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DOL's Final Regulations Relating to Time and Order of QDROs (PDF)
2 pages. Excerpt: "The regulations, which are effective July 30, 2010, are substantially similar to the interim final rule, but several changes were made to the examples, and one additional example was added."
(Sutherland Asbill & Brennan LLP)
Federal Judge Clears Home Depot of Wrongdoing in Stock Drop Lawsuit
Excerpt: "[T]he U.S. District Court for the Northern District of Georgia said [Home Depot's] defined contribution plan was an eligible individual account pension investing in company stock so it was not covered by the diversification mandate in the Employee Retirement Income Security Act (ERISA). The company stock allegations were actually claims the plan should have been better diversified [said the judge]."
More Small Businesses Add Cash Balance Pensions
Excerpt: "It is the prospect of higher taxes that has doctors, lawyers, plumbers and other small business operators favoring these hybrid plans, which enable them to set aside significantly more pretax dollars than they could in a 401(k) or profit-sharing plan."
(The Wall Street Journal)
PBGC Divides Chicago Trucker Pension Plan to Extend Its Solvency
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) on May 26 announced that the Chicago Truck Drivers, Helpers & Warehouse Workers Union (Independent) Pension Fund, a multiemployer pension plan based in Chicago, Ill., has been divided into two separate plans[, effective July 1, to extend solvency and to preserve] full benefits for about 3,700 workers and retirees of non-bankrupt trucking firms that contribute to the plan."
Baltimore City Council Committee Backs Police, Fire Pension Fix
Excerpt: "The legislation, which consultants hired by the city say could save $400 million over five years, would delay the age at which employees could retire, increase their contributions and replace a benefit that varies with the market with a modest annual cost-of-living increase for retirees over 55."
(The Baltimore Sun)
San Francisco Voters Approve Pension Cost Changes
Excerpt: "Under the measure, the pension fund contribution rate will increase from 7.5% to 9% for newly hired public safety workers, according to the San Francisco Examiner. Other workers will continue to pay a 7.5% contribution."
Working Well Past 'Nomal' Retirement Age
Excerpt: "The biggest, but most underreported, financial story in America is the looming retirement disaster. Eighty million baby boomers are approaching retirement, and most have absolutely no idea what's going to hit them. For them the financial crisis isn't over. It's just about to begin."
(The Wall Street Journal)
Pension Plans Go Broke as Public Payrolls Expand
Excerpt: "Seven states will run out of money to pay public pensions by 2020. That hasn't stopped them from hiring new employees. The seven are Illinois, Connecticut, Indiana, New Jersey, Hawaii, Louisiana and Oklahoma, according to Joshua D. Rauh of the Kellogg School of Management at Northwestern University."
Today (June 11) is the last day to register early and save $100! 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!
Executive Compensation; Benefits in General
ESOP and 401(k) Plan Employer Stock Litigation Review 1990-2010
The NCEO has just released 'ESOP and 401(k) Plan Employer Stock Litigation Review 1990-2010,' a 35-page publication that categorizes court decisions in ESOP and 401(k) company stock cases since 1990 and provides brief summaries for the ESOP-related decisions. The page for the publication provides a complete table of contents and excerpts from both the ESOP and 401(k) sections.
(National Center for Employee Ownership)
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