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Retirement Plans Newsletter

February 23, 2010

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DATAIRís Wintertime sale through March 15.
  • License one DATAIR system and get 20% off.
  • Get a second system for half price.
  • Free financing.
401(k), Pension and Cafeteria software for Administration, Documents, and 5500 systems and more. Contact the Sales Department for more information about the rules and restrictions for the sale at sales@datair.com or 1-888-328-2474.

[Official Guidance]
DOL Creates New Web Page Covering 403(b) Plan Reporting and Coverage Issues
Collects relevant Field Assistance Bulletins, DOL publications, links to DOL's voluntary corrections program and more. No original content, but the links are handy.
(U.S. Employee Benefits Security Administration)

[Official Guidance]
Text of the IRS 'Retirement News for Employers,' Winter 2010 Edition (PDF)
16 pages. This edition includes articles such as: April 30, 2010 Filing Deadline for Adopting Employers of Pre-Approved Plans; Deadline for Making Employer Contributions; Clarification of HEART Act Changes; Future Requirements for Tax Return Preparers; Is Your Distribution from Your Roth IRA Taxable?; The Latest in the World of Code § 403(b) Plans; and, SEP Plan Pitfalls Phone Forum.
(U.S. Internal Revenue Service)

[Guidance Overview]
Foreign Account Reporting for Retirement Plans (PDF)
7 pages. The authors discuss the filing requirements of the Bank Secrecy Act that may apply to retirement plans if funds are held in foreign bank accounts.
(Journal of Retirement Planning via Groom Law Group)

SEC's Guidance on New Pay and Governance Disclosures
Excerpt: "New SEC staff guidance on executive pay disclosures clarifies recent rule changes that apply to 2010 proxy and registration statements filed on or after Feb. 28. Issued as Compliance & Disclosure Interpretations (C&DIs), the guidance addresses disclosure of director qualifications, equity awards, pay policies and related risks, and consultant fees. C&DIs on transitioning to the revised rules supplement earlier guidance on the rules' effective date."
(Mercer LLC)

How TIAA-CREF Funded Plans Differ from a Typical 401(k) Plan (PDF)
8 pages. Excerpt: "The typical 401(k) plan has fundamental flaws when evaluated as a vehicle for providing retirement income security. Even though both TIAA-CREF funded plans and typical 401(k) plans are based on defined contribution financing, there are profound differences between the two. Understanding these design differences will be valuable to policy makers looking to reform the 401(k) system and also to employers and 401(k) institutional providers in reshaping their plans."
(TIAA-CREF Institute)

Ten Ways Baby Boomers Will Reinvent Retirement
Excerpt: "[Having redefined each stage of life as they passed through it, t]his generation also will retire in a way that is distinct from their parents and will set the standard for generations to come. Baby boomers are likely to live longer, more healthful, and more active lives than any retirees have before, yet few will enjoy [generous pensions and retiree health benefits]. Boomers will be saddled with the headache of continuing to manage their own investments, and if they haven't saved enough, they'll likely have to work long after the previous generation dropped out of the workforce."
(U.S. News & World Report)

Utah Senate Votes to Replace Defined Benefit Plan for Public Employees Hired After July 1, 2011
Excerpt: "According to the Associated Press, the bill would provide a choice between a hybrid retirement plan with reduced benefits or a 401(k) plan that allows workers to contribute 8% of their salaries. Under the hybrid plan, public safety employees like firefighters and police officers could retire after 25 years instead of the 35 years originally proposed."
(PLANSPONSOR.com)

Retirement Plan Service Providers Preparing for Senate Fight on Oversight
Excerpt: "As the Senate begins debate this week on its version of a financial services reform bill, advisers and service providers working with retirement plans are trying to avert the possibility of coming under greater regulation by an existing or new government agency."
(Pensions & Investments)

New Jersey Senate Passes Measures to Close Pension Deficit
Excerpt: "New Jersey's Senate passed a package of bills aimed at closing a $34.4 billion hole in the state pension by excluding part-time workers from the system, reducing benefits and forcing teachers to pay more for health care."
(BusinessWeek)

[Opinion]
Foundation of 401(k) Advice Must Be Conflict-Free
Excerpt: "In summary, we believe the foundation of 401(k) advice must be conflict-free before you even start talking about how the rest of it works. The beneficiaries include employers, their participants, and though they do not realize it yet, advisors, brokers and the mutual fund/insurance companies who provide 401(k) platforms. If the DOL starts with a conflict-free foundation, it will be a huge win for 401(k) investors."
(BeManaged)




The ASPPA 401(k) Summit | March 14 Ė 16, 2010 | Orlando World Center Marriott Resort

The ASPPA 401(k) SUMMIT is bigger and better than ever in 2010! Expect 140 exciting exhibits in the hall, dozens of top-notch workshop sessions like "Plan Designs for the Age of Obama," and the presentation of the prestigious Morningstar-ASPPA 401(k) Advisor Leadership Award. The SUMMIT offers 14 hours of ASPPA Continuing Education (CE) credit and is designed to comply with various CE programs, including ERPA CPE.
For more information and to register, click here: The ASPPA 401(k) SUMMIT.

Sponsored by ASPPA

Executive Compensation; Benefits in General

[Guidance Overview]
DOL-Published Overview: Getting Ready for Changes in Filing Your Plan's Annual Return/Report Form 5500
Excerpt: "Do you file a Form 5500 annual return/report? If so, you need to be aware of important changes to the form and the filing process beginning with 2009 plan year filings. To ease the transition, the U.S. Department of Labor's Employee Benefits Security Administration (EBSA) is helping filers understand the new filing system and changes to the Form 5500 so you are ready when you need to prepare and file your annual report(s)."
(U.S. Employee Benefits Security Administration)

Lessons from, and Research on, Open Enrollment
Excerpt: "Graem Clark, assistant vice president of national accounts at Colonial Life, sits down with Associate Editor Lydell Bridgeford to discuss lessons employers most likely learned from the 2009 open enrollment season and the company's latest research on the open enrollment experience."
(Employee Benefit Adviser; free registration required)


Webcasts and Conferences

EFAST2 5500 Forms - Free Webcast Demo by ASC
Nationwide on February 25, 2010
presented by Actuarial Systems Corporation (ASC)

Ninth Annual Consumerism Web Summit - 2010
Nationwide on March 18, 2010
presented by MCOL


Press Releases


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Newly Posted Employee Benefits Jobs

Small Plan Actuarial Consultant
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in NM

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for The Standard
in TX




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