Retirement Plans Newsletter May 17, 2010 |
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Sponsored by National Institute of Pension Administrators (NIPA)
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PBGC Seeing Increase in Litigation Against Agency by Participants, Official Says
Find title under 'Items of Interest' on the target page. Excerpt: "PBGC's Morris said many participants were unhappy about the difference in the amount of benefits they were expecting at retirement under their previously viable defined benefit plan and the amount they received after their plan was taken over by PBGC."
(Keightley & Ashner LLP)
OMB Considering Narrowing Federal Contractor Reimbursements for Pension Costs
Excerpt: "The Obama Administration is considering disallowing certain defined benefit pension plan costs under federal contracts, targeting investment decisions and other actions that may have resulted in higher costs."
(HR Policy Association)
A Comparison of Responses to the 2010 Investment Advice Rule
Excerpt: "The expectation is that the comments will be analyzed in short order and the final rule published later this year. To get an idea of how the final rule might go, we'll take a look at two of the comment letters submitted."
(fi360)
Georgia Retirees Get Relief from Tax on Retirement Income
Excerpt: "The tax cut would benefit more than 300,000 Georgians and make Georgia a more attractive location for retirees . . . . House Bill 1055 also eliminates the state portion of homeowner's property taxes, adjusts fees to help cover the actual costs of the services for which they are levied, and includes a 1.45% hospital provider payment that will allow the state to draw down additional federal dollars and increase Medicaid reimbursements to hospitals and other providers."
(PLANSPONSOR.com)
Pension Finance Update, May 2010 (PDF)
2 pages. Excerpt: "While liability increases outstripped asset gains for a typical pension plan during April, overall pension funded status has likely not changed much during 2010 for a typical pension sponsor with a traditional 60/40 allocation."
(Aon Consulting)
[Opinion]
Joint-Trade Letter to U.S. Senate Regarding the Restoring American Financial Stability Act of 2010 (PDF)
3 pages. Excerpt: "We are writing today to call your attention to an unintended but grave threat to the private retirement system contained in the Restoring American Financial Stability Act of 2010. Under sections 731 and 764 of the most recent version of the bill, a swap dealer that enters into a swap with a pension plan has a fiduciary duty to the plan."
(U.S. Chamber of Commerce)
[Opinion]
Pension Rights Center Letter on Important Protections for Pension Plans When They Enter Into Swaps Involving Derivatives (PDF)
Excerpt: "[T]he Pension Rights Center urges you to retain important protections now included in the Restoring American Financial Stability Act ('RAFSA') for pension plans that enter into swaps involving the use of derivatives. Section 731 of RAFSA includes a new rule that would impose on swap dealers new obligations to a pension plan that would provide important protections to the tens of millions of participants in pension plans.'
(Pension Rights Center)
[Opinion]
The Case for Requiring 401k Plans to Hire Actuaries
The Obama Administration has taken a step in the right direction by getting more employees to enroll in the plans. The least they can do is give Americans access to the math whizzes who help make pensions work in this country. If we choose to stick with the status quo, retirement is not an option for most Americans.
(Contingencies)
Need help with prototype document services, participant notices, or DC specialized testing services? We’ve got you covered. Averaging over 20 years of retirement plan experience per person, MassMutual’s ERISA Advisory Services team is truly a group of industry experts. While our clients benefit from a broad range of services, you can benefit from our expertise as well. For more information on how MassMutual’s ERISA consulting experts can help your company, contact EASConsulting@massmutual.com.
Sponsored by MassMutual Financial Group
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Executive Compensation; Benefits in General
IRS Names Levine, Pozek to Advisory Committee on Tax Exempt and Government Entities
New members representing Employee Plans on the Advisory Committee are David N. Levine, a principal at Groom Law Group, Chartered, in Washington, D.C., and Adam C. Pozek, of Reading, Massachusetts. Pozek is Vice President, Consulting Services, for Sentinel Benefits & Financial Group.
(Internal Revenue Service)
Fewer Companies Are Making Relocation Policy Modifications This Year, According to Survey
Excerpt: "Companies . . . tightened up their policies on who gets relocated, such as by offering benefits to some employees and not others. In offering home-sale benefits, for example, the number of companies with tiered programs -- in which companies make offerings to one set of employees and not another -- jumped from 25 percent in 2009 to 42 percent in 2010."
(Human Resource Executive Online)
Employee Ownership Update for May 14, 2010
NCEO Executive Director Corey Rosen reports on the following: The IRS is going to require ESOP companies to submit written distribution policies. The 'Employee Stock Ownership Plan Promotion and Improvement Act of 2010' has been introduced in the U.S. House of Representatives. PBS NewsHour did a followup story on ESOP-owned SRC Holdings, showing how open-book management allowed it to grow and then survive the recession without a layoff despite a significant reliance on the automotive industry.
(National Center for Employee Ownership)
Webcasts and Conferences
Health Insurance Basics For Employers
Nationwide on June 16, 2010
presented by Lorman Education Services
Return on Investment for Wellness Programs
Nationwide on June 28, 2010
presented by Lorman Education Services
Press Releases
U.S. Labor Department Seeks to Distribute More Than $270,000 to Participants of Abandoned Retirement Plan of Intercounty Title Company of Illinois
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
IRS Offers Details on New Small Business Health Care Tax Credit
Internal Revenue Service (IRS)
Newly Posted Employee Benefits Jobs
Product Development Manager
for AUL/OneAmerica
in IN
ERISA/Pension Investment Litigation Associate
for Small Law Firm
in DC
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