Retirement Plans Newsletter |
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| July 29, 2009 \ Compliance \ Costs \ Administration \ Design \ Policy | ||
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[Official Guidance]
Text of PBGC Proposed Regs: Employees Serving in Uniformed Services at Time of Plan Termination (PDF)
4 pages. Excerpt: "This proposed rule would provide that so long as a service member is reemployed within the time limits set by USERRA, even if the reemployment occurs after the plan's termination date, PBGC would treat the participant as having satisfied the reemployment condition as of the termination date. This would ensure that the pension benefits of reemployed service members, like those of other employees, would generally be guaranteed for periods up to the plan's termination date." (Pension Benefit Guaranty Corporation)
[Guidance Overview]
Deadline Extended for Some Taxpayers Who Recently Learned of the FBAR Reporting Requirement
Excerpt: "Many taxpayers, such as tax exempt entities, trust funds and nuclear decommissioning funds (special entities), may be unaware of an important mandatory filing requirement that has recently received additional attention: the foreign bank or financial account (FBAR) report. This long-standing filing requires all U.S. persons to annually disclose any financial interest in all foreign financial accounts, including investments in foreign securities and hedge funds. Although the filing was technically due last June, the Internal Revenue Service (IRS) is permitting certain taxpayers to file without penalty as late as September 23, 2009." (McDermott Will & Emery)
[Guidance Overview]
2009 Compliance Checklist for Governmental and Nonelecting Church Plans, Non-ERISA 403(b) Programs, 457 Plans, and Other Nonqualified Executive Benefit Plans Not Subject to ERISA (PDF)
14 pages. Excerpt: "The Checklist incorporates requirements for Governmental and Nonelecting Church Plans, Non-ERISA 403(b) Programs, 457 Plans, and Nonqualified Executive Benefit Plans, and provides information on the materials that you will need to file, filing due dates, and agencies to which the filings should be made." (Prudential)
[Guidance Overview]
2009 Compliance Checklist for Defined Benefit Plans, Defined Contribution Plans, and 403(b) Plans That Are Subject to ERISA (PDF)
42 pages. Excerpt: "The Checklist incorporates Defined Benefit, Defined Contribution, and ERISA 403(b) requirements and provides information on the materials that you will need to file, filing due dates, and agencies to which the filings should be made." (Prudential)
[Guidance Overview]
Excess Contribution Chart Updated, July 23, 2009
Refund Correction Deadline. Excerpt: "Plans with Eligible Automatic Contribution Arrangement (EACA) Plans with an EACA(s) will have 6 months following the close of the plan year to test and return a refund without an employer 10% penalty, beginning with plan years starting after January 31, 2007." (McKay Hochman Co., Inc.)
DB Pension Relief Under Discussion
Excerpt: "The [House Education and Labor Committee] also approved an amendment introduced by Representative Brett Guthrie (R-Ky.) to allow plan sponsors to pay interest on 2008 losses during 2009 and 2010, and then amortize the loss over seven years." (Watson Wyatt Worldwide)
Retirement Prospects Dim for Many Near-Retirees
Excerpt: "For many workers, defined contribution (DC) plans and individual retirement accounts (IRAs) are their main savings vehicles. This trend gives employees greater responsibility for accumulating sufficient wealth to see them through retirement. Are workers, especially those approaching the end of their working career, saving enough? An analysis of account balances for near-retirees suggests widespread financial unreadiness for retirement looming, even before the stock and housing markets tumbled." (Watson Wyatt Worldwide)
Investing in Retirement Accounts: Observed Patterns of Asset Allocation
Excerpt: "This analysis examines the salient patterns of asset allocations in retirement accounts using the 2007 Survey of Consumer Finances. It combines all DC accounts from current and prior jobs for each household and calculates the value-weighted percentage invested in equities." (Watson Wyatt Worldwide)
Majority of Sponsors Don't Know What SPDs Cost Them
