Retirement Plans Newsletter |
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| June 4, 2009 \ Compliance \ Costs \ Administration \ Design \ Policy | ||
AIRE LLC (Advert.)
Enrolled Retirement Plan Agent (ERPA) Exams Open Retirement plan practitioners who seek the new Internal Revenue Service Enrolled Retirement Plan Agent designation and who now are ineligible to act as clients agents pursuant to IRS Form 2848 may register now. Register by July 6, 2009 and take the examination up to August 31, 2009. Get valuable resources to prepare for the ERPA special enrollment examination at www.airellc.org. |
[Guidance Overview]
Presentations by IRS at April 2008 Governmental Plans Roundtable
Powerpoint slides. Excerpt: "The following sessions were presented at the Roundtable: Navigating the Staggered Remedial Amendment Period . . . Requirements Relating to Section 414(d) Governmental Plans . . . EPCU and Examinations Efforts . . . Federal State and Local Governments (FSLG) . . . EPCRS & Governmental Plans . . ." (Internal Revenue Service)
Whats in a Target-Date Funds Name? Misled Investors and Troubling Results Might Lead to Crackdown
Excerpt: "The SEC is considering cracking down on the use of target-date retirement fund names that could be 'misleading or confusing to investors,' SEC Chairwoman Mary L. Schapiro testifies during a Senate subcommittee hearing." (Workforce.com)
More Detail on Indiana Pension Fund Grounds for Objecting to Chrysler Deal
Excerpt: "The Indiana funds making the challenge, which include those representing state teachers and police officers, hold about $42.5 million of Chrysler's $6.9 billion in first-lien debt, so called because it is first in line for repayment. But holders of about 92 percent of those loans agreed to a government plan whereby they would receive 29 cents on the dollar in cash for their claims. The Indiana funds bought its holdings in July 2008 for 43 cents on the dollar. Lawyers for the funds have questioned whether Chrysler could have realized a better deal than the Fiat transaction or through a liquidation. They have also raised objections to the sale on constitutional grounds . . . ." (New York Times)
New York Governor Vetoes Routine Extension of Pension Provision; Would Have Provided More Generous Benefits
Excerpt: "Paterson shocked Capitol insiders by vetoing a routine extension of a law that lets newly hired police and firefighters join an older plan no longer available to most public employees. The vetoed plan allows police officers and firefighters to retire after 20 years at half salary. As a lawmaker, Paterson routinely supported the measure." (NYDailyNews.com)
Does Your 401(k) Need An Annuity Combined with an Investment Portfolio?
Excerpt: "[L]ess than 20% of employees would be able to meet their needs in retirement. That's prompting several firms to introduce a new type of 401(k) plan that combines elements of traditional pensions and 401(k) accounts. Like pensions, they offer a deferred annuity to provide a guaranteed income throughout retirement. . . . Along with the annuity, these new 401(k) plans contain an investment portfolio. That allows you to take advantage of growth in the stock market." (MainStreet)
Bolster Employee Retirement Benefits By Making Statements Comprehensible
Excerpt: "More evidence of how clueless the average American investor may be is that one-third of 401(k) participants admit they do not know what percentage of their account is invested in U.S. stocks, foreign stocks, or fixed-income products . . . ." (Employee Benefit Adviser; free registration required)
Links to Surveys Relating to ERISA Fiduciary Performance and Litigation
Excerpt: "The following surveys contain some great information about how fiduciaries are doing and the risks that they are facing: . . ." (ERISA Fiduciary Guidebook)
EBRI Study Addresses Plan Demographics, Participants' Saving Behavior, and Target-Date Fund Investments
Excerpt: "This analysis explores (1) whether plan demographic characteristics would affect individual participant contribution rates and target-date fund investments and (2) equity glide paths for participants in relation to plan demographics by considering target replacement income and its success rate." (Employee Benefit Research Institute (EBRI))
Delphi Retirees Plan Class Action Suit Over Pension Benefits; Claim 'Liquidation' Not Reorganization
Excerpt: "Think that Delphi Corp.'s salaried retirees are going to fade away after several negative rulings in federal court? Think again. (Business-Journal.com)
Principal Financial Group Lays Off 140 in Des Moines
Excerpt: "The positions are primarily in the retirement business to accommodate changing customers needs, said spokeswoman Susan Houser in a statement." (DesMoinesRegister.com)
Leaving 401(k) Money With Former Employer, Instead of IRA Rollover, Can Protect Savings
Excerpt: "Depending on the state where you live, leaving a plan in the sheltering arms of a former employer might offer more protection from creditors than a rollover IRA" (The Wall Street Journal)
DATAIR Employee Benefit Systems, Inc. (Advert.)
