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Retirement Plans Newsletter
January 6, 2010 
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[Guidance Overview]
New IRS Document Updates Determination Letter Procedures
Excerpt: "The Internal Revenue Service (IRS) has updated its procedures for requesting determination letters on the qualified status of pension, profit-sharing, stock bonus, annuity, and employee stock ownership plans." (PLANSPONSOR.com)
[Guidance Overview]
PBGC Premiums Can Be Filed Electronically
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) said both Estimated Flat-rate premium filings and Comprehensive filings for plan years beginning in 2010 may now be electronically submitted via My Plan Administration Account (My PAA)." (PLANSPONSOR.com)
Pension Risk Under Extreme Scenarios: Capturing Tail Risk in Pension Schemes
Excerpt: "In this paper, we aim to capture the tail risk - risk under extreme scenarios - faced by pension schemes. Our analysis is based on US markets and we focus on a typical closed mature DB scheme. We introduce various extreme scenarios or shocks like stock market crash, bond market crisis, low bond yield, deflation and high salary growth in the pension scheme and then analyse how each one of them impacts the funding ratio." (Social Science Research Network)
Call for Proposals: Innovative Projects to Strengthen Social Security for Vulnerable Populations
Excerpt: "The Ford Foundation has asked the National Academy of Social Insurance (NASI) to serve as a regranting agent as part of its work on improving long-term economic security for low-income individuals. The purpose of the project is to support constituency building, education outside of the beltway, and user-friendly, research-based information to strengthen the adequacy of Social Security for vulnerable groups . . . ." (National Academy of Social Insurance)
IRS Phone Forum on Funding-Based Benefit Restrictions, January 26, 2010
Excerpt: "Single-employer defined benefit plan sponsors and their advisors face many challenges from the funding-based benefit restrictions imposed under section 436 of the Internal Revenue Code. Hear about the new rules and what to be aware of when administering these plans, as well as some of the key changes in the funding regulations that may affect your decisions. Join Carol Zimmerman from IRS Employee Plans Rulings & Agreements for this 90 minute presentation on recent guidance relating to the final 430/436 regulations." (U.S. Internal Revenue Service)
Connecticut Municipalities Tackling Pension Costs
Excerpt: "A new retirement plan approved by the [town of West Hartford's] smallest union sets a precedent that local officials hope other unions can accept in an effort to trim spiraling pension costs." (Hartford Courant)
Los Angeles Officials Consider a Ballot Measure to Scale Back Pensions
Excerpt: "Alarmed over the spiraling cost of retirement benefits, Los Angeles' top budget officials have begun laying the groundwork for a June 8 city ballot measure that would dramatically scale back the pension benefits given to newly hired city employees." (Los Angeles Times)
PBGC Reaches Funding Agreement with Whirlpool
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) has announced an $11.7-million agreement with appliance maker Whirlpool Corp. to shore up funding for one of its retirement plans." (PLANSPONSOR.com)
401(k) Participants May Proceed with Lawsuit Over Administrative Fees, Unitized Company Stock Funds
Excerpt: "Claims that 401(k) fiduciaries violated ERISA by allowing a plan and its participants to pay excessive administrative fees cannot be dismissed, a federal district court in Illinois has ruled (George v. Kraft Foods Global). Participants also may proceed with claims that fiduciaries imprudently maintained unitized company stock funds and retained underperforming actively managed funds in reliance on deficient investment policies and improper benchmarks." (Mercer LLC)
[Opinion]
ICI Letter to Wisconsin Legislature Co-Chairs, Joint Committee on Finance, on Roth IRA Conversions (P.L. 109-222 § 512)
