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Retirement Plans Newsletter

April 29, 2010

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[Guidance Overview]
Plan Sponsors Make Many Mistakes In Premium Filings, PBGC Speaker Says (PDF)
Excerpt: "The biggest mistake PBGC is seeing is plans using the alternative premium funding target even though they did not elect to do so because the plan administrators thought they already had elected it in 2008 . . . ."
(Keightley & Ashner)

[Guidance Overview]
Aon Agrees to Pay $1.8M to Settle Stock-Drop Suit
Excerpt: "In addition to the $1.8 million payment, Aon agreed to retain for a period of at least five years an independent adviser or an independent third-party fiduciary to advise the plan fiduciaries regarding the plan's investment in Aon stock."

How to Tap Retirement Savings Early Without Penalty
Excerpt: "The law dictating when you can use your retirement money is straightforward: Funds withdrawn from an individual retirement account before age 59-1/2 are subject to a 10% hit. But the Internal Revenue Service permits a loophole, part of Section 72(t) of the federal tax code, where the penalty does not apply if the money is paid out in set amounts over time."

2010 Investment Company Fact Book from Investment Company Institute (PDF)
Excerpt: "ICI's annual compilation -- our fiftieth edition -- reports on retirement assets, characteristics of mutual fund owners, use of index funds, and other trends."
(Investment Company Institute)

Modest Funding Gains Seen for Large Corporate Plans in 2009
Excerpt: "The analysis found that 2009 funding levels and overall pension plan assets increased over 2008 levels, although funding for both years remained well below 2007 levels."
(Wolters Kluwer Law & Business)

Many IRA Account Holders Not Convinced by Roth's Tax Savings, Poll Shows
Excerpt: "More than half of U.S. savers with taxable IRA accounts won't convert to a tax-free Roth type because they aren't convinced about the tax savings, a Putnam Investments survey shows."
(Boston Globe via AARP)

Americans Shift Expectations About Retirement Funding
Excerpt: "401(k)/IRA accounts down but still top list; Social Security moves up."

CalPERS Wants More Fee Cuts
Excerpt: "Fresh from winning fee concessions from private equity firm Apollo Global Management, the nation's largest public pension fund is hungry for more fee breaks. The California Public Employees' Retirement System hopes to win similar fee deals with all of the private equity firms it has 'significant' relationships with' . . . ."

The Politics and Perils of California's Public Pensions
Excerpt: "The dispute over California public employee payouts is growing. Republicans blame Democrats, who see the problem but fear alienating labor."
(Los Angeles Times)

Teacher Pensions in U.S. Are a Ticking Time Bomb
Excerpt: "What could be worse news than that public school teacher pensions across the country report an unfunded liability of over $330 billion? How about the fact that these reports understate the size of the liability by a factor of three?"
(Washington Examiner)

Meet some of the biggest pension and welfare benefit celebrities at the Western Benefits Conference! Get the latest on what's going on in the world of pension and welfare benefits from industry experts and IRS officials live in person! The Western Benefits Conference takes place July 18-20 in Los Angeles, CA and is a joint program by the Western Pension & Benefits Conference (WP&BC) and the American Society of Pension Professionals & Actuaries (ASPPA).

For a program listing and to register, visit today!

Sponsored by WP&BC and ASPPA

Executive Compensation; Benefits in General

Chart of DOL's 2010 Regulatory Agenda for Employee Benefit Matters (PDF)
3 pages. Excerpt: "DOL's agenda and related materials include 20 pending projects related to employee benefits, which are listed below in order of the projected timetable for next steps. (In the ordinary course, dates projected in the agenda may prove ambitious.) New projects highlighted by DOL are shown in bold."

Out of Balance? Comparing Public and Private Sector Compensation Over 20 Years
Includes link to the study, a fact sheet and a Powerpoint presentation.
(Center for State & Local Government Excellence)

Career Advice for the New(er) ERISA Lawyer
Excerpt: "Here are some tips: . . . Stay Current . . . Network . . . Master a Hot Topic . . . Never publish anything only once . . . Invite yourself to the party . . . Get a Life."
(BNA Pension and Benefits Blog)

Comments on Proposed Amendment to Bank Secrecy Act Regulations -- Foreign Account Reporting ('FBAR') (PDF)
April 27, 2010; 12 pages. Excerpt: "[T]he policy goals of the foreign account provisions of the Bank Secrecy Act -- to detect and prevent taxpayers from hiding assets offshore to avoid income taxes or launder money -- are not advanced by requiring U.S persons to file FBAR with respect to 'foreign financial accounts' held by or for the benefit of employee benefit pension plans, voluntary employee beneficiary associations ('VEBAs'), and individual retirement accounts . . . ."
(Groom Law Group)

Webcasts and Conferences

2010 NCCMP Annual Conference
in Florida on September 25, 2010
presented by National Coordinating Committee for Multiemployer Plans

Communicating Employee Benefits Workshops
in Illinois on June 24, 2010
presented by The Conference Board

Executive Compensation Conference
in New York on May 5, 2010
presented by The Conference Board

Executive Compensation Conference
in New York on June 9, 2010
presented by The Conference Board

Health Care Reform Requirements Impacting Multiemployer Plans
Nationwide on May 20, 2010
presented by International Foundation of Employee Benefit Plans

Health Care Reform: What Public Sector Plan Sponsors Need to Know Now
Nationwide on May 13, 2010
presented by International Foundation of Employee Benefit Plans

Health Care Seminars
in New York on September 28, 2010
presented by The Conference Board

Retirement Roundtable
in New York on June 15, 2010
presented by The Conference Board

Press Releases

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