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Retirement Plans Newsletter

April 23, 2010

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DB Administration, Discrimination Testing and Proposal software with Multiple Plan and Cash Balance Plan handling. PPA’06 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

[Guidance Overview]
Supreme Court Endorses Governing Standard for Mutual Fund Fees Cases Under Investment Company Act: An ERISA Perspective (PDF)
5 pages. Excerpt: ""On March 30, in Jones v. Harris Associates . . . the U.S. Supreme Court unanimously affirmed the Second Circuit's analysis in Gartenberg v.Merrill Lynch Asset Management, Inc. . . . as the standard by which the fees mutual funds pay to their investment advisers should be evaluated under . . . the Investment Company Act of 1940 . . . . This [article focuses] on the implications the Jones case may have under [ERISA]."
(Morgan, Lewis & Bockius LLP)

[Guidance Overview]
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."
(Wolters Kluwer)

Employee Plans Examination Director Discusses Multiemployer Plan Funding Compliance Issues
Excerpt: "The proverbial 'perfect storm' occurred with the timing of multiemployer plan funding requirements of the Pension Protection Act of 2006 (PPA; P.L. 109-280) and the financial collapse in the past 18 months, said Monika Templeman, Director of Employee Plans (EP) Examinations . . . . "
(Wolters Kluwer)

Public Hearing on California's Public Pension Plans, April 22, 2010
Includes links to written testimony.
(The Little Hoover Commission)

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)

GTS OnDemand from BLAZE SSI – OnDemand means you can use GTS for one low cost per plan, including all revisions. GTS is a fast, easy-to-use MS Excel-based interactive system designed by George Taylor. GTS creates plan proposals, including combined DB Cash Balance and DC New Comparability plan designs. GTS performs combined plan IRC401(a) non-discrimination testing and prepares client-ready reports. OnDemand and annual unlimited use licenses are available exclusively from BLAZE SSI Corp.
Sponsored by BLAZE SSI Corp.

Executive Compensation; Benefits in General

[Guidance Overview]
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.
(Lockton, Inc.)

[Guidance Overview]
Executive Compensation 2009: The Year in Review and Outlook for 2010 (PDF)
14 pages. Excerpt: "This letter . . . notes items intended to create discussion around what companies and directors should be thinking about in 2010 relating to executive compensation design and governance."
(Frederic W. Cook & Co., Inc.)

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 . . . ."

Webcasts and Conferences

ASPPA Webcast: Business Structures Today: Can't Tell The Players Without A Scorecard!
Nationwide on June 15, 2010
presented by ASPPA (American Society of Pension Professionals & Actuaries)

ASPPA Webcast: Did You Notice: DC Plan Communications
Nationwide on May 27, 2010
presented by ASPPA (American Society of Pension Professionals & Actuaries)

ASPPA Webcast: ESOPs - An Overview of Uses, Strategies and Basic Plan Administration Concerns
Nationwide on May 5, 2010
presented by ASPPA (American Society of Pension Professionals & Actuaries)

ASPPA Webcast: Investments 101 for Retirement Plan Consultants and Administrators
Nationwide on June 23, 2010
presented by ASPPA (American Society of Pension Professionals & Actuaries)

ASPPA Webcast: What Does a DC Administrator Need to Know About a DB/DC Plan?
Nationwide on June 3, 2010
presented by ASPPA (American Society of Pension Professionals & Actuaries)

Employee Benefits Security Administration Agency Head to Host Live Web Chat
Nationwide on April 26, 2010
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

Free ASPPA Webcast: The ASPPA Recordkeeping Certification Program
Nationwide on May 18, 2010
presented by ASPPA (American Society of Pension Professionals & Actuaries)

Navigating Health Care Reform: Challenges for Employers and Plan Administrator
in New York on June 21, 2010
presented by ALI-ABA (American Law Institute-American Bar Association)

Navigating Health Care Reform: Challenges for Insurers and Providers
in New York on June 23, 2010
presented by ALI-ABA (American Law Institute-American Bar Association)

Press Releases

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