Retirement Plans Newsletter |
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| July 14, 2009 \ Compliance \ Costs \ Administration \ Design \ Policy | ||
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." |
[Guidance Overview]
PPA DB Funding -- Medium-Term Implications of Asset and Interest Rate Volatility
Excerpt: "Right now, most plan sponsors are trying to figure out, for 2009, what are their PPA funding options, how to avoid benefit restrictions and at-risk status and how to preserve (or best use) credit balances. In that regard, recent IRS guidance allowing use (for 2009 funding, for calendar year plans) of October 2008 interest rates is probably the best news sponsors have had in some time. In this article, we look beyond 2009 and consider the implications of what we already know - about regulatory policy, interest rates and asset values - for funding in 2010, 2011 and subsequent years." (J.P. Morgan)
[Guidance Overview]
House Education and Labor Committee Approves Fee, Advice and DB Funding Legislation
Excerpt: "On June 23, Representative George Miller (D-CA), the Chair of the House Education and Labor Committee, introduced H.R. 2989, a bill targeting 401(k) fee disclosure and investment advice, as well as offering some defined benefit plan funding relief. In this article we focus on the DB funding provisions in detail, and highlight the key differences in the fee disclosure and investment advice sections from previous bills." (J.P. Morgan)
[Guidance Overview]
Pension and Benefit Trusts with Foreign Investments Face September Reporting Deadline
Excerpt: "Administrators and fiduciaries of pension and benefit plans that invested in foreign hedge funds before 2009 should confer with legal counsel to determine whether to file a Report of Foreign Bank and Financial Accounts (FBAR) with IRS. The filing obligation generally applies to US persons -- including trusts -- owning such interests, as well as fiduciaries and others with 'signature or other authority' over accounts." (Mercer)
Multiemployer Pension Plans Urged to Extend the Due Date of their Form 5500
Excerpt: "Forms 5500 for the 2008 plan year will be due by the end of July, for plans that run on a calendar-year basis. However, there is uncertainty about how to answer certain new questions related to one of the Schedules. Moreover, because substantial amounts of new information are called for even when the questions are clear, fund offices may need longer than usual to retrieve and organize the required data." (Segal)
Congressman Pomeroy Issues Discussion Draft of DB Funding Relief Proposals
Excerpt: "Legislative activity related to PPA funding relief continues, the latest being Representative Earl Pomeroy's 'Discussion Draft of Pension Plan Funding Proposals.' Here we review the proposals and their potential implications." (J.P. Morgan)
Fewer Employees Are Aware Of Fees Than Most Employers Think They Are
Excerpt: "Employers overwhelmingly agree that the officials responsible for overseeing a company's retirement plan have a clear understanding of the fees associated with the plan -- 48% strongly agree and 44% somewhat agree. Of the 526 companies that participated in the 10th Annual Retirement Survey conducted by the Transamerica Center for Retirement Studies, 31% would like to receive more information about fees from their retirement plan provider, while 65% did not want more fee information." (Wolters Kluwer)
Legislation for Strengthening Investor Protection Delivered to Capitol Hill
Excerpt: "Continuing its push to establish new rules of the road and make the financial system more fair for consumers and investors, the Administration [on July 10] delivered proposed legislation to strengthen the SEC's authority to protect investors. The legislation outlines steps to establish consistent standards for all those who provide investment advice about securities, to improve the timing and the quality of disclosures, and to require accountability from securities professionals. The legislation would also establish a permanent Investor Advisory Committee to keep the voice of investors present at the SEC." (U.S. Department of the Treasury)
[Opinion]
Pension Provisions of the US Model Tax Treaty: Comments by Groom Law Group
Excerpt: "The comments include the possible elimination of the clause applying the 'lesser of' the benefit limits of the two countries for certain corresponding pension plans as unnecessary and difficult to administer, a broader provision for nondiscrimination in the taxation of pension investments in a manner similar to the European Commission, extending the third-state pension provision found in the US-Belgium tax treaty to other tax treaties, and granting greater portability of pensions between corresponding plans of different treaty countries." (Groom Law Group)
MassMutual Financial Group (Advert.)
