping your clients understand how to collaborate with you electronically are essential to meet the new requirements of the EFAST2 system. SunGard’s Relius Government Forms 5500 Web Client provides you and your clients an efficient and easy way to gather all necessary information and electronically file 5500 forms and schedules. Please contact 800-326-7235, ext. 1100. |
[Official Guidance]
Listing of IRS Published Guidance for January-March 2009
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)
[Guidance Overview]
Treasury's Second Extension of Temporary Guarantee Program for Money Market Funds (PDF)
3 pages. Excerpt: "Funds wishing to continue participation in the Program must submit the following documents to the Treasury by 11:59 p.m. Eastern time on April 13, 2009: Executed Program Extension Notice. Separate Program Extension Notices are applicable to each type of Guarantee Agreement. Currently, four types of Guarantee Agreements are in use. No changes may be made to the Program Extension Notice. Program Extension Participation Payment. The Program Extension Participation Payment must be made to the Treasury by Fedwire using the payment instructions contained in Exhibit B to the Guarantee Agreement. The Program Extension Participation Payment must be made at the time the Program Extension Notice is delivered. Bring-Down Notice. The Bring-Down Notice must be signed by officers of the fund. No changes may be made to the Bring-Down Notice." (Thompson Hine LLP)
[Guidance Overview]
New Federal Tax Withholding Tables Application to Pension Payments
Excerpt: "This will give many pensioners a little more money to spend currently. However, for some pensioners, it may mean that not enough is being withheld from their benefits to cover the tax they owe for the year. While the total dollar amounts of the credit are small ($400 single/$800 married filing jointly), an unexpected tax bill in 2010 nonetheless could be a problem." (The Segal Group, Inc.)
[Guidance Overview]
Treasury Extends Money Market Fund Guarantee (PDF)
2 pages. Excerpt: "In order to further stabilize the financial markets, the U.S. Treasury Department (the Treasury) recently announced an additional extension to the Temporary Money Market Funds Guarantee Program (the Program). The Program, which has already been extended once by the Treasury, was scheduled to end on April 30, 2009. But under this new (and presumably last) extension, certain shareholder investments in participating money market funds will be guaranteed through September 18, 2009. Only funds already participating in the Program are eligible to participate in the extension, subject to certain other conditions. Additionally, only shareholders of participating funds who were invested as of the close of business on September 19, 2008 are covered -- and only up to the amount invested at that time." (Morgan, Lewis & Bockius LLP)
[Guidance Overview]
ERISA's Anti-Alienation Provision Bars Law Firm's Access to Vested Benefits
Excerpt: "A law firm that challenged a defined benefit plan's denial of benefits to a class of participants was not entitled to a percentage of vested benefits in order to recover attorney's fees because allotting any portion of the benefits to the law firm would violate ERISA's anti-alienation provision, according to the U.S. Court of Appeals in New York (CA-2) in Kickham Hanley P.C. v. Kodak Retirement Income Plan, an ERISA Plan." (Wolters Kluwer)
House Approves Legislation That Addresses Federal Employee Retirement Issues
Excerpt: "Do you fall into one of the following categories? Interested in crediting unused sick leave towards the computation of your retirement benefit under the Federal Employees Retirement System. Considering (or already) working part-time under the Civil Service Retirement System. Had a break in federal service, took a refund of your FERS retirement contributions and now want to pay it back to get credit for your prior service. Interested in making after-tax contributions to your Thrift Savings Plan account and getting tax-free growth. If so, the exciting news that arrived from Capitol Hill on Wednesday might have seemed like a cruel April Fool's joke. But it's not. The House of Representatives really did approve legislation (H.R. 1804) that addressed each of these issues." (GovernmentExecutive.com)
Podcast: Interview on Retirement of Pension Rights Center Policy Director
Excerpt: "In the podcast, Karen [Friedman] discusses the Retirement USA principles and how they embody the fundamentals of a new and improved retirement system - one that would provide a universal, secure and adequate retirement income for all retirees." (Retirement USA)
House Passes Federal Employee Retirement Reform Bill
Excerpt: "The U.S. House, by a voice vote, has passed the Federal Retirement Reform Act of 2009. According to a news report on govexec.com, the bill includes provisions to enroll new employees automatically in the Thrift Savings Plan (TSP) and allow for Roth deferrals, as well as to give the TSP board the authority to add self-directed investment window options if doing so is in the best interest of participants." (PLANSPONSOR.com; free registration required)
AARP Bulletin Survey on Retirement Savings
Excerpt: "The AARP Bulletin commissioned a nationwide survey in February 2009 to find out if and how Americans are changing their general savings and retirement savings behaviors. It also explored whether people plan to save or spend the 2009 stimulus payout." (AARP)
The 401(k) Plans With the Highest Fees
Excerpt: "Investment fees make up 93 percent of all fees, according to Brightscope, but administrative fees also slim your 401(k) return. 'Investment fees would be charged whether the funds were in a 401k plan or not, but the administrative fees are unique to 401(k) plans,' . . . ." (U.S. News & World Report)
ASPPA (Advert.)