Excerpt: "The Investment Company Institute . . . strongly urges the Wisconsin legislature to adopt changes to Wisconsin's tax law to allow Wisconsin residents to convert traditional Individual Retirement Accounts (IRAs) to Roth IRAs beginning in 2010, consistent with recent changes in federal law." (Investment Company Institute)
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Executive Compensation; Benefits in General
[Official Guidance]Text of IRS Notice 2010-6 Providing Voluntary Correction Program for 409A Document Failures; Revisions to 2008 Procedures for Certain Operational Failures (PDF)
86 pages. Excerpt: "This notice provides methods for taxpayers to voluntarily correct many types of failures to comply with the document requirements applicable under § 409A of the Internal Revenue Code (Code) to nonqualified deferred compensation plans and thereby avoid or reduce the current income inclusion and additional taxes under § 409A. This document correction program is intended to encourage taxpayers to review nonqualified deferred compensation plans to identify provisions that fail to comply with the requirements of § 409A and § 1.409A-1(c) of the Income Tax Regulations (a document failure), and to correct those plan provisions promptly, while also not providing an advantage to taxpayers participating in plans that initially fail to comply with § 409A over taxpayers participating in plans drafted in compliance with § 409A. . . . This notice also clarifies certain aspects of Notice 2008-113, which addresses certain failures of nonqualified deferred compensation plans to comply with § 409A in operation (operational failures) . . . ." (Internal Revenue Service)
[Guidance Overview]
New SEC Disclosures Rules: Reporting of Voting Results on Form 8-K
Excerpt: "The new rules make one important change to reporting requirements for Form 8-K. The rules transfer the requirement to disclose shareholder vote results from Forms 10-Q and 10-K to Form 8-K. New Item 5.07 to Form 8-K requires companies to disclose on the form the results of a shareholder vote and to file that information within four business days after the end of the meeting at which the vote was held." (Michael Melbinger via Winston & Strawn LLP)
[Guidance Overview]
Effects of the New Compensation and Corporate Governance Rules on the 2010 Proxy Season (PDF)
7 pages. Excerpt: "The adopting release provides that the new rules apply to any filings made on or after February 28, 2010, by companies with fiscal years ending after December 19, 2009. In addition, on December 22, 2009, the SEC Staff issued Compliance and Disclosure Interpretations (CD&I's), which are available at http://sec.gov/divisions/corpfin/guidance/pdetinterp.htm and clarified the start date of these rules." (McDermott Will & Emery)
[Guidance Overview]
New Disclosure Rules for 2010 Proxy Season (PDF)
8 pages. Excerpt: "To facilitate companies' preparation for the upcoming 2010 proxy season, the Commission published the adopting release, including the text of the final rules, the same day it approved the rules." (Drinker Biddle & Reath LLP)
Overview of Agency Regulatory Agendas for 2010
Excerpt: "Always of interest are the priority items the key regulatory agencies - the Internal Revenue Service, the Department of Labor, and the Pension Benefit Guaranty Corporation - have targeted for completion in the coming months. IRS and DOL both are concerned with lifetime income from defined contribution plans, and with guidance under the Mental Health Parity and Addiction Equity Act of 2008. The PBGC is focused on regulations concerning reportable events and statutory hybrid plans, among others." (Deloitte via BenefitsLink.com)
Summary of Employment/Human Resources Legislation in the 111th Congress (PDF)
50 pages. Excerpt: "This is a summary of federal legislation currently pending that may be relevant to employers." (Buck Consultants)
EBRI Databook on Employee Benefits