DATAIR’s DB Valuation System DB Administration, Discrimination Testing and Proposal software with Multiple Plan and Cash Balance Plan handling. PPA’06 Pension Funding. * Funding Target and Target Normal Cost with 3-rate segments * 404(o) Cushion; 430 minimum and 404(o) maximum contributions * Funding Target Attainment Percentages (FTAPs) Schedule SB reports and links to our 5500/PBGC System, and our FAS 158 and Termination Calculation reporting systems. sales@datair.com or call 1-888-328-2474 |
Links to Items on Executive Comp, Benefits in General
Guidance on Short-Selling by Executives Is Needed, GAO SaysExcerpt: "Actions taken by the Securities and Exchange Commission at the height of the market turmoil last year appear to have reduced abusive short-selling, but the agency should provide clearer guidance to the brokerage industry for applying the rules, congressional auditors concluded in a report issued Wednesday." (Washington Post; free registration required)
Relax Restrictions on Shareholders Lawsuits Over Executive Compensation, House Subcommittee Chairman Urges
Excerpt: "Shareholders should be given more power to bring lawsuits against companies for paying excessive compensation to executives, the chairman of the House subcommittee that has jurisdiction over securities matters said Tuesday, June 2." (Workforce.com)
FASB Accounting Standards Codification to Officially Launch on July 1, 2009
Excerpt: "The Financial Accounting Standards Board (FASB) [on Wednesday June 3] voted to approve the FASB Accounting Standards Codification(tm) as the single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP) to be launched on July 1, 2009. The Codification will be effective for interim and annual periods ending after September 15, 2009, which means that preparers must begin to use the Codification for periods that begin on or about July 1, 2009." (Financial Accounting Standards Board)
Putting Healthcare Plans Out to Bid Can Reap Savings
Excerpt: "Forcing vendors to aggressively bid against one another in an open, eBay-like platform such as the one that HighRoads operates invariably drives down prices, she says. The trick is to demystify the health plan shopping process and treat it more like a straightforward procurement effort similar to the way companies buy office supplies. The result is usually a reduction in costs, Dustin says." (Workforce.com)
Webcasts and Conferences
"Defined Benefit Plans for DC Practitioners" Web Seminar, A Two-part programNationwide on June 30, 2009
presented by SunGard Relius
Mining your Health Plan Data for Jewels
in Virginia on June 17, 2009
presented by Worldwide Employee Benefits Network (wash. Metro Chapter)
Pensions: Is Retirement Becoming A Thing of the Past? Webcast
Nationwide on June 4, 2009
presented by Standard & Poor's
(Click to post your webcast or conference)
Press Releases
Financial Engines Launches Broader Retirement Planning HelpFinancial Engines, Inc.
MetLife Launches Online Open Enrollment Portal for Employers and Brokers
MetLife
Health Care Cost Increases to Continue at Double Digit Rates, According to Buck Consultants Survey
Buck Consultants, an ACS Company
ERISA Compliance Assessment Available to 401(k) Plan Fiduciaries
Kelley Drye & Warren LLP
(Click to post your press release)
Employee Benefits Jobs
Retirement Plan Administrator/Consultantfor Pension Works, Inc.
in VT
(Click to post your job opening | View all jobs |
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EmployeeBenefitsJobs.com (Sponsor)
(Click on banner to learn more.)
| Where the best employers find the best candidates! |
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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