DOL Speaks: The 2009 Employee Benefits Conference April 30-May 1, 2009 Want to know what’s happening in today’s economic environment and its impact on retirement plans? Attend DOL Speaks: The 2009 Employee Benefits Conference and find out through direct access to DOL and IRS representatives what the impact will be on the plans you service. Featured sessions include; fiduciary best practices, fee disclosure, EBSA priorities and the current legislative agenda. Not to be missed, this event provides the perfect balance of an intimate setting with high impact information. Register now and lock in early savings discounts. Save even more by attending the Mid-Atlantic Benefits Conference too. For additional information go to www.asppa.org/dol. |
Links to Items on Executive Comp, Benefits in General
[Guidance Overview]Exploring the New 'Say on Pay' Requirements
Excerpt: "Among the new executive compensation requirements introduced under the American Recovery and Reinvestment Act of 2009 (ARRA) is a provision requiring firms that have received Trouble Asset Recovery Program (TARP) funds to submit an annual, nonbinding shareholder vote allowing shareholders to approve the compensation of the firm's executives starting with all proxies filed after February 17, 2009. The vote, known as 'Say on Pay,' has seen voluntary adoption by a few U.S. firms thus far, but this new legislation coupled with the current political environment may spur additional legislation requiring the adoption of the practice across all companies." (Deloitte Development LLC)
House Bill Carries New TARP Executive Compensation Curbs
Excerpt: "The U.S. House of Representatives has approved a measure limiting 'unreasonable or excessive' executive compensation at firms taking federal bailout money. A Wall Street Journal report said the bill, passed on a 247 to 171 vote, deals with new or existing compensation packages at firms receiving funds under the $700-billion Troubled Asset Relief Program (TARP) program. The bill comes in the wake of widespread voter anger at the executive bonus program at AIG, a recipient of federal bailout money." (PLANSPONSOR.com; free registration required)
Webcasts and Conferences
(Click to post your webcast or conference)"Automatic Enrollment: The Future Is Now" Archived Web Seminar
Nationwide on April 2, 2009
presented by SunGard Relius
401(k) Plan Workshop, April - May in 17 Cities
Nationwide on April 24, 2009
presented by SunGard Relius
403(b) plans: The Basics and Some Frequently Asked Questions - FREE
Nationwide on April 1, 2009
presented by ftwilliam.com
Automatic Enrollment Redux: The Final Regulations
Nationwide on April 14, 2009
presented by ASPPA (American Society of Pension Professionals & Actuaries)
COBRA Provisions in the American Recovery and Reinvestment Act Workshop
in Missouri on April 14, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
EPCRS: Even your Plan Can be Restored (Seriously!)
in California on April 23, 2009
presented by Western Pension & Benefits Conference - Orange County Chapter
Form 5500 Workshop, April - May 2008 in 16 Cities
Nationwide on April 23, 2009
presented by SunGard Relius
Press Releases
(Click to post your press release)Focus on the Positive: Still Time to Enter National Employee Benefits Recognition
Principal Financial Group
Cost Control Strategy Central to Health Care Reform
American Benefits Council
In the Fight to Stem Health Costs by Improving Health, Nonprofit HERO, in Collaboration with Mercer, Launches New Best Practice Scorecard for Health Management
Mercer
Employee Benefits Jobs
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DC Plan Administrator
for Northwest Benefit Consultants, Inc.
in IL
EmployeeBenefitsJobs.com (Sponsor)
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