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Retirement Plans Newsletter
December 18, 2009 
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[Guidance Overview]
IRS Extension of Deadline for Some PPA Amendments
Excerpt: "The notice does not extend the deadline for all PPA and WRERA amendments, however. The extension applies to only the amendments discussed . . . . This extension gives employers the option of going forward with year-end amendments addressing the changes above, or waiting for further IRS guidance before amending their plans. Note that compliance with these provisions is still required even though the amendment deadline has been extended." (Seyfarth Shaw LLP)
[Guidance Overview]
Text of the IRS Winter 2010 Edition of Employee Plans News (PDF)
13 pages. This edition includes articles such as 2010 Rules for Roth IRAs; Roth IRA Distributions; Notice Requirements for Pension Plans That Reduce Benefit Accruals; 2009-2010 EP Guidance Plan; Priorities for the Upcoming Year; Deadline for Certain Required Plan Amendments is Extended; The EPCU Insider; and PBGC Insights. (Internal Revenue Service)
Why Indexing Is Relevant in Both the Best of Times, the Worst of Times
Excerpt: "Over the past two years, the U.S. stock market has offered laboratory conditions for testing two theories about passive-versus-active investment strategies. In this article, we offer a performance review for each approach and discuss portfolio-construction implications." (The Vanguard Group, Inc.)
Retirement Security and the Stock Market Crash: What Are the Possible Outcomes?
Excerpt: "This paper simulates the impact of the 2008 stock market crash on future retirement savings under alternative scenarios. If stocks remain depressed as after the 1974 crash, 20 percent of preboomers born 1941?45 and 22 percent of late boomers born 1961?65 would see their retirement incomes drop 10 percent or more." (Urban Institute)
Rebalancing: A 401(k) Advantage
Excerpt: "The benefits of investing in a 401(k) are many, but one rarely mentioned is that 401(k) participants can rebalance their plan asset allocation without concern about the tax consequences." (Profit Sharing / 401k Council of America)
More Employers Considering Annuities in DC Plans, According to Survey
Excerpt: "Watson Wyatt found that nearly one in four employers (22%) that sponsor DC plans currently offer an annuity as a distribution option, and 10% of those who do not offer one are considering adding it, according to a press release. The survey found that the main reasons plan sponsors cited for not offering an annuity were a lack of participant demand (56%) and administrative complexity (36%)." (PLANSPONSOR.com)
Tax Bill Amends Foreign NQDC
Excerpt: "The Tax Technical Corrections Act of 2009 (HR 4169) includes several minor amendments to Code Section 457A, which generally taxes nonqualified deferred compensation provided to US taxpayers by certain partnerships and non-US corporations. Among other things, the changes would address the definition of 'service provider' and 'nonqualified entity' and clarify Section 457A's short-term deferral exemption." (Mercer LLC)
IASB Clarifies Accounting for Prepaid Pension Contributions
Excerpt: "IASB has relaxed restrictions on employers' recognition of balance-sheet assets for prepaying minimum required pension contributions. The amendment to IFRIC 14 -- which interprets IAS 19, Employee Benefits -- is effective for fiscal years beginning on or after Jan. 1, 2011, and may be applied early to 2009 year-end financial statements." (Mercer LLC)
Virginia Govenor's Budget Scales Back Share State Government Contributes to State Employee Retirement Plans
Excerpt: "A state official familiar with some portions of what Mr. Kaine will present said that for the first time in nearly 30 years, the state will no longer cover the full 5 percent employees' contribution to their pension plans." (The Washington Times)
A Win for LA Times' Employees in Suit Against Sam Zell on Knowing Participation in a Fiduciary Breach
Excerpt: "Chicago counsel Thomas Meites of Meites, Mulder, Mollica & Glink, said: 'Judge Pallmeyer ruled that our complaint properly alleges Zell, EGI-TRB and the Tribune Directors engaged in prohibited transactions when they caused Tribune to buy stock before December 2007.'" (ProtectConsumerJustice.org)
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NIPA’s 2010 Business Management Conference (2010BMC)
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Executive Compensation; Benefits in General
[Guidance Overview]Treasury Correction of Rules on TARP Executive Compensation Restrictions
Excerpt: "The corrections provide that, for purposes of any TARP rule that applies only to the most highly compensated employees . . ., the determination of which employees are considered amongst the most highly compensated employees of a TARP recipient is made without regard to whether an employee is an SEO. Conversely, if a provision is applicable to both SEOs and a certain number of most highly compensated employees, the SEOs are excluded for purposes of determining the most highly compensated employees that are also subject to the provision, since SEOs are already subject to the provision." (McGuireWoods LLP)
[Guidance Overview]
SEC's Rules Related to Executive Compensation and Corporate Governance Disclosure (PDF)
Excerpt: "In her opening statement,3 Chairman Schapiro stated that although the new amendments will help shareholders exercise their 'oversight responsibility,' the SEC Staff continues to work on a comprehensive review of the infrastructure supporting the proxy process, including the role of proxy advisors. Chairman Schapiro also reiteratedher intention to bring final shareholder director nomination rules before the full Commission early next year." (Alston & Bird LLP)
SEC Approves Rules on Proxy Enhancements
Excerpt: "The Securities and Exchange Commission (SEC) has approved rules to enhance the information provided to shareholders to evaluate the leadership and compensation policies of public companies." (PLANSPONSOR.com)
House-Passed Financial Regulatory Overhaul Includes Say on Pay and Executive Pay Standards
Excerpt: "House-approved legislation to overhaul the nation's financial regulatory system includes measures requiring public companies to give shareholders an annual, nonbinding 'say on pay' vote and setting new independence standards for compensation committees and their advisers." (Mercer LLC)
2009 Equity Compensation Update now available
The NCEO's 2009 Equity Compensation Update, covering recent developments in the equity compensation field, is now available. It provides 15 hours of continuing education credit for CEP designees. (National Center for Employee Ownership (NCEO))
Tax Planning for a Happy New Year
Excerpt: "As the end of the year approaches, it is a good time to consider actions that may lower your tax bill this year and possibly next year as well. Year-end tax planning could be especially beneficial this year because several tax breaks will not be around next year unless Congress acts to extend them." (Haynes and Boone LLP)
Press Releases
US Labor Department Sues Owner of Minneapolis Coffee Company to Recover Employee SIMPLE IRA ContributionsU.S. Department of Labor, Employee Benefits Security Administration (EBSA)
U.S. Labor Department Investigation Results in Consent Judgment Requiring Zebulon, NC, Health Care Provider to Repay More than $73,000 to 401(k) Plan
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
U.S. Department of Labor Obtains Judgment Barring Officers of Defunct Charlotte, NC, Employee Staffing Company from Serving as Plan Fiduciaries
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
U.S. Department of Labor Sues Owner and Chief Operating Officer of Former Nashville, Tenn., Mortgage Banking Business to Protect Pension Funds
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
NBCH’s 2009 eValue8™ Results Stress Importance of Focusing on Keeping People Well, Not Just Treating the Sick
National Business Coalition on Health
John Hancock Retirement Plan Services Wins Communications Awards
John Hancock Retirement Plan Services
Benefit News: ACI Specialty Benefits Acquires Life Care Services EAP
ACI Specialty Benefits Corporation
BB&T Institutional Services Wins "Best in Class" Awards
BB&T Corporation
PlanServe Announces Release of Latest 403(b) Common Remitter Platform
PlanServe Data Systems
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