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April 17, 2009


Here are the Web's best new links about compliance and cost aspects of plan operation, design and policy.

SunGard (Advert.)

EGTRRA Restatement Outsourcing Services (clickable image)

EGTRRA Restatement Outsourcing Services

Do you have 300 or more defined contribution plans to restate for EGTRRA? Outsource them to us. SunGard's expert Document Management Services (DMS) staff can work as your "invisible" back office resource to help you through the restatement process. Let us focus on your plan documents, so you can focus on growing your business. Contact Ellen Nasrallah at 800-326-7235, ext. 5968.


[Official Guidance]
Disaster Relief Announcement 09-05 Relating to PBGC Deadlines in Response to Severe Storms and Flooding in Minnesota

Excerpt: "Pension Benefit Guaranty Corporation ('PBGC') is waiving certain penalties and extending certain deadlines in response to the severe storms and flooding that occurred on March 16, 2009, in Minnesota." (Pension Benefit Guaranty Corporation)


[Official Guidance]
Disaster Relief Announcement 09-06 Relating to PBGC Deadlines in Response to Severe Storms and Flooding in North Dakota

Excerpt: "Pension Benefit Guaranty Corporation ('PBGC') is waiving certain penalties and extending certain deadlines in response to the severe storms and flooding that occurred on March 24, 2009, in North Dakota." (Pension Benefit Guaranty Corporation)


[Guidance Overview]
IRS's Proposed Prototype Program for 403(b) Plans

Excerpt: "Those sponsors not electing to adopt a 403(b) prototype plan or that are otherwise unable to do so because of a complex plan design or for other reasons should continue to ensure compliance with the final 403(b) regulations, and should continue to monitor guidance from the IRS to determine whether the IRS intends to approve 403(b) plans via a program similar to the determination letter program in place for 401(k) plans. Announcement 2009-34 reiterates the IRS's intent to establish a determination letter program for individually designed 403(b) plans, but, as with prior guidance, the Announcement does not specify a date as of which such program will be established." (McDermott Will & Emery)


[Guidance Overview]
Multiemployer Pension Plan Funding Relief: Action Needed by April 30

Excerpt: "The relief applies to plan years beginning on or after October 1, 2008, and not later than September 30, 2009; for calendar year plans, elections must be made by April 30, 2009." (McDermott Will & Emery)


[Guidance Overview]
Second Circuit Reverses Bankrup.tcy Court's Decision on PBGC Termination Premiums

Excerpt: "In Pension Benefit Guaranty Corporation v. Oneida, Ltd. dated April 8, 2009, the U.S. Court of Appeals for the Second Circuit reversed a ruling by the U.S. Bankrup.tcy Court for the Southern District of New York characterizing certain 'termination premiums' owed to the Pension Benefit Guaranty Corporation (PBGC) pursuant to the Deficit Reduction Act of 2005 as contingent, pre-petition claims and thus dischargeable in bankrup.tcy." (McDermott Will & Emery)


[Guidance Overview]
Modifications to Form 5500 and Schedules: EFAST2

Excerpt: "In addition to familiarizing themselves with the new electronic filing procedures, 5500 preparers will need to understand the changes to the Form 5500 and the schedules as well as the Form 5500-SF. The following FAQs describe the elimination of certain schedules, the modifications to the Form 5500 and schedules, and the requirements to be eligible for the new Form 5500-SF." (SunGard)


The Impact of Changing Earnings Volatility on Retirement Wealth
Excerpt: "Over the past several decades, the volatility of family income has increased markedly, and own earnings volatility has remained relatively flat. Volatility may affect retirement wealth, depending on whether volatility affects accrued pension contributions or withdrawals or earnings credited toward future Social Security benefits. This project assesses the effect of the volatility of individual and family earnings on asset accumulation and projected retirement wealth using survey data matched to administrative earnings records." (The Urban Institute)


The Aggregate and Distributional Effects of Differential Wage Growth on Social Security
Excerpt: "Recent growth in wage inequality has important implications for Social Security solvency and benefit distributions. Because only earnings below the taxable maximum are subject to payroll taxes, concentrated wage growth among higher earners generates less revenue than more evenly distributed growth. Social Security's progressive benefit formula increases benefit payouts when shares of workers with low wages grow. We use a dynamic microsimulation model to examine aggregate and distributional consequences of alternative scenarios about future wage growth. We find that relatively modest changes in assumptions about wage differentials generate marked changes in projected Social Security benefits, poverty, and long-term financing status." (The Urban Institute)


NAGDCA 2009 Survey of Defined Contribution Plans
Excerpt: "This report contains two sections. The National Summary provides a narrative overview of the key areas involved in administering governmental 457, 401(k), 401(a), and 403(b) plans. The survey also provides a pdf of the Overall Survey Results, which offers a look at the survey through charts and responses from all participating entities." (National Association of Government Defined Contribution Administrators)