Excerpt: "Eighty-five percent of human resources managers surveyed by HighRoads, a provider of summary plan descriptions, consider SPDs to be both compliance and communications documents. However, according to the press release, the study found that as many as 65% of those not using SPD management technology do not know how much it costs to create, store and distribute SPDs in their organization." (PLANSPONSOR.com; free registration required)
How Firms Wooed the PBGC, a U.S. Agency, With Billions to Invest
This is an article reviewing the issue of the connections between Charles E. F. Millard and money management firms. (The New York Times; free registration required)
DuPont Sued by Workers Over Pension Fund Payments
Excerpt: "The International Brotherhood of DuPont Workers has sued the Wilmington-based chemical company and its pension fund, saying that company efforts to streamline its payroll system by hiring an outside contractor to manage it has led to workers' being shortchanged on their pension payments. The federal lawsuit, filed July 24 in the Eastern District of Virginia, involves four DuPont Co. facilities, including Philadelphia's. Affected are about 500 employees, including as many as 100 from Philadelphia, who retired after July or Aug. 2008, or will retire as DuPont seeks voluntary retirements to reduce layoffs." (The Philadelphia Inquirer)
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Links to Items on Executive Comp, Benefits in General
[Guidance Overview]SEC Proposal Would Expand Compensation and Governance Disclosure for 2010 Proxy Season
Excerpt: "This Update provides a high-level overview of the proposed rules and a more detailed summary of the key components of the proposed rule changes and the SEC's comment requests relating to executive compensation disclosure." (Perkins Coie LLP)
Webcasts and Conferences
2009 Chicago Advanced Pension Conferencein Illinois on September 2, 2009
presented by SunGard Relius
Improving Employee Morale During Recessionary Periods with Total Rewards Statements
Nationwide on August 6, 2009
presented by Benefit Software Inc.
Learn How to Prepare Professional Total Rewards Statements In-house on Your Own PC
Nationwide on August 5, 2009
presented by Benefit Software Inc.
Open and Ongoing Benefits Enrollment Solutions that Work
Nationwide on August 6, 2009
presented by Benefit Software Inc.
Preparing for the Roth 2.0 Market: Advanced Roth Conversion Strategies & Considerations
Nationwide on August 12, 2009
presented by Convergent Retirement Plan Solutions, LLC
Preparing for the Roth 2.0 Market: Roth Conversion Review
Nationwide on August 12, 2009
presented by Convergent Retirement Plan Solutions, LLC
Preparing for the Roth 2.0 Market: Roth IRA Fundamentals Revisited
Nationwide on August 11, 2009
presented by Convergent Retirement Plan Solutions, LLC
Preparing for the Roth 2.0 Market: Roth Reporting & Administration
Nationwide on August 13, 2009
presented by Convergent Retirement Plan Solutions, LLC
Preparing for the Roth 2.0 Market: The Art & Science of Roth Conversion Optimization
Nationwide on August 11, 2009
presented by Convergent Retirement Plan Solutions, LLC
(Click to post your webcast or conference)
Press Releases
U.S. Labor Department Obtains Default Judgment and Court Appointment of Independent Fiduciary for 401(k) Plan Abandoned by Rochester, New York, EmployerU.S. Department of Labor, Employee Benefits Security Administration (EBSA)
U.S. Department of Labor Sues Winter Park, Florida, Law Firm to Protect Retirement Assets
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Large Employers Make Key Health Care Reform Recommendations
HR Policy Association
MJM401k, LLC Is Certified For Fiduciary Excellence
Centre for Fiduciary Excellence (CEFEX)
Tampa Retirement Plan Consultant Awarded AIFA® Designation From fi360.com
American Pension Services, LLC
Resolution Introduced in the House to Declare “National Save for Retirement Week”
National Association of Government Defined Contribution Administrators
Softscape First to Market with HR Compliance Manager Enabling Companies to Meet TARP Compensation Restrictions
Softscape
(Click to post your press release)
Employee Benefits Jobs
401(k) Plan Administratorfor TPA Firm located in South Florida
in FL
Retirement Plan Administrator
for Actuarial Consulting Group, Inc.
in VA
Retirement Plan Administrator
for Pension Solutions, Inc.
in OK
Retirement Plan Case Design / Illustration Specialist
for The Guardian Insurance Company
in NY
(Click to post your job opening | View all jobs |
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