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Retirement Plans Newsletter
December 17, 2009 
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2010 Orlando Advanced Pension Conference
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[Guidance Overview]
IRS Extension of Deadline for Adopting Certain PPA Amendments
Excerpt: "Please note that Notice 2009-97 does not provide a blanket extension of the PPA-required amendments. For example, it does not extend the deadline for amendments to comply with the following requirements . . . ." (PricewaterhouseCoopers LLP)
[Guidance Overview]
Year-End Compliance Issues for Retirement Plan Sponsors (PDF)
2 pages. (Milliman)
[Guidance Overview]
Procedures for 403(b) Plan Qualification Will Be in IRS Future Guidance (PDF)
2 pages. Excerpt: "An employer that first establishes a 403(b) plan on or after January 1, 2010 will also have reliance retroactive to the plan's effective date that its plan complies with Section 403(b) and the regulations if the employer adopts a pre-approved plan with a favorable opinion letter or submits its individual plan to the IRS for a determination letter and retroactively corrects any defects." (Buck Consultants)
Program Materials from WISER's 2009 Annual Retirement Security Symposium
WISER's annual retirement security conference held December 3, 2009: Pulling It All Together: What Government, Employers, and Individuals Can Do to Strengthen Women's Retirement Security. (Women's Institute For A Secure Retirement)
Legislative Issues on Retirement Plans for Late 2009
Excerpt: "[Legislative retirement issues are] receiving attention and might see some action before the 2009 session ends. Defined benefit (DB) plan sponsors are hoping for funding relief, and lawmakers may discuss legislation to address disclosure of 401(k) fees. In addition, a new bill recently introduced in the House would change the nondiscrimination rules for qualified retirement plans." (Watson Wyatt Worldwide)
Hybrid Plans in 2010 and Beyond
Excerpt: "A new study by Watson Wyatt highlights the wide-ranging variations in hybrid pension plans, reflecting the spectrum of sponsors' workforce planning, compliance and other needs and goals. It examines eligibility requirements, definitions of applicable compensation, benefit formulas, interest rates and transition methods for cash balance plans (CBPs) and pension equity plans (PEPs)." (Watson Wyatt Worldwide)
Will Automatic Enrollment Reduce Employer Contributions to 401(k) Plans? (PDF)
42 pages. Excerpt: "This paper examines the relationship between employer matching behavior and automatic enrollment." (Urban Institute)
Does 401(k) Auto-Enrollment Affect Employer Contributions?
Excerpt: "This brief evaluates the extent to which firms adjust their 401(k) contributions to offset the higher costs associated with automatic enrollment. We find that employer match rates are 7 percentage points lower among firms with autoenrollment than among those without it, suggesting that automatic enrollment may not promote retirement savings as effectively as some advocates have claimed." (Urban Institute)
Brokers As Fiduciaries: The Reality and the Issues (PDF)
3 pages. Excerpt: "Assuming that fiduciary status is mandated for broker-dealers and their registered representatives, it will significantly change the procedures and documentation used by broker-dealers. That is, different investors may hire financial advisers (and, therefore, their broker-dealers) for different fiduciary and non-fiduciary purposes. The internal procedures of broker-dealers, and the service agreements with the investors, will need to reflect that." (Reish & Reicher)
Enhancing Public Retiree Pension Plan Security: Best Practice Polices for Trustees and Pension Systems (PDF)
Excerpt: "AFSCME has [developed] recommended best practices policy language for public pension funds in three key areas: 1. Board Member Responsibilities and Core Competencies 2. Board Member Education 3. Ethical and Fiduciary Conduct . . . ." (American Federation of State, County and Municipal Employees, AFL-CIO)
Call for Papers: Retirement Security in the New Economy: Paradigm Shifts, New Approaches and Holistic Strategies
Excerpt: "To expand thinking on how to optimize retirement security in the new economic environment, the Society of Actuaries' Committee on Post Retirement Needs and Risks is issuing this Call for Papers, inviting researchers, practitioners and other professionals to explore this topic from a variety of perspectives. The Committee is seeking to compile papers that represent the latest in thinking about retirement planning and financing. It is the goal of this effort that taken together, the selected papers will provide a multi?disciplinary, textured analysis of the topic." (Society of Actuaries)
Chairman of Senate Special Committee on Aging Says Target-Date Legislation Coming
Excerpt: "U.S. Senator Herb Kohl (D-Wisconsin), chairman of the Senate Special Committee on Aging, today announced his intent to introduce legislation that will require target date fund managers to take on a fiduciary responsibility in order for such funds to be eligible for the designation of Qualified Default Investment Alternative (QDIA)." (PLANSPONSOR.com)
