Retirement Plans Newsletter |
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| September 18, 2009 \ Compliance \ Costs \ Administration \ Design \ Policy | ||
Employee Benefits Institute of America (EBIA) (Advert.)
EBIA’s 401(k) Plans Manuals and Seminars! Pension Protection Act implementation, fee disclosure proposals, complex correction programs, and more. A never ending stream of regulations and other guidance has been hitting 401(k) practitioners. Need some help keeping up? EBIA’s 401(k) Plans manual analyzes and explains the new developments, puts them in context, and offers practical guidance on how to deal with the constantly shifting environment for 401(k) plans. |
[Official Guidance]
Text of Proposed Regs from Joint Board for the Enrollment of Actuaries: Performance of Actuarial Services Under ERISA (PDF)
61 pages. Excerpt: "This document contains proposed amendments to 20 CFR part 901 relating to the enrollment of actuaries under section 3042 of [ERISA]. The proposed amendments would update the eligibility requirements for performing actuarial services for ERISA-covered employee pension benefit plans, including the continuing education requirements, and the standards for performing such actuarial services. . . . The Joint Board has determined that the [existing] regulations need to be updated to reflect changes in the law and in industry practice." (Joint Board for the Enrollment of Actuaries)
[Official Guidance]
Text of PBGC Approval of Special Withdrawal Liability Rules for Multiemployer Plan for Chicago Apartment Cleaning Businesses (PDF)
3 pages. Excerpt: "Over the past 10 years, cessation of contributions by any individual employer has not had an adverse impact on the Local 1 Plan's contribution base. Most of the employers that have ceased to contribute have been replaced by another employer who begins contributions for the same employees at the same location for the same work. . . . Contributions to the Local 1 Plan are made with respect to Chicago residential buildings. This contribution base is secure and the departure of one employer from the Local 1 Plan is not likely to have an adverse effect on the contribution base so long as the number of buildings covered does not decline." (Pension Benefit Guaranty Corporation)
[Guidance Overview]
Workforce Reductions May Result in Partial Retirement Plan Termination (PDF)
3 pages. Excerpt: "If a partial plan termination occurs, affected participants must be fully vested in their account balances or accrued benefits (to the extent funded). Participants who are not affected by the partial plan termination continue to be subject to the plan's vesting schedule. A partial plan termination, in itself, is not a distributable event. However, participants who have severed employment as a result of the workforce reduction may be eligible for a distribution of their account balances or accrued benefits." (Prudential Retirement)
[Guidance Overview]
IRS's New Versions of Section 402(f) Tax Notices for Qualified Plan Distributions
Excerpt: "The updated safe harbor tax notices explain the tax consequences of the rollover decision, the types of accounts and plans that may receive a rollover, payments that are eligible for rollover, situations in which the 10% early withdrawal penalty may apply, applicable employer withholding obligations, and a number of special rules that may pertain to certain distributees (e.g., individuals whose eligible rollover distribution includes employer stock, beneficiaries of plan participants, resident aliens, etc.)." (Pillsbury Winthrop Shaw Pittman LLP)
[Guidance Overview]
Court Clears Computer Sciences Corp. of Wrongdoing and Dismisses Participant Fiduciary Breach Lawsuit Against the Company
Excerpt: "The Question: Did an employer breach its fiduciary duty under the Employee Retirement Income Security Act (ERISA) by maintaining a company stock option in its 401(k) plan despite a 12% decline in its share price related to publicity over the company's potential stock option backdating problems?" (PLANSPONSOR.com; free registration required)
Four Firms Agree to Settlement in New York Pension Fund Inquiry
Excerpt: "Four investment firms agreed to pay $4.5 million to settle an investigation by New York's attorney general, Andrew M. Cuomo, into the state's pension fund, Mr. Cuomo said Thursday. The money paid by the four firms -- HM Capital, Levine Leichtman Capital Partners, Access Capital Partners and Falconhead Capital -- will be returned to the state pension fund. They also agreed to halt their use of outside intermediaries, known as placement agents, often politically connected people hired to help investment firms gain access to the pension fund officials. At stake were highly lucrative management fees." (The New York Times; free registration required)
Pennsylvania Senate Passes Public Employee Pension Changes
Excerpt: "After months of agonizing delays, state lawmakers yesterday gave Philadelphia the temporary sales-tax hike and two-year reprieve from pension payments Mayor Nutter had sought to plug the remaining $700 million hole in a multiyear deficit that once stood at $2.4 billion. . . . The other crucial pieces of the bill are pension-related. One addresses the city's immediate cash-flow crunch, permitting it to defer payments for the next two years. Those deferrals have to be paid back, with interest, beginning in 2013. Another key pension provision extends the amortization period from 20 years to 30 years, in effect spreading the city's pension burden over a longer period. Unlike earlier versions of the bill, the legislation passed yesterday does not include any statewide pension changes or cap or cut back retirement benefits for current or future Philadelphia employees." (The Philadelphia Inquirer)
TIAA-CREF (Advert.)
TIAA-CREF Compliance Coordinator Is your plan operating in line with 403(b) regulations?
TIAA-CREF is dedicated to providing you specialized, consultative guidance to help you manage your plan in the most efficient way possible. Our online Compliance Coordinator helps you monitor employee loan and hardship withdrawals across multiple plans and investment providers. It’s easy to implement – no IT work required – and saves you time by simplifying data collection and by providing comprehensive reporting. |
Webcasts and Conferences
ERISA Litigation Hot TopicsNationwide on October 16, 2009
presented by ABA Joint Committee on Employee Benefits
(Click to post your webcast or conference)
Press Releases
ERIC Urges Lawmakers Not to Eviscerate Workplace Wellness ProgramsERIC (ERISA Industry Committee)
Alliance Benefit Group Carolinas Adds to Advisor Service Team
Alliance Benefit Group Carolinas, LLC
TBGH Report on Status of Diabetes in Texas Indicates Growing Severity of Problem and Higher Cost of Care than National Average
Texas Business Group on Health
The Vitality Group Joins Efforts to Improve Health of U.S. Workforce
The Vitality Group
(Click to post your press release)
Employee Benefits Jobs
Retirement Plan Consultantfor TPA in Montgomery County
in PA
Compliance Advisor (401k Tester)
for NRECA
in VA
Taft Hartley Strategic Communication Consultant
for New York Life Retirement Plan Services
in MA
(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! |
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