Retirement Plans Newsletter |
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| July 10, 2009 \ Compliance \ Costs \ Administration \ Design \ Policy | ||
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[Official Guidance]
Text of IRS Notice 2009-57: Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates (PDF)
4 pages. Excerpt: "This notice provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under §412(b)(5)(B)(ii)(II) of the Internal Revenue Code. It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), the 24-month average segment rates, and the funding transitional segment rates under §430(h)(2). In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under §417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, and the minimum present value segment rates under §417(e)(3)(D) as in effect for plan years beginning after 2007." (Internal Revenue Service)
[Guidance Overview]
Best Dates for Federal Employees to Retire in 2010
Excerpt: "[The calendars show the optimum dates to retire. Below the calendars], you'll find a full explanation of the color coding, indicating why some dates are better than others." (GovernmentExecutive.com)
[Guidance Overview]
Towers Perrin Monthly Retirement Regulatory Round-Up, June 2009 (PDF)
4 pages. Excerpt: "The Monthly Regulatory Round-Up is a high-level summary of legal and regulatory developments that occurred during June 2009 that may be relevant to large employers. Developments are sorted according to federal legislative developments, federal regulatory guidance, other developments (e.g., significant litigation, studies, select state law developments)." (Towers Perrin)
[Guidance Overview]
Nonspousal Rollover Option for Death Benefits Becomes Mandatory in 2010 (PDF)
3 pages. Excerpt: "Nonspousal rollovers were not available before the new PPA provision, which became effective for distributions made after December 31, 2006. After PPA, plans were permitted to allow nonspouse beneficiaries the option of rolling over distributions, but plans were not required to provide that option. The Worker, Retiree and Employer Recovery Act of 2008 makes the nonspousal rollover provision mandatory for plan years beginning after December 31, 2009. Plans will have to offer the rollover alternative to nonspouse beneficiaries receiving plan death benefits." (The ERISA Law Group)
[Guidance Overview]
A Proposal for Fiduciary Status for Broker-Dealers (PDF)
2 pages. Excerpt: "The President's proposal for reform of the financial services industry was described in a Department of Treasury publication -- or White Paper -- entitled 'Financial Regulatory Reform, A New Foundation: Rebuilding Financial Supervision and Regulation.' As a part of that proposal, the Administration included a provision to establish a fiduciary duty for broker-dealers who offer investment advice and to harmonize the regulation of investment advisers and broker-dealers. While the proposal was written from the perspective of the retail investor, we believe that it will have a significant impact on investment advice for 401(k) plans -- particularly in the mid-sized and small plan market. This bulletin quotes from the Department of Treasury White Paper and then describes my initial reaction to the proposed change." (Reish & Reicher)
Summary of Investment Advice Legislative Issues (PDF)
7 pages. Excerpt: "There has been considerable recent legislative interest in issues related to the provision of investment advice to plans and plan participants, triggered in large part by a bill passed by the House Education and Labor Committee (H.R. 2989). This memorandum provides background for legislators to consider with respect to the investment advice issues that have been raised." (American Benefits Council)
Slides from Presentations: The Quest for Adequate Retirement Income
Excerpt: "How are 21st century seniors faring in retirement? What are reasonable goals for wage-replacement? To what extent are retirees achieving those goals? What is the trajectory for Social Security and retirement income adequacy in coming years? What are the implications of recent developments in pensions, savings, 401(k)s, home values, and jobs for the retirement security of boomers and those who follow them?" (National Academy of Social Insurance)
A Survey of Current Policy Initiatives with Respect to Target Date Funds
Excerpt: "As 401(k) account balances have seen precipitous declines, Congress has begun to increase the attention that it is giving to plan investments, in particular, target date funds. In this article, we review the current initiatives and the outlook for legislation and rulemaking." (JPMorgan Chase & Co.)
Updated Retirement Vulnerability Analysis: The Likelihood of Outliving Financial Assets (PDF)
6 pages. Excerpt: "For households without a significant guaranteed lifetime source of income beyond Social Security, the changes due to the stock market declines have reduced their already extremely low likelihood of having the financial resources they need in retirement. A married couple without a defined benefit plan both at retirement and nearing retirement had more than a nine-in-ten likelihood of outliving their financial assets in July 2008. After the market declines, their retirement vulnerability increased even further to a 19-out-of-20 chance." (Ernst & Young LLP via Americans for Secure Retirement)
[Opinion]
Target-Date Funds Need Better Aim
Excerpt: "Amusingly, the providers of target-date funds loudly lament the absence of a recognized benchmark for their products. I do not believe their protests for one second. I think they are as happy as clams at high tide not to embrace a benchmark. Doing so would limit their competitive flexibility by making certain features of target-date investing 'standard' and by complicating their ability to explain away performance differences." (MarketWatch)
International Foundation of Employee Benefit Plans (Advert.)