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Links to Items on Executive Comp, Benefits in General
[Guidance Overview]Negotiating Benefits Outsourcing Contracts (PDF)
6 pages. Excerpt: "Outsourcing vendors understand that the industry has matured into a multi-billion dollar business with comparable exposure for ERISA non-compliance or tax disqualification. Not surprisingly, many vendors employ teams of lawyers and business personnel working exclusively to secure the most pro-vendor contract possible. Surprisingly, and sometimes unfortunately, plan sponsors and in-house administrators do not always devote the same attention and resources to the contract. This imbalance can produce a contract that strips the plan sponsor or administrator of many of the benefits of outsourcing and can create liabilities for the plan and plan sponsor that would not otherwise exist." (Ivins, Phillips & Barker)
[Guidance Overview]
SEC Proposes Pay and Governance Disclosure Changes
Excerpt: "Proposed SEC rules on pay and corporate governance proxy disclosure would require discussion of overall compensation policies for all employees, if these policies affect company risk; replace the annual accounting expense of equity awards with their full grant-date fair value; and enhance disclosures about compensation consultants, director nominees and leadership structure." (Mercer)
Companies Get Good News as Pressure Mounts on Exec Comp Disclosure
Excerpt: "On July 1, the SEC voted to solicit comments on proposed changes to its proxy disclosure rules. Among the recommendations, the SEC is looking at reverting to its former stance on how companies disclose and value stock options granted to executives." (Workforce Management)
Proxy Changes Coming
Excerpt: "In a 137-page release of proposed proxy rules, the SEC is seeking comment on increased disclosure requirements about the potential incentivization of risky behavior. The proposal also would change the way stock options are reported, include more disclosure about board members and board structure, and add transparency to potential consultant conflicts-of-interest." (Human Resource Executive Online)
The Economic Crisis: Broader Executive Compensation Reforms Coming Soon
Excerpt: "The widely held view that compensation practices contributed to the economic meltdown has prompted Congress, Treasury and the SEC to engage in a renewed focus on several executive compensation reforms that will have a broad reach if enacted. Consider, for example, the following excerpt from a recent statement by Gene Sperling, Counselor to the Secretary of the Treasury . . . ." (K&L Gates)
Phyllis Borzi Confirmed by Senate as New EBSA Head
Excerpt: " The U.S. Senate has approved the nomination of Phyllis Borzi as assistant secretary of labor for the Department of Labor's Employee Benefits Security Administration (EBSA)." (PLANSPONSOR.com)
Webcasts and Conferences
2009 Web/Telephone Seminar: 403(b) PlansNationwide on August 25, 2009
presented by Ascensus
2009 Web/Telephone Seminar: Amending & Restating QPs for EGTRRA
Nationwide on August 27, 2009
presented by Ascensus
2009 Web/Telephone Seminar: Comparing Roth & Traditional IRAs
Nationwide on August 6, 2009
presented by Ascensus
2009 Web/Telephone Seminar: Coverdell Education Savings Accounts
Nationwide on August 6, 2009
presented by Ascensus
2009 Web/Telephone Seminar: IRA Beneficiary Distributions
Nationwide on August 13, 2009
presented by Ascensus
2009 Web/Telephone Seminar: IRA Required Minimum Distributions
Nationwide on August 11, 2009
presented by Ascensus
2009 Web/Telephone Seminar: Selecting the Best 401(k) Plan Design
Nationwide on August 20, 2009
presented by Ascensus
2009 Web/Telephone Seminar: SEP Plans
Nationwide on August 4, 2009
presented by Ascensus
2009 Web/Telephone Seminar: Traditional IRA Distributions
Nationwide on August 20, 2009
presented by Ascensus
ERISA Litigation, 19th Annual National Institute
in Illinois on November 16, 2009
presented by ABA Joint Committee on Employee Benefits
ESOP Company Case Studies : Employee Involvement and Communication
Nationwide on December 16, 2009
presented by National Center for Employee Ownership
ESOP Feasibility
Nationwide on December 9, 2009
presented by National Center for Employee Ownership
Handling the Repurchase Obligation - Legal Issues
Nationwide on December 1, 2009
presented by National Center for Employee Ownership
How the Repurchase Obligation Affects Valuation
Nationwide on December 3, 2009
presented by National Center for Employee Ownership
Planning for the Repurchase Obligation
Nationwide on December 2, 2009
presented by National Center for Employee Ownership
What You Need to Know as an Internal ESOP Fiduciary
Nationwide on December 10, 2009
presented by National Center for Employee Ownership
(Click to post your webcast or conference)
Press Releases
Uncertain About Savings, Retirees Tighten Belts, Seek AdviceSociety of Actuaries
PBGC Protects Pensions at Mother's Cake & Cookie Co.
Pension Benefit Guaranty Corporation (PBGC)
U.S. Labor Department Seeks to Restore Employee Contributions Owed to Iowa SIMPLE IRA Plan and Appoint Independent Plan Fiduciary
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
New Report Shows Employers Struggle with Ill-Prepared Workforce, as White House Highlights Future of Workforce Skills
Corporate Voices for Working Families
More than Half of All Americans Would Drop Employer-Sponsored Dental Plans If Taxed
National Association of Dental Plans (NADP)
(Click to post your press release)
Employee Benefits Jobs
Senior Defined Benefit Data Analystfor Diversified Investment Advisors, Inc.
in MA
Financial Specialist
for Schloss & Co, LLC
in NY
(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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