Fidelity and Unisys Win Case Over Fees Paid from Retirement Plan's Trust
Fidelity Management Trust Company and other Fidelity defendants were not functional fiduciaries with respect to investment selection, the court said. Also, Unisys was not liable for fees that were disclosed and charged under the 70 self-directed investment options available to participants.
IRS Provides Guidance on Miscellaneous HEART Act Changes (PDF)
4 pages. Excerpt: "On February 8, 2010, the IRS published Notice 2010-15 to provide guidance on certain retirement plan-related provisions of the HEART Act. This guidance addresses: Survivor and disability benefit requirements; The treatment of differential pay for plan purposes; Special plan distribution provisions applicable to individuals who are performing qualified military service; and Plan amendment requirements."
(Prudential Pension Analyst)
Another Question is Answered in the 401(k) Plans Q&A Column
A participant is married and wants a distribution of her accounts. What if she notifies the plan she cannot locate the husband? Alternatively, what if she states she is unable to get spousal consent because he is unreachable due to work location? Or, in the case of battered wife in safe shelter, can the plan request the participant get a court document with provision to update marital status as single?
DOL Provides Additional Exemption Guidance for Non-ERISA 403(b) Plans (PDF)
2 pages. Excerpt: "FAB 2007-02 confirmed that a section 403(b) plan would not be treated as a plan maintained by the employer for purposes of ERISA Title I reporting and disclosure requirements (including the Form 5500 filing requirement) simply because the employer adopts formal plan documents, as long as it satisfies the safe harbor exemption requirements. . . . DOL received a number of questions from employers concerning the scope of this exemption. In response to these inquiries, the DOL has now issued FAB 2010-01."
(Prudential Pension Analyst)
Executive Summary of IASB Exposure Draft: Defined Benefit Plans -- Proposed Amendments to IAS 19 (PDF)
12 pages. Excerpt: "Investors, analysts and others need relevant information about those items that is easy to understand and permits comparison between companies. However, the accounting for those items under the current standard, IAS 19 Employee Benefits, is complex and needs a comprehensive review. This project aims to address the following deficiencies in IAS 19: . . ."
(International Accounting Standards Board via American Benefits Council)
Workers Fight Uphill Battle on 401(k) Retirement Savings
Excerpt: " 401(k) plan has an intrinsic problem. It tries to reach a specific goal -- the amount you need to retire -- by investing in stocks, bonds and money market funds, none of which offer specific returns. In essence, a 401(k) takes the task of a highly paid pension manager and gives it to each worker."
SPARK Institute Comments on Proposed Investment Advice Regulation (PDF)
4 pages. Excerpt: "Overall, we maintain our neutral position with respect to the Proposed Rules, except for one significant exception related to certain new concepts that were included. . . . The SPARK Institute is concerned about additions to the Proposed Rules that dictate what criteria an investment adviser and plan fiduciary can consider in connection with making investment recommendations. . . . The SPARK Institute urges EBSA not to undertake defining concepts of 'generally accepted investment theory.'"
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Executive Compensation; Benefits in General
Employee Benefits Developments April 2010
Articles include Department of Labor Issues More Guidance and Relief for 403(b) Plans; COBRA Subsidy Extended Through May 31, 2010; DOL Issues Model CHIP Notice; DOL Issues Final Rule on Underfunded Multiemployer Pension Plans; Change in Retiree Medical Benefits Does Not Violate ERISA; Retention of Corporate Limited Liability.
Webcasts and Conferences
Pension Tour 2010
Nationwide on May 4, 2010
presented by Executive Benefits Design Group
Newly Posted Employee Benefits Jobs
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