DB Administration, Discrimination Testing and Proposal software with Multiple Plan and Cash Balance Plan handling. PPA’06 Pension Funding.
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Schedule SB reports and links to our 5500/PBGC System, and our FAS 158 and Termination Calculation reporting systems.
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Florida Appellate Court Upholds Forfeiture of Sheriff's Pension
Excerpt: "The Florida First District Court of Appeal has upheld a final order of the Department of Management Services adjudicating forfeiture of . . . rights and benefits under the state retirement law. The court held that . . . federal conviction for conspiracy to commit mail fraud . . . justifies forfeiture of [the convicted plan participant's] retirement benefits."
(Cypen & Cypen)
Push Back on Fund Expenses: Who Pays Them?
Excerpt: "The heightened sensitivity among investors with respect to fund expenses has resulted in . . . a reduction of the industry-accepted management fee, from a typical 2 percent on assets under management or total commitments to 1.8 percent, with larger funds charging 1.65 percent or lower; and (ii) managers reassessing fund expenses and striving to justify the legitimacy of charging certain expenses to the fund as opposed to absorbing the cost.
(Pepper Hamilton LLP)
Obscure Pension Provision Leaves Cadbury Participants with Sour Choice
Excerpt: "An obscure clause in the Cadbury Pension Trust which makes it almost impossible to close the plan has forced Cadbury's new owner, Kraft Foods, to require the 3,600 employees still covered by the plan to chose between continued plan membership or a three-year pay freeze, according to the Financial Times."
Company Faces Class Action Suit over Alleged Violations of ERISA Plan
Excerpt: "Investigators are focused on a number of . . . investments in company stock in the Boston Scientific Corporation's 401(k) Savings Plan. . . . The suit alleges that the company continued to invest employee funds in company stock despite difficulties and losses that made the plan no longer a prudent investment for participants' retirement savings."
(Online Legal Media)
Chief Executive, California State Teachers' Retirement System's Letter to the Editor of NYT
Excerpt: "We take our responsibility to provide retirement benefits in an efficient manner seriously by taking advantage of the long-term nature of their overall liabilities and investing appropriately to maximize investment returns with a prudent level of risk, which in the long run will reduce taxpayer costs."
(The New York Times; free registration required)
Executive Compensation; Benefits in General
2010 Spring Compliance Newsletter (PDF)
8 pages. Key Topics: DOL Issues new Model CHIPRA Notice With Delayed Compliance Date; IRS Issues Surprising HEART Act Guidance; New Law Expands FMLA Rules for Family Member Military Leave; Anti-Cutback Violation to Link Retiree Medical With Annuity Option; IRS Issues New Form for Self Reporting Health Plan Excise Taxes; IRS Finalizes 204(h) Notice Regulations; Labor Department Re-Issues Investment Advice Regulations.
Baby Boomers Express Worry about Caregiving Affecting Work
Excerpt: "The demands of balancing a full-time job and caring for a family member are a major source of stress for many Baby Boomers and are impacting their productivity and their health, according to new research . . . ."
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