|
Retirement Plans Newsletter
December 10, 2009 
|
Click to view employee benefits jobs:
|
www.ftwilliam.com (Advert.)
EFAST 2 5500 Software. Three crucial questions you should ask your Form 5500 Software provider: 1. Is your Form 5500 software approved for EFAST 2? 2. Can I see a demo of how you are handling e-filing? 3. How much do you charge to e-sign using your software? It’s not too soon to be thinking about these three questions and getting the right answers. ftwilliam.com’s software solutions will make your life easier and save you money. For more information, visit www.ftwilliam.com or call 800.596.0714. |
[Official Guidance]
Text of IRS Announcement 2009-89: Remedial Amendment Period and Reliance for 403(b) Plans for 2010 (PDF)
Reminds employers that 403(b) plans that comply with Notice 2009-3 will be treated as satisfying the statutory and regulatory requirements for all of 2009, and addresses the ability to continue to have such reliance for the 2010 year. Upcoming revenue procedures will address the use of pre-approved plans and applications for determination letters for individually-drafted plans. An employer that has complied with Notice 2009-3 for 2009 and that meets the deadlines in 2010 to be set in the upcoming revenue procedures for adopting a pre-approved plan or filing for a determination letter will have a remedial amendment period during which plan language defects can be remedied retroactively, so that the plan can continue to be in compliance for 2010. (Internal Revenue Service)
[Guidance Overview]
IRS Final Regs on Notice Requirements for Plan Amendments Reducing Benefit Accruals Retroactively
Excerpt: "The IRS has issued final regulations under Code Sec. 411(d)(6) and Code Sec. 4980F providing guidance on the application of the ERISA §204(h) notice requirements for plan amendments that are permitted to reduce benefit accruals before the plan amendment's applicable amendment date. The final regulations reflect changes made by the Pension Protection Act of 2006 (PPA; P.L. 109-280). The final regulations apply for purposes of ERISA §204(g) and ERISA §204(h), which contain rules parallel to the rules in Code Sec. 411(d)(6) and Code Sec. 4980F, respectively." (Wolters Kluwer)
[Guidance Overview]
PBGC Issues Proposed Regs on Reportable Events and Other Notice Rules Reflecting PPA
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) has issued proposed regulations that would conform its reportable events and other notice rules to statutory and regulatory changes resulting from the Pension Protection Act (PPA; P.L. 109-280)." (Wolters Kluwer)
EBSA's Efforts to Revamp a Bush Administration-Era Rule Governing the Providing of Retirement Plan Investment Advice
Excerpt: "[The chief of the Employee Benefits Security Administration said yesterday,] 'A number of concerns were raised (in public comment) regarding the scope of the original regulation,' . . . . 'Our proposal will be much closer to the statutory exemption enacted by Congress. In particular, we are concerned that the proposed regulation had permitted conflicted advice in a way that Congress had not intended when it carefully crafted legislation on the question.'" (PLANSPONSOR.com)
Employee Benefits Security Administration Says Look for Fee Disclosure Regs in May 2010
Excerpt: "The chief of the Employee Benefits Security Administration (EBSA) at the U.S. Department of Labor said Wednesday that her agency plans to release its long-awaited regulation dealing with providers' fee disclosure under 408(b)(2) in May 2010." (PLANSPONSOR.com)
The Decumulation Phase of 401(k) Plans Will Be Examined
Excerpt: "The Obama Administration has decided we are going to make a mess of managing our 401(k)s in retirement and wants to do something about it. Both the Treasury Department and the Labor Department have signaled their 2010 agendas will include taking a look at how to reform the 401(k) withdrawal process to keep us from blowing through our savings too fast." (CBS MoneyWatch.com)
Executive Director of Pennsylvania School Employees' Retirement System Notes Extreme Employer Contribution Increases
Excerpt: "A big problem is looming in the state pension system that is going to hit taxpayers hard, and officials can't keep pushing it off, said Mr. Clay, executive director of the Pennsylvania School Employees' Retirement System. . . . Tomorrow the PSERS board will vote to increase the 2010-11 employer contribution rate by as much as 75 percent. The worst is yet to come, as the rate may grow by as much as 700 percent over today's rate during the next five years. The state pays about 55 percent of the employer contribution and school districts pay the rest. Currently, the employer contribution rate is 4.78 percent, including 0.78 percent for retiree health care, and the rest for pension." (Pittsburgh Post-Gazette)
Yellow Pages Publisher Faces Stock Drop Suit
Excerpt: "Yellow Pages publisher R.H. Donnelley Corp. is now facing a lawsuit brought by 401(k) plan participants who claim the company should have discontinued offering company stock as a plan investment choice." (PLANSPONSOR.com)
[Opinion]
American Benefits Council's Action Alert: Contact Congressional Committee Members, Urge Enactment of Defined Benefit Funding Relief
Excerpt: "With just over two legislative weeks left before the congressional recess there is a critical opportunity to move pension funding legislation forward. Congress will be considering a few 'must do' pieces of legislation, such as legislation extending certain tax benefits as well as appropriations legislation. In addition, on December 9, Democratic members of the House Ways and Means Committee will meet to discuss possible jobs legislation. Now is a great opportunity to weigh in with all four of the committees that have pension jurisdiction - especially with the members of the Ways and Means Committee - to let them know how important it is to pass funding relief legislation." (American Benefits Council)
NTSAA (Advert.)