What Mauro Canori values about his International Foundation membership: "The networking opportunities . . . the ability to network with other benefit and compensation professionals has been outstanding. That’s one of the big reasons that I not only maintain my membership but also am a volunteer. I pick up the phone and call someone I’ve gotten to know through either membership or volunteering with the Foundation." |
Links to Items on Executive Comp, Benefits in General
[Guidance Overview]Monthly Regulatory Round-Up on Executive Compensation, June 2009 (PDF)
5 pages. Excerpt: "The Monthly Regulatory Round-Up is a high-level summary of legal and regulatory developments that occurred during June 2009 that may be relevant to large employers. Developments are sorted according to federal legislative developments, federal regulatory guidance, other developments (e.g., significant litigation, studies, select state law developments)." (Towers Perrin)
Lawmakers Consider Domestic Partner Benefits at Hearing
Excerpt: "Lawmakers and witnesses at a hearing on Wednesday discussed how best to extend benefits to the partners of g.ay and les.bian federal employees and retirees, a conversation that involved occasionally pointed exchanges on the nature of discrimination. 'It's baffling that this blatant inequity persists on the federal level, despite the significant expansion in the availability of employment-related benefits and equal treatment for domestic partners among other public and private sector employers,' said House Oversight and Government Reform Federal Workforce Subcommittee Chairman Stephen Lynch, D-Mass." (GovernmentExecutive.com)
MetLife Breaks Down Benefit Trend Information for Small Businesses
Excerpt: "MetLife has made available a new resource designed to help small businesses more effectively leverage benefits programs. Small Business Benefits: Cost-Effective Strategies for Maximizing ROI is a supplement to MetLife's 7th annual Study of Employee Benefits Trends . . . ." (PLANSPONSOR.com; free registration required)
Companies Step Up Benefits Communication to Combat Unions
Excerpt: "As discussions around the Employee Free Choice Act heat up in Congress, employers are stepping up their communications to employees about the benefits they offer as a way of combating unionization efforts." (Workforce Management; free registration required)
Webcasts and Conferences
"401(k) Plans: Beyond the Basics" - A Two-day Seminar in 6 cities.Nationwide on September 10, 2009
presented by SunGard Relius
62nd Annual National Conference and Exhibition
in Arizona on September 21, 2009
presented by Profit Sharing/401(k) Council of America (PSCA)
An Ownership Tale
Nationwide on September 9, 2009
presented by National Center for Employee Ownership
Communicating Valuation
Nationwide on August 4, 2009
presented by National Center for Employee Ownership
Don't Do That With Your ESOP
Nationwide on September 15, 2009
presented by National Center for Employee Ownership
ESOP Company Case Studies: Open-Book Management and Incentive Plans
Nationwide on July 14, 2009
presented by National Center for Employee Ownership
ESOP Company Case Studies: Open-Book Management and Incentive Plans
Nationwide on July 14, 2009
presented by National Center for Employee Ownership
ESOP Overview
Nationwide on August 6, 2009
presented by National Center for Employee Ownership
Incentive Plans that Support Employee Ownership
Nationwide on September 17, 2009
presented by National Center for Employee Ownership
Revitalizing Your Ownership Culture
Nationwide on August 19, 2009
presented by National Center for Employee Ownership
The Rollout: Introducing a New ESOP to Employees
Nationwide on July 22, 2009
presented by National Center for Employee Ownership
Valuation Challenges for Ongoing ESOPs
Nationwide on July 16, 2009
presented by National Center for Employee Ownership
(Click to post your webcast or conference)
Press Releases
U.S. Labor Department Obtains Court Actions Restoring Assets to Pension Plan of Former Dadeville, Alabama, Employee Leasing CompanyU.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Health Insurance Options for Domestic Partnerships
National Association of Insurance Commissioners (NAIC)
Benefit Consulting Group of Puerto Rico Inc. Joins Select Group of ASPPA Certified Firms
Roland|Criss Fiduciary Services
(Click to post your press release)
Employee Benefits Jobs
Relationship Manager IIIfor Wilmington Trust Company Retirement and Institutional Services Company
in AZ
Corporate Retirement Service Section Manager
for Wilmington Trust Company Retirement and Institutional Services Company
in AZ
Account Executives
for Third Party Administration Firm, Philadelphia Area
in PA
(Click to post your job opening | View all jobs |
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EmployeeBenefitsJobs.com (Sponsor)
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Handy Links:
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