MetLife Emerging Retirement Model Study: A Survey of Plan Sponsors
Excerpt: "[New original research] examines employer attitudes and behaviors toward the aging workforce in the midst of a deep economic crisis and in the wake of recent legislation/regulation designed to address the changing needs of employers and their aging workforce." (Metropolitan Life Insurance Company)
Executive Summary of SHRM's Executive Roundtable on the Future of Retirement Held July 2009 (PDF)
20 pages. Excerpt: "The group examined the most pressing issues surrounding retirement. The discussion focused on the main weaknesses in the current approach to retirement planning and potential solutions. Participants also discussed the impact of the recession." (Society for Human Resource Management)
New Technology Helps Answer the Roth IRA Conversion Question
Excerpt: "Technology providers and product companies have been rolling out Roth IRA conversion calculators in a bid to meet the expected needs of advisers and their clients ahead of some significant changes in conversion rules for next year. . . . So a Roth conversion calculator -- whether found on the web or nestled in a more sophisticated financial planning software package -- isn't a bad jumping-off point when trying to assess whether it makes sense for a client to direct retirement assets to a Roth IRA." (Investment News; free registration required)
SPARK Seeks Comments on Form 5500 Guidelines for 403(b)s
Excerpt: "The SPARK Institute has released a draft of new guidelines for ERISA-covered 403(b) plans that, due to new regulations, must now file a full Form 5500. Larry H. Goldbrum, general counsel of The SPARK Institute, said in a news release that the guidelines are designed to assist plans that use multiple vendors with gathering and aggregating data from their vendors to complete the form. According to Goldbrum, the draft guidelines describe certain approaches, expectations, roles, and responsibilities of employers, aggregators, and vendors in working together to complete the 2009 Form 5500." (planadviser)
[Opinion]
401(k) Automatic Enrollment Feature Could Be Bad for Your Retirement
Excerpt: "According to a new research paper released by the Center for Retirement Research at Boston College firms that adopt an auto enrollment feature for their 401(k) end up making lower company matches than firms that haven't switched to auto enrollment. Mauricio Soto and Barbara A. Butrica of the Urban Institute found that plans with auto enrollment dole out a matching contribution that is 7 percentage points lower than firms that don't." (CBS Interactive Inc.)
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The ASPPA 401(k) Summit | March 14 – 16, 2010 | Orlando World Center Marriott Resort
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Links to Items on Executive Comp, Benefits in General
Cool Workplaces Offer Flexible Work Schedules
Excerpt: "One of the qualities of a cool workplace is a flexible work schedule, according to Bob Nelson, a worker engagement expert. In an article that ran in early December in Crain's Detroit Business, Nelson said businesses that are genuinely committed to providing flexible work policies attract and retain employees - and produce better results in the marketplace." (Examiner.com)
Benefits Becoming Crucial in Recruiting Contingent Staffers
Excerpt: "Many staffing firms are offering health insurance as well as an array of benefits because these are great ways to attract and retain workers." (Workforce Management; free registration required)
Tax Technical Corrections Bill with Employee Benefit Provisions Introduced in House
Excerpt: "The legislation would make technical corrections to the nonqualified deferred compensation rules under Code Sec. 457A. Among other things, the bill would clarify congressional intent concerning when a partnership is a nonqualified entity for purposes of complying with the rules of Code Sec. 457A that any compensation that is deferred under the plan of a nonqualified entity is includible in the employee's gross income when there is no substantial risk of forfeiture." (Wolters Kluwer)
Webcasts and Conferences
Retirement Planning Workshopin Maryland on January 13, 2010
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
(Click to post your webcast or conference)
Press Releases
More Employers Considering Annuities in 401(k) Plans, Watson Wyatt Survey FindsWatson Wyatt
PBGC Protects Fairchild Corp. Pensions
Pension Benefit Guaranty Corporation (PBGC)
Newport Appoints Ann Ennis As Head of Financial Institution Service
Newport Group, The
MassMutual to Launch New RetireSmart Participant Engagement Platform
MassMutual Retirement Services
SEI Releases 2010 Update of FAS 87 Disclosure Assumption Research for Pension Plan Sponsors
SEI
The SPARK Institute Releases Draft 2009 Form 5500 Data Guidelines For 403(b) Plans, Seeks Public Comment
The SPARK Institute
The Pension Inspector Adds an Economy Priced Market Research Service
AtPrime Media, Inc.
(Click to post your press release)
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