DB Administration, Discrimination Testing and Proposal software with Multiple Plan and Cash Balance Plan handling. PPAí06 Pension Funding.
Funding Target and Target Normal Cost with 3-rate segments
404(o) Cushion; 430 minimum and 404(o) maximum contributions
Funding Target Attainment Percentages (FTAPs)
Schedule SB reports and links to our 5500/PBGC System, and our FAS 158 and Termination Calculation reporting systems.
or call 1-888-328-2474
New Tax Incentives for Hiring and Retaining Employees
Excerpt: "Employers that hire new employees will be exempt from their share of the Old Age, Survivors and Disability Insurance (OASDI) tax, which is a 6.2% tax on wages up to $106,800 for 2010. The exemption will apply from March 19, 2010 to the end of 2010. Employers that may take advantage of the OASDI exemption include taxable businesses, tax-exempt organizations and public colleges and universities."
(Warner Norcross & Judd LLP)
Rohm and Haas Pension Settlement Gets Final OK
Excerpt: "A federal judge in Indiana has granted final approval to an estimated $180-million settlement between Rohm & Haas and about 18,000 participants who challenged the calculation of their lump-sum pension distributions. U.S. District Judge Sarah Evans Barker of the U.S. District Court for the Southern District of Indiana approved the deal with the participants who had claimed their pension payouts did not include cost-of-living adjustments (COLA)."
Annuity Beneficiary Substitution Denial Upheld
Excerpt: "A plan's review committee did not abuse its discretion when it denied a participant's request to change the beneficiary of his qualified joint and survivor annuity from his ex-wife to his new wife, a court has ruled. U.S. Magistrate Judge Mark D. Clarke of the U.S. District Court for the District of Oregon ruled that the participant's benefits vested for his ex-wife at the time the participant retired and began receiving a payout."
Maryland Public Retirees to See Negative COLA Applied in 2011
Excerpt: "Maryland Governor Martin O'Malley has signed into law legislation that precludes an unprecedented negative cost of living adjustment (COLA) for state retirees and beneficiaries in fiscal year 2011, which begins July 1, 2010. Under the law, benefits will remain at their current levels and the negative cost of living adjustment that would have gone into effect, will instead be deducted from the positive COLA expected in fiscal year 2012, according to a press release from the Maryland State Retirement and Pension System."
Underfunded Teacher Pension Plans: It's Worse Than You Think
Excerpt: "The crux of the problem is the gap between assets and liabilities affecting the fifty-nine pension funds that cover most public school teachers in America. Some of these are general state-employee pension funds, while others cover only teachers. Among the findings of our study of these funds: All fifty-nine pension funds studied face shortfalls. California, the most populous state, has the largest unfunded teacher pension liability: almost $100 billion. The worst-funded plan in our sample is West Virginia's, which we estimate to be only 31 percent funded. Five plans are 75 percent funded or better: teacher-dedicated plans in the District of Columbia, New York State and Washington State and state employee retirement systems in North Carolina and Tennessee that include teachers."
(Manhattan Institute for Policy Research)
ASPPA co-sponsors several regional conferences with the IRS to provide you opportunities to discuss employee benefits issues with colleagues, local, regional and national government representatives from IRS and the US Department of Labor, and private sector experts. The programs focus on exchanging information and educating attendees about current regulatory, legislative, administrative and actuarial topics.
Find out when weíre coming to your town here.
Executive Compensation; Benefits in General
No More Opinion Letters from DOL's Wage and Hour Division
Excerpt: "The Department of Labor's Wage and Hour Division has announced it will no longer publish opinion letters to provide fact-specific guidance to employers and employees. According to an article by James M. Coleman and Maureen R. Knight, attorneys in the Fairfax, Virginia, office of Constangy, Brooks & Smith LLP, in the future requests for opinion letters will be responded to by providing references to statutes, regulations, interpretations and cases that are relevant to the specific request, but without an analysis of the specific facts presented, called 'administrator's interpretations.'"
Employee Ownership Update for April 14, 2010
NCEO Executive Director Corey Rosen discusses the following in the latest Employee Ownership Update: The White House's 2011 budget estimates a $1.7 billion tax cost for ESOPs this year. Broad-based employee ownership is alive and well in 2010. French companies with employee-elected directors perform better. An alternative to a more formal board of directors is to create a board of advisors.
(National Center for Employee Ownership)
Newly Posted Employee Benefits Jobs
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