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DOL Issues Proposed Investment Advice Regulations; Here Are Issues to Consider (PDF)
6 pages. Excerpt: "Issues to Consider: . . . Generation of Fees by Certain Affiliates Without Leveling . . . Potential Market Demand for Eligible Investment Advice Arrangements . . . Ability of Current Fee Arrangements to Meet Statutory Exemption Requirements . . . Impact of Proposed Regulations on Current Arrangements Intended to Comply with Current Law . . ."
Supreme Court Makes It Harder to Challenge Pension Payouts
Excerpt: "[T]he formula used later to calculate [the plaintiff's] benefits . . . used what's known as a phantom account. With that method, the plan administrator took the amount of [his] payout when he first left the company, added the theoretical interest that money would have earned had it remained invested in his account, and then subtracted both from the pension benefits he earned during his second stint with [his employer,] Xerox."
(AARP Bulletin Today)
New and Different Retirement Income Solutions Come Online
Excerpt: "Some new products allow participants to dollar-cost-average the purchase of an income stream with the money put into a defined contribution plan, rather than just stocks and bonds, says [David Wray of the Profit Sharing/401k Council of America]. Other new products offer participants insurance protection five to 10 years prior to retirement to protect against volatility, says Wray. Sponsors now can offer participants the option to buy wrappers that preserve principal, he says."
PBGC Cited For Lax Controls
Excerpt: "Over the past two years, the Pension Benefit Guaranty Corp. has lost Social Security numbers stored on an unsecured thumb drive, given erroneous information to lawmakers and even flunked its own financial management audit, a Center for Public Integrity review has found."
(National Public Radio)
ASPPA's Comments to Agencies Requesting Blanket Extension for Filing 2009 Form 5500s
6 pages. On April 23, 2010, ASPPA submitted comments to the Department of Labor and the Internal Revenue Service requesting a blanket extension for filing the 2009 Form 5500 series reports so that plan sponsors would not have to file IRS Form 5558 to obtain an extension. The basis for this request are the challenges plan sponsors and administrators will face in filing reports for the first time under the new EFAST2 filing system.
(American Society of Pension Professionals and Actuaries)
Comments by American Council of Life Insurers on Request for Information Regarding Lifetime Income Options (PDF)
49 pages. Excerpt: "[W]e will describe: 1. the role of life insurers in providing guaranteed lifetime income and other risk protection products to employer plans (in-plan) and directly to individuals (out-of-plan); 2. the important role employers have played in helping employees protect against risks by providing information about and access to life insurance, disability insurance, annuities and other risk protection products; 3. the variety of annuities and other guaranteed lifetime income options that are available today; and 4. the highlights of our suggestions for steps which may be undertaken by the Departments or through legislation to enhance the retirement security of participants in employer plans by facilitating the use of guaranteed lifetime income."
(American Council of Life Insurers)
Comments by National Women's Law Center, Other Participant Advocacy Groups, on Lifetime Income Options from Retirement Plans (PDF)
11 pages. The comments were filed May 3, 2010 on behalf of National Women's Law Center; American Association of University Women (AAUW); American Federation of State, County and Municipal Employees; National Consumers League; National Council of Women's Organizations; National Organization for Women (NOW); National Senior Citizens Law Center; National Women's Law Center; Older Women and Economic Security (OWES) Task Force of the National Council of Women's Organizations; OWL - The Voice of Midlife and Older Women; and the Pension Rights Center.
(Pension Rights Center, 9 Other Organizations)
Proposed DB Plan Funding Relief Doesn't Go Far Enough in Protecting Plan Participants, Won't Protect Jobs (PDF)
Excerpt: "[We dispute] the idea that broad funding relief in its current form is a sensible jobs protection measure. It is not and treating it as if it were will have steep costs to participants and the PBGC. . . . [We present in this article] compromise provisions that we believe must be included in a reasonable funding bill. . . . [We also make] suggestions about how to improve pension policy in the future."
(Norman Stein and Karen Friedman, via Pension Rights Center by permission of the Bureau of National Affairs)
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 www.westernbenefits.org today!
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