Employment Support for the Transition to Retirement: Can a New Program Help Older Workers Continue to Work and Protect Those Who Cannot?
Excerpt: "One of the leading proposals to extend working lives is to increase the earliest eligibility age in Social Security. The major problem with raising the EEA is that doing so would inflict real hardship on some older workers. In this research paper . . ., David Stapleton of Mathematica Policy Research, Inc. proposes a new program could help 'break the deadlock' that stymies efforts to adopt policies that encourage later retirement. Stapleton describes a program -- Employment Support for the Transition to Retirement (ESTR) -- that could address the harm that an increase in the earliest eligibility age might inflict on some older workers. Stapleton identifies a number of circumstances that he says would call for expanded assistance for workers nearing retirement if early benefits were no longer available, and calls for a wide range of benefits, tailored to individual need . . . ." (AARP)


Annual 401(k) Benchmarking Survey, Updated for 2008
Excerpt: "The Annual 401(k) Benchmarking Survey was conducted jointly by Deloitte Consulting LLP, the International Foundation and the International Society for Certified Employee Benefits Specialists. A total of 830 responses was received, representing the full spectrum of industries, geographic regions and company sizes. Respondents answered questions about their plans, as well as, for the first time, a series of inquiries about other rewards programs. The result is a highly granular snapshot of plan characteristics, policies and trends." (Deloitte Development LLC)



The Center for Due Diligence (CFDD) (Advert.)

CFDD October 5-7, 2009 Advisor Conference (clickable image)

CFDD October 5-7, 2009 Advisor Conference

ADAPT, SURVIVE & PROSPER: A Bull Market In BOR Changes

The CFDD’s Advisor Conference is an all business event designed to help retirement plan advisors adapt to unprecedented challenges. Distinguished by accomplished advisor attendance and rich content, the advisor-centric conference has become the industry’s premier networking and educational event. To benefit from unbiased guidance, generate NEW business now, IMPROVE investment returns and LIMIT liability, register at a discount NOW!

Click HERE for more information.


Links to Items on Executive Comp, Benefits in General

[Guidance Overview]
IRS's Section 409A Correction Program (PDF)

2 pages. Excerpt: "The Internal Revenue Service (the 'IRS') recently issued Notice 2008-113 (the 'Notice') detailing a correction program for inadvertent and unintentional Section 409A operational errors in administering nonqualified deferred compensation plans. The Notice modifies and incorporates a prior notice released by the IRS and is effective for taxable years beginning on or after January 1, 2009. This article highlights key aspects of the new correction program." (Snell & Wilmer LLP)


Delphi Retiree Benefits Could Vanish in GM Bankrup.tcy
Excerpt: "The auto parts maker could face liquidation, with its benefit plans for all retirees being terminated and, most likely, taken over by the government." (Workforce Management; free registration required)


New York Governor Introduces Bill to Allow G.ay Marriage
Excerpt: "Gov. David Paterson introduced a bill Thursday to legalize same-sex marriage in New York . . . . ''Rights should not be stifled by fear,'' Paterson said. ''What we should understand is that silence should not be a response to injustice. And that if we take not action, we will surely lose.'' G.ay and les.bian couples are denied as many as 1,324 civil protections -- such as health care and pension rights -- because they cannot marry, Paterson said." (AP via The New York Times; free registration required)


Employers Continue to View Benefit Programs As Vital Part of Workplace Relationship with Employees (PDF)
8 pages. Excerpt: "[A] fair number of respondents see the economic crisis as a catalyst for actions ranging from a step-up in employee communication, to a more holistic approach to reward management, to experimentation with different benefit strategies." (Towers Perrin)



Webcasts and Conferences

(Click to post your webcast or conference)

2009 Web/Telephone Seminar: Advanced HSAs
Nationwide on July 14, 2009
presented by Ascensus

2009 Web/Telephone Seminar: Basic IRAs
Nationwide on July 14, 2009
presented by Ascensus

2009 Web/Telephone Seminar: Conducting Your Own Compliance Audit
Nationwide on June 23, 2009
presented by Ascensus

2009 Web/Telephone Seminar: IRA Beneficiary Distributions
Nationwide on June 11, 2009
presented by Ascensus

2009 Web/Telephone Seminar: QRP Beneficiary Rollovers to Inherited IRAs
Nationwide on June 18, 2009
presented by Ascensus

2009 Web/Telephone Seminar: Roth 401(k)/403(b) Provisions
Nationwide on June 16, 2009
presented by Ascensus

2009 Web/Telephone Seminar: Understanding & Processing Transfers & Rollovers
Nationwide on July 9, 2009
presented by Ascensus

COBRA Provisions in the American Recovery and Reinvestment Act Workshop
in Oregon on May 13, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)


Press Releases

(Click to post your press release)

Buck Consultants Launches New Green Awareness Consulting Service
Buck Consultants, an ACS Company

Greenberg Traurig Expands Silicon Valley Office with Addition of Saswati Paul
Greenberg Traurig, LLP


Employee Benefits Jobs

(Click to post your job opening | View all jobs | RSS feed for jobs RSS feed of all jobs )

Plan Analyst and Enrollment/Communications Specialist
for Pension Specialists, Inc.
in IL

Account Manager - Benefits
for Woodruff-Sawyer & Co.
in CA



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