Retirement Plans Newsletter |
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| September 22, 2009 \ Compliance \ Costs \ Administration \ Design \ Policy | ||
ASPPA (Advert.)
DOL Speaks: The 2009 Employee Benefits Conference –September 14-15,2009 ASPPA and the U.S. Labor Department EBSA co-sponsor this conference, which focuses exclusively on ERISA Title 1 issues. Get the latest information about ERISA regulatory and legislative issues; DOL audit enforcement, retirement plan and group health-plan issues; fiduciary matters, the fundamentals of managing an ERISA plan and more. There also will be information about the Pension Protection Act. Register now. Washington Hilton Hotel /1919 Connecticut Street, NW / Washington, DC. |
[Guidance Overview]
Same-S.ex Marriage Laws Present Challenges for Retirement Plan Sponsors (PDF)
4 pages. Excerpt: "These developments directly affect sponsors of and participants in non-ERISA qualified defined benefit and defined contribution plans, section 403(b) plans, and governmental section 457(b) plans. They may also be of interest to sponsors of plans covered by ERISA." (Prudential Retirement)
[Guidance Overview]
DOL's 45 FAQs on EFAST2
Excerpt: "[In this article, the responses in the DOL's EFAST FAQs on] the issues and procedures with which the 5500 preparers and plan sponsors will need to familiarize themselves to make the transition to electronic filing [are summarized]." (SunGard Relius)
[Guidance Overview]
Safe Harbor 401(k) Chart
Excerpt: "These are some of the basics that an employer needs to know before considering a 401(k) Safe Harbor Plan. Each employer's goals, plan design, contribution sources and demographics form a unique scenario which the employer will wish to discuss with his or her plan provider before finalizing the decision to make the plan a 401(k) Safe Harbor Plan." (McKay Hochman Co., Inc.)
[Guidance Overview]
Beneficiary Options Chart, Updated
Excerpt: "[General rules are] Decision Deadline: September 30th of Year After Death; Beneficiary Decision Options: Withdraw all the money by the decision deadline or arrange to defer taking all money until 12/31 of 5th year after death, Establish Life Expectancy Payouts, [or] Disclaim Being a Beneficiary" (McKay Hochman Co., Inc.)
[Guidance Overview]
Common Scenarios in Which Plan Sponsors Should Contact Consultants (PDF)
8 pages. Scenarios include mergers and acquisitions, bankrup.tcy, new affiliates, a change in legal form, audits, layoffs, adding a new benefit, and utilizing the services of leased employees or independent contractors. (Marshall & Ilsley Trust Company N.A.)
Congress Eyes Compromise in 401(k) Independent Investment Advisor-Advice Rule
Excerpt: "Now that the Department of Labor is scrapping a rule proposal that would have allowed brokers affiliated with financial-services firms to provide advice to 401(k) participants, Congress will move forward with legislation that would require that such advice be given by independent advisers, according to a key congressman. The rule proposal was one of several Labor regulations put forth by the Bush administration during its final days. Labor Secretary Hilda Solis 'will work with Congress to find ways to further develop the existing market of qualified independent advice,' said Rep. Robert Andrews, (D-New Jersey), chairman of the House Education and Labor Committee's Health, Employment, Labor and Pensions Subcommittee. His recent comments came after Assistant Labor Secretary Phyllis Borzi, head of the Employee Benefits Security Administration, told a conference of 401(k) administrators that new regulations will be issued for investment advice to participants in the $2.3 trillion 401(k) market. She gave no timetable for issuing a new proposal." (Workforce Management; free registration required)
Financial Crisis Reveals U.S. Retirement System's Holes with Painful Clarity
Excerpt: "The retirement-savings system in the U.S. is 'a failed experiment,' said Teresa Ghilarducci, the Bernard Schwartz professor of economics at The New School for Social Research in New York. The U.S. system is 'headed for a serious train wreck,' said John Bogle, founder and former chief executive of the Vanguard Group, in testimony to a House committee hearing on retirement security in February. Separately, Ghilarducci and Bogle each have called for some substantial changes to the current system, but even those who like what we've got now say it needs improving . . . ." (MarketWatch, Inc.)
