Retirement Plans Newsletter
December 23, 2009

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HIPAA Privacy After HITECH: E-learning and Book Bundle Save up to 20%!

HIPAA Privacy After HITECH: E-learning and Book Bundle  Save up to 20%!

Employers and business associates must be in compliance with the new HIPAA regulations by February 17, 2010.

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[Guidance Overview]
PBGC Issues 2010 Plan Year Guidance on Reportable Events (PDF)

2 pages. Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) recently issued Technical Update 09-4. This update provides interim guidance for plan years beginning in 2010 on compliance with the reportable events requirements. The PBGC expects to publish final regulations on reportable events after the beginning of 2010 which will supersede the guidance in this Technical Update." (Prudential Retirement)


[Guidance Overview]
The Trouble with 403(b) Cash, the 403(b) SAR, and Other 403(b) Stocking Stuffers

Excerpt: "403(b) devotees often speak of the continuing, and significant, number of technical differences between 403(b) and 401(k) plans. The [target page] lists a few of the differences not given a lot of attention, a sort of holiday stocking stuffer . . . ." (Giller and Calhoun, LLC)


[Guidance Overview]
Court Moves Forward Kraft Foods Excessive Fee Suit

Excerpt: "A federal judge has moved forward claims by Kraft Foods Global employees that retirement plan fiduciaries breached their duties by offering investment options that underperformed and charged excessive fees." (PLANSPONSOR.com)


[Guidance Overview]
Massachusetts Firefighters Challenge Reductions in Benefits (PDF)

Pages 3-4 of 9 pages. Excerpt: "Earlier this summer, the Massachusetts Legislature adopted Senate Bill 2079 which radically altered the definition of covered compensation for retirement purposes. The bill, particularly sections 8, and 23-25 constitute a direct attempt to alter the benefit levels for current as well as future employees. These provisions impair the vested retirement benefits and property rights of firefighters in violation of the impairment of contract provisions of the Massachusetts and U.S. Constitutions." (National Conference on Public Employee Retirement Systems)


House Democrats Introduce Bill Amending Qualified Plan Nondiscrimination Rules
Excerpt: "Representative Lloyd Doggett (D-TX) recently introduced H.R. 4126, the 'Retirement Fairness Act of 2009,' which would significantly strengthen the qualified plan nondiscrimination rules and potentially jeopardize the qualified status of many plans." (J.P. Morgan Compensation and Benefit Strategies)


Private Pension Plan Bulletin Historical Tables and Graphs, Updated to Include 2007 Data (PDF)
36 pages. (U.S. Employee Benefits Security Administration)


Private Pension Plan Bulletin: Abstract of 2007 Form 5500 Annual Reports (PDF)
Excerpt: "The total number of pension plans, which decreased each year over the 2001-2005 period, rose for the second straight year in 2007 to 708,000 plans, which was a 1.9% increase over 2006. DC plans rose by 2.0 percent, while DB plans increased by 0.8 percent. The number of DB plans increased only for plans having fewer than 10 participants. The number having 10 or more participants decreased 3.8 percent." (U.S. Employee Benefits Security Administration)


Pension Coverage and Retirement Security
Excerpt: "This brief proceeds as follows. The first section describes the extent to which private sector workers are covered by any retirement plan. The second section explores the implications of the lack of universal coverage. The third section discusses policy initiatives to improve coverage." (Center for Retirement Research at Boston College)


Atlanta Mayor-Elect Creates Panel to Reform Public Employee Pensions
Excerpt: "Reed said during the campaign he'd consider changing the time employees could become vested from 10 years to 15. The mayor-elect has also said he'd look into whether the city could enter Social Security to reduce pension costs. Reed said Tuesday he will look seriously at those options." (The Atlanta Journal-Constitution)


NCPERS Members Double Shareholder Activism Efforts in 2010 (PDF)
Pages 5, 8 of 9 pages. Excerpt: "CPERS believes that public funds and institutional investors who engage in corporate governance activism should be commended for reigning in corporate excesses and for promoting best boardroom practices, thus it is delighted to report that three of its members -- Kansas City Fire Fighters, Miami Fire Fighters, and Philadelphia Public Employees -- plan to file 24 shareholder proposals for the 2010 proxy season to combat excessive executive compensation and to have better disclosure and board oversight of political contributions." (National Conference on Public Employee Retirement Systems)