How to Succeed in the 403(b) Market! Expand your business in the lucrative 403(b) and 457(b) non-profit market. Learn what you need to know by attending the annual conference of the National Tax-Sheltered Accounts Association (NTSAA). The industry's top practitioners will show you how to not just survive, but thrive! For more information and to register, visit the NTSAA website or click here. The 2010 NTSAA Annual Conference...the place to be for 403(b)! January 27 - 30, Indian Wells, CA |
Links to Items on Executive Comp, Benefits in General
[Guidance Overview]Executive Compensation and Equity Compensation Plan Issues for Consideration as 2010 Approaches (PDF)
6 pages. Excerpt: "The . . . checklist describes important issues for consideration as 2009 comes to a close and we enter into 2010. Though not exhaustive, this list is intended to provide a reminder of some of the issues that will need to be considered as we enter a new year." (Morgan, Lewis & Bockius LLP)
An Alternative Viewpoint on CEO Compensation with Supporting Evidence
Excerpt: "A column recently caught my eye in the Chicago Tribune, of all places, 'Executive compensation: Booth School of Business professor a pay pal of CEOs,' Melissa Harris, Chicago Tribune, December 6, 2009, . . . . In the column, University of Chicago Professor Steven N. Kaplan offers interesting evidence debunking four myths about CEO compensation. Hopefully, I am not violating any copyright laws by quoting at length from the column, but Ms. Harris summarizes it best . . . ." (Michael Melbinger via Winston & Strawn LLP)
Press Releases
US Labor Department Proposes Exemption to Allow New Health Plan for Ford Motor Co. Retirees to Acquire Company SecuritiesU.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Financial Engines Plans IPO
Financial Engines, Inc.
Lincoln Financial Group Names New President for Defined Contribution Unit
Lincoln Financial Group
Merrill Lynch Realigns Retirement Leadership Team
Merrill Lynch
NextStep Adds vWise SmartPlan Enterprise to Its Participant Education Offering
vWise Inc.
BrightScope Releases 2009 Top 30 401k Plan List
BrightScope
(Click to post your press release)
Employee Benefits Jobs
Client Service Manager (DC)for New York Life Retirement Plan Services
in MA
Proactive, COBRA/FSA Operations Department Manager
for TRI-AD
in CA
Benefits Manager - North America
for Dow Corning Corporation
in MI
(Click to post your job opening | View all jobs |
RSS feed of all jobs )
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
Subscribe to the BenefitsLink Health & Welfare Plans Newsletter, Too!
Sign-up form is at https://benefitslink.com/newsletter (free).
This email has been published by:
BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park FL 32789
(407) 644-4146
Fax: (407) 644-2151
Jeanette Hull, News Editor
jeanette.hull@benefitslink.com
David Rhett Baker, J.D., Editor and Publisher
david.baker@benefitslink.com
Copyright 2009 BenefitsLink.com, Inc.; except that you can forward this email in full (including this boilerplate part) or otherwise reprint this email in full (including this boilerplate part) without obtaining our permission.
Anyone can receive these emails; just have them sign up at this web page: https://benefitslink.com/newsletter/
Other useful links: