DATAIRís DC/Win System for Allocations, Discrimination Testing, and Proposals. Handles New Comparability Plans, Sole Proprietorships, 401(k) and 403(b) plans. Use with our DB System for Cash Balance and Combo Plans. Expert support. DC/401(k) System includes:*
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Independent Fiduciary Role Set to Be in High Demand
Excerpt: "When sponsors understand that they can outsource the fiduciary responsibility to an expert, it would seem to be an easy choice for them to make. Mamorsky says this area of expertise is ready to 'explode,' especially with the changes pending in Department of Labor legislation that is expected to require that plans reveal all fees or costs to participants."
Public Pension Funds Could Be in for Big Shock Under Proposed Accounting Reforms
Excerpt: "The Government Accounting Standards Board is preparing to release a document that could send shivers through public pension systems and the taxpayers who fund them. The document, tagged a preliminary view of proposed pension accounting reforms, is scheduled for release this week. Statements on the board's website suggest coming disclosure standards that could ramp up the need for higher contributions to keep public pension funds on a stable footing."
House Passes DC Plan Fee Disclosure and Pension Funding Relief Bill
Excerpt: "The American Jobs and Closing Tax Loopholes Act (H.R. 4213) was considered by the House this week, after passing the Senate . . . . The bill passed by the House amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to increase the disclosures provided to administrators and participants of defined contribution plans, incorporating provisions that are based on the 401(k) Fair Disclosure and Pension Security Act."
As Pension Funds Fail, Taxpayers Foot the Bill
Excerpt: "Guaranteed retirement pensions were one of the great social accomplishments of U.S. employers after World War II. The decay of those pensions has been ugly. Fixing or replacing the nation's underfunded pension plans will be expensive, no matter who is forced to pay for it: employers, taxpayers, or future retirees."
(The Philadelphia Inquirer)
Pension Reform Essential to California's Future
Excerpt: "The size of our state's government has become unsustainable, and one of the chief culprits is the burgeoning state pension system, which is in desperate need of reform. Pension costs have increased 2,000% over the past 10 years -- yes, that's three zeros -- from less than $150 million a year to more than $3 billion a year."
(Arnold Schwarzenegger and Dennis Hollingsworth via The Fresno Bee)
How High Can the Retirement Age Go? 7 Experts Speak Out
Excerpt: "Raising the retirement age is one way to cut benefits under national social insurance programs -- one that merits consideration when people are living longer and healthier lives. In the United States, the age at which individuals are eligible for full Social Security benefits is currently 66 and will reach 67 in 2027. Actuarially reduced benefits can be claimed at 62 and after the full retirement age are actuarially increased until age 70."
(The New York Times; free registration required)
ASPPA has partnered with the Institute for Pension Plan Management at Indiana University-Purdue University Fort Wayne (IPFW) to offer convenient webcourses leading to a number of credentials, including your QKA and QPA. Registration includes all 7 sessions for each webcourse. With the first cycle ending soon, registration is now open for the July-December cycle to give you more time to prepare and succeed!
Visit www.asppa.org/webcourse for info and pricing.
Executive Compensation; Benefits in General
Supreme Court Resolves Conflict on Awarding Attorney Fees in ERISA Cases in Hardt v. Reliance Standard Life
Excerpt: "Resolving a long-standing conflict in the Federal Circuits, the U.S. Supreme Court . . . has held that a party need not 'prevail' in its Employee Retiree Income Security Act (ERISA) litigation for a court to award the party attorneys' fees; rather, the Court held that a party in an ERISA case is eligible for a fee award if it achieves 'some degree of success on the merits' in the litigation."
(Littler Mendelson P.C.)
Webcasts and Conferences
The Basics and More Workshop
in Florida on June 24, 2010
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Newly Posted Employee Benefits Jobs
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