Life Events That Can Affect Retirement Savings
Excerpt: "Life Changes That you need to consider when you(r): Marry or have children; Become disabled; Divorce; Spouse dies; Are laid off, quit or terminate your employment; Rollovers; And when your employer: Terminates the plan; Switches to another type of plan; Declares bankrup.tcy; Merges with another company" (Internal Revenue Service)
DB and DC Sponsors Confront Risk Issues
Excerpt: "Defined benefit sponsors have come through the economic downturn with a key issue on their minds: risk and how to properly mitigate it. A poll of corporate finance execs by CFO Research Services in collaboration with Prudential Financial found that the executives are already moving to put in place a better way to measure risk as well as to help minimize it. Sixty four percent of respondents say they have adopted risk management strategies such as a liability driven investment (LDI) strategy or are very likely to do so. Respondents also say they are now considering adopting risk mitigation tools such as Value at Risk analysis." (PLANSPONSOR.com; free registration required)
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 Overview]Bank Regulators Moving Forward on Executive Compensation Restrictions
Excerpt: "The industry's effort to fight a crackdown on compensation could be blunted by a speedy implementation time line from the Federal Reserve Board. A source at the central bank said Monday the public would have 30 days to comment on guidance that could be released in a matter of weeks. The Fed's goal is to finalize the guidance by year-end. The Office of the Comptroller of the Currency, meanwhile, is also developing a proposal that would target pay at national banks. Few details are available on that plan but a knowledgeable source said the agency has begun to sketch out a proposal on paper." (American Banker via On Wall Street)
Federal Reserve Proposes Executive Compensation Policies for Financial Institutions
Excerpt: "The Federal Reserve would have to approve executive compensation policies set by financial institutions as part of its proposal designed to curb excessive risk-taking. The Wall Street Journal reports that under the proposal, the Fed could reject any compensation policies it believes encourage bank employees -- not just chief executives, but also traders and loan officers -- to take too much risk. The bank would set the pay of individuals, but the Fed would review and, if necessary, amend each bank's salary and bonus policies to make sure they do not create harmful incentives, the Journal said." (PLANSPONSOR.com; free registration required)
Bill Introduced to Repeal the Federal Defense of Marriage Act
Excerpt: "Employers should take note, because, if enacted, the bill would significantly change the federally mandated benefits available to employees and their same-s.ex spouses. For example, employers with pension or 401(k) plans would be required to recognize same-s.ex spouses for purposes of determining the surviving spouse annuities or other death benefits under these retirement plans. The federal income tax treatment of health coverage for an employee's same-s.ex spouse would change such that employees would no longer have to be taxed on the income imputed for the employer's contribution to the same-s.ex spouse's coverage. Employers also would be required to permit employees to take family and medical leave to care for the illness of a same-s.ex spouse." (McDermott Will & Emery)
Webcasts and Conferences
The Five Things That Every 401(k) Committee Must Address in the Coming Monthsin California on October 22, 2009
presented by Western Pension & Benefits Conference - Orange County Chapter
(Click to post your webcast or conference)
Press Releases
John Hancock Partners With Millennium Trust Company for Terminating Plan ServicesMillennium Trust Company, LLC
Prescription Solutions Ranks Highest in Customer Service and Cost Competitiveness Factors Among Mail Order Pharmacies in J.D. Power and Associates Study
Prescription Solutions
Integrated Benefits Institute Launches Productivity Modeling Tools to Help
Integrated Benefits Institute
Center for Health Value Innovation Releases White Paper: Value-Based Design Manages Costs, Improves Health for Public Sector Employers
Center for Health Value Innovation
Fight Against Obesity Takes Off! 16 Mayors and More Than 80 Cities Take Steps Toward Wellness
State Farm
(Click to post your press release)
Employee Benefits Jobs
Associate Director (Benefits Enrollment & Eligibility)for 1199SEIU Benefit & Pension Funds
in NY
Manager, Benefits Administration Call Center
for Summit Retirement Plan Services, Inc.
in OH
ERISA Professional
for Pension Standard
in ANY STATE
Benefits Specialist
for Benefit Plans Plus, LLC
in IL, MO
Analyst – Benefits/Retirement
for US AIRWAYS
in AZ
Director, Retirement Services
for Sentinel Benefits & Financial Group
in MA
401(k) Plan Administrator
for Capital Retirement Plan Services, Inc.
in PA
(Click to post your job opening | View all jobs |
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EmployeeBenefitsJobs.com (Sponsor)
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