Excerpt: "The EBRI Databook on Employee Benefits is maintained on-line and updated when new data is available. The date next to each chapter link indicates when data and/or links were last updated in that chapter. The EBRI Databook on Employee Benefits includes data from dozens of sources to provide a comprehensive analysis of how the employee benefits system works, who and what its various functions affect, and its relationship with the U.S. economy." (Employee Benefit Research Institute)
Applying for a Private Letter Ruling
Excerpt: "When a transaction requires greater certainty or when relief is sought for a difficult tax situation, applying to the IRS for a private letter ruling (PLR) can provide interpretation and application of law and regulation with respect to that taxpayer the Service will follow, within certain conditions and limitations." (American Institute of Certified Public Accountants)
The Criminal Provisions of ERISA (PDF)
2 pages. Excerpt: "The federal criminal provisions that explicitly relate to employee benefit plans are codified in two places. Three provisions are included in the U.S. criminal code." (Sutherland Asbill & Brennan LLP)
Webcasts and Conferences
"Happy Roth Year" Web SeminarNationwide on January 27, 2010
presented by SunGard Relius
2010 Web/Telephone Seminar: 403(b) Plans
Nationwide on March 18, 2010
presented by Ascensus
2010 Web/Telephone Seminar: Advanced HSAs
Nationwide on January 26, 2010
presented by Ascensus
2010 Web/Telephone Seminar: Basic IRAs
Nationwide on January 28, 2010
presented by Ascensus
2010 Web/Telephone Seminar: Comparing Roth & Traditional IRAs
Nationwide on March 23, 2010
presented by Ascensus
2010 Web/Telephone Seminar: Conducting Your Own Compliance Audit
Nationwide on February 18, 2010
presented by Ascensus
2010 Web/Telephone Seminar: Conversions & Recharacterizations
Nationwide on March 11, 2010
presented by Ascensus
2010 Web/Telephone Seminar: Establishing & Amending IRAs
Nationwide on March 30, 2010
presented by Ascensus
2010 Web/Telephone Seminar: HSA Basics
Nationwide on January 12, 2010
presented by Ascensus
2010 Web/Telephone Seminar: HSA Basics
Nationwide on February 9, 2010
presented by Ascensus
2010 Web/Telephone Seminar: Individual(k) Plans
Nationwide on February 23, 2010
presented by Ascensus
2010 Web/Telephone Seminar: Introduction to QRP Distributions
Nationwide on February 2, 2010
presented by Ascensus
2010 Web/Telephone Seminar: IRA Beneficiary Distributions
Nationwide on February 2, 2010
presented by Ascensus
2010 Web/Telephone Seminar: IRA Contributions
Nationwide on March 4, 2010
presented by Ascensus
2010 Web/Telephone Seminar: IRA Frontline Fundamentals - Part 1
Nationwide on February 9, 2010
presented by Ascensus
2010 Web/Telephone Seminar: IRA Frontline Fundamentals - Part 2
Nationwide on February 11, 2010
presented by Ascensus
2010 Web/Telephone Seminar: IRA Required Minimum Distributions
Nationwide on March 9, 2010
presented by Ascensus
2010 Web/Telephone Seminar: QRP Beneficiary Rollovers to Inherited IRAs
Nationwide on January 14, 2010
presented by Ascensus
2010 Web/Telephone Seminar: QRP Beneficiary Rollovers to Inherited IRAs
Nationwide on March 2, 2010
presented by Ascensus
2010 Web/Telephone Seminar: Retirement Distribution & Income Planning
Nationwide on February 25, 2010
presented by Ascensus
2010 Web/Telephone Seminar: SEP Plans
Nationwide on February 25, 2010
presented by Ascensus
2010 Web/Telephone Seminar: SIMPLE Plans
Nationwide on March 16, 2010
presented by Ascensus
2010 Web/Telephone Seminar: Understanding & Processing Transfers & Rollovers
Nationwide on March 25, 2010
presented by Ascensus
2010 Web/Telephone Seminar: Withholding
Nationwide on February 4, 2010
presented by Ascensus
New SPARK Institute Best Practices for 403(b) Plans
Nationwide on January 27, 2010
presented by The SPARK Institute
The Team Agency Solution - HRO Solutions for Insurance Professionals
Nationwide on January 7, 2010
presented by Team Solution
(Click to post your webcast or conference)
Press Releases
Industry Veteran Joins ERISA Fiduciary Advisors, Inc.ERISA Fiduciary Advisors, Inc.
Comperio Retirement Consulting Expands Into Pennsylvania
Comperio Retirement Consulting
Lincoln Trust Company Upgrades 401k Support
Lincoln Trust Company
(Click to post your press release)
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