[Opinion]
Joint-Trade Letter to the President and all Members of Congress Supporting Legislation to Provide Relief for Single Employer and Multiemployer Pension Funds (PDF)

3 pages. Excerpt: "On behalf of plan sponsors that provide retirement benefits to millions of workers, the undersigned organizations seek your support in enacting legislation as soon as possible to provide much needed relief for both single employer and multiemployer pension funds. Without funding relief, many jobs will be lost and the economic recovery will be significantly slowed." (U.S. Chamber of Commerce)




THE DEFINED CONTRIBUTION PLANS SUMMIT

THE DEFINED CONTRIBUTION PLANS SUMMIT

The Defined Contribution Plans Summit taking place February 24-25, 2010 in New York, NY is the perfect platform for corporate and public DC plans to hear from their plan sponsor peers, leading policymakers and top investment executives. Attendees will share ideas through tailored interactive roundtables, benchmark their DC plans through case studies, and network with fellow plan sponsors and investment professionals. For more information please visit – www.dcplanssummit.com

IQPC

Executive Compensation; Benefits in General

[Guidance Overview]
New SEC Rules on Enhanced Compensation and Governance Disclosure and Top Ten Tips for Upcoming Proxy Season

Excerpt: "This Update provides an executive summary of the final rules and a more detailed summary of the key components of the final rule changes, as well as practical guidance on actions public companies should take to prepare for the 2010 proxy season." (Perkins Coie LLP)


[Guidance Overview]
Amended SEC Disclosure Requirements: Practice Pointers to Facilitate Compliance in 2010

Excerpt: "Following the effective date, companies will be required to disclose in their proxy statement or Form 10-K whether any of the company's compensation policies and practices (for all employees, not just executives) create risks that are reasonably likely to have a material adverse effect on the company." (Pepper Hamilton LLP)


[Guidance Overview]
SEC Amendments to Proxy Rules Concerning Disclosure of Executive Compensation and Corporate Governance

Excerpt: "Specifically, public companies now must begin considering new or expanded discussion of: Compensation policies for all employees that may present material risks. Stock option and other equity awards for named officers and directors. Director and nominee qualifications. Board leadership structure and role in risk oversight. Compensation consultants. Accelerated Reporting of Shareholder Votes on Form 8-K." (K&L Gates LLP)


[Guidance Overview]
SEC's New Proxy Disclosure Rules (PDF)

5 pages. Excerpt: "The new rules focus on disclosure regarding risk and risk oversight, director and director nominee qualifications, board leadership structure, potential conflicts of interest of compensation consultants, and other compensation matters." (Dechert LLP)


[Guidance Overview]
SEC's New Compensation and Corporate Governance Disclosure Requirements

6 pages. Excerpt: "The New Rules require the disclosure of shareholder voting results on a Form 8-K within four business days of the shareholder meeting, rather than in the next Form 10-Q or Form 10-K." (Dewey & LeBoeuf LLP)


Key Studies on Employee Ownership and Corporate Performance
In this article, the NCEO presents a concise table-based summary of the main research on the relationship between employee ownership and corporate performance. (National Center for Employee Ownership)



Webcasts and Conferences

Extension of COBRA Premium Subsidy Rules: How to Keep Turning on a Compliance Dime
Nationwide on January 21, 2010
presented by EBIA / Thomson Reuters

Risky Business? How To Comply With The New Proxy Disclosure Rules
Nationwide on January 13, 2010
presented by ABA Joint Committee on Employee Benefits

(Click to post your webcast or conference)

Press Releases

U.S. Department of Labor Sues to Protect Participants of 401(k) Profit-sharing Plan
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

Senate Health Care Reform Measure Still Does Not Meet Test of Strengthening Employer-sponsored Health Coverage
American Benefits Council

BNA Books Releases 2009 Cumulative Supplement to 'Employee Benefits Law'
BNA, Inc.

Vanguard Announces Plans for New Actively Managed Equity Fund
Vanguard

Costs For Long-Term Care Insurance Rise Slightly Study Finds
American Association for Long-Term Care Insurance

First National Study Examines U.S. Buyers Of Critical Illness Insurance
American Association for Critical Illness Insurance

(Click to post your press release)

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in GA

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