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Retirement Plans Newsletter

April 28, 2010

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[Guidance Overview]
Final Rules for Disclosure of Multiemployer Actuarial and Financial Reports
Excerpt: "[T]he rules took effect April 1, 2010. . . . Multiemployer plan administrators and legal counsel that have not already done so should review or set up systems to meet these document requests."

[Guidance Overview]
Military Relief Under the HEART Act:: Year-End Plan Amendments Needed
Excerpt: "[IRS] Notice 2010-15 provides much-needed guidance on the proper interpretations of the key pension provisions, in question-and-answer format. Importantly, it clarified that plan amendments are needed by the end of the 2010 Plan Year (2012 Plan Year for governmental plans), but no sample amendments are included in the guidance."
(Groom Law Group)

[Guidance Overview]
Settlement in Stock Drop Case Against Fiduciaries of 401(k) Plan
The plaintiffs, a class of plan participants, alleged the fiduciaries knew about the employer's 'serious mismanagement and improper business practices.'"

FASB Proposal Regarding Multiemployer Defined Benefit Plans
Excerpt: "On April 14, 2010, the Financial Accounting Standards Board (FASB), which has authority to modify GAAP, had a public meeting at which it tentatively decided to require employers contributing to multiemployer defined benefit pension plans to disclose in their notes to their financial statements further quantitative and qualitative information about their participation in such plans."
(Proskauer Rose)

More Target-Date Plan Guidance Coming from DOL
Excerpt: "[T]he DOL said it expects to have the new rule governing target-date disclosure for qualified default investment alternatives (QDIA) in August."

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 we’re coming to your town here.

Sponsored by ASPPA

Executive Compensation; Benefits in General

[Guidance Overview]
Top 10 Tips for the New Form 5500 Electronic Filing Requirement
Excerpt: " EFAST (the version of the U.S. Department of Labor's electronic filing program that was implemented prior to EFAST2) will overlap with EFAST2 for six months and will continue to accept electronic filings through June 30, 2010. The following are the top 10 things you should know about filing your Form 5500 using EFAST2 . . . ."
(McDermott Will & Emery)

U.S. Supreme Court Hears Oral Arguments in ERISA Fees Case
Excerpt: "In Hardt v. Reliance Standard Life Insurance Co., the court heard arguments on whether § 502(g)(1) of [ERISA] provides a district court discretion to award reasonable attorney's fees only to a prevailing party, and whether a party is entitled to attorney's fees when she persuades a district court that a violation of ERISA has occurred, successfully secures a judicially-ordered remand requiring a redetermination of entitlement to benefits, and subsequently receives the benefits sought on remand."

6 Ways Couples Can Maximize Social Security Payouts
Excerpt: "Couples who are currently married, or who have stayed together at least 10 years, tie their working records -- and the resulting Social Security checks -- together as long as they both live. In the case of Social Security payments, the result is often better for the couple."
(U.S. News & World Report)

Employers Say Benefit Costs Trump Employee Retention
Excerpt: "For the first time since 2006, controlling benefit costs edge out employee retention as the top concern facing employers . . . .'"
(Employee Benefit Adviser; free registration required)

Study Says State and Local Government Employees Earn Less than Private Sector Employees
Excerpt: "Employees of state & local government earn an average of 11% and 12% less, respectively, than comparable private sector employees. An analysis spanning two decades shows the pay gap between public and private sector employees has widened in recent years. "
(National Institute on Retirement Security)

Webcasts and Conferences

COBRA Premium Subsidy Law Changes: What You Need to Know to Comply Webcast
Nationwide on May 6, 2010
presented by Thompson Interactive

Communicating Health Care Reform to Your Employees Webcast
Nationwide on May 25, 2010
presented by Findley Davies, Inc.

Press Releases

ASPPA Requests EFAST2 Extension From DOL
American Society of Pension Professionals & Actuaries (ASPPA)

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