DOL's Additional Guidance for Multiemployer Retirement Plans (PDF)
4 pages. Excerpt: "The final civil penalty regulations apply to sponsors of multiemployer defined benefit pension plans in endangered status or critical status that fail to adopt a funding improvement plan or rehabilitation plan as required by the Pension Protection Act of 2006."
The 401k Audit: How to Stay Out of the DOL Spotlight (PDF)
10 slides. Excerpt: "Verify [that] the payroll department understands the definition of compensation; Use forfeitures balances and bring the balance to zero at least once a year; Verify employee contributions are remitted ASAP . . . ."
(Salmon Sims Thomas)
Court Dismisses 401(k) Fee Claims, Rejects DOL View on ERISA 404(c) Protection
Excerpt: "ERISA does not require fiduciaries of even large 401(k) plans 'to get the best deal imaginable' on plan fees, a federal court in Pennsylvania has ruled . . . . Dismissing claims against the plan sponsor and trustee, the court found the plan offered a sufficient mix of 70 funds with fees ranging from 0.1 to 1.21 percent. The court rejected the Labor Department's view of ERISA Section 404(c), finding fiduciaries bear no liability for participants' choices from a broad range of funds . . . ."
Minnesota Senate Last Week Approved an Omnibus Pension Bill
Excerpt: "An amendment that would place employees hired after July 1 in defined contribution plans, to which employees and the state would contribute, was proposed, but sources from the [Teachers Retirement Association] say the amendment was defeated."
Retirement Income Adequacy at Large Companies (PDF)
7 pages. Excerpt: "The study assesses projected retirement resources at retirement versus financial needs during retirement, using actual data of more than 2 million employees, real retirement benefit plan designs at 84 large U.S. companies, and current employee savings behavior."
2010 403(b) Plan Survey Highlights
Excerpt: "11.5 percent of plans have an automatic enrollment feature. . . . 43.5 percent of plans with automatic enrollment have a default deferral of 3 percent of pay and 19.6 percent have a default deferral of 2 percent of pay."
(Profit Sharing / 401k Council of America)
Today is the last day to register for an ASPPA professional credentialing program examination for the spring examination window. The spring window runs from May 13 to June 25, but you must register by tomorrow to be included and pursue your educational goals. If you are already a credentialed ASPPA member, you can take these exams to earn Continuing Professional Education (CPE) credit.
Spring exams provide credit towards ASPPA credentials like TGPC, QPFC, QKA, QPA and CPC.
Click here for more information.
Executive Compensation; Benefits in General
What Should Be On 2010-11 Guidance Priority List? IRS Wants to Know (PDF)
4 pages. Excerpt: "[T]he Guidance Priority List [is used] each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance."
(Internal Revenue Service)
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