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Retirement Plans Newsletter

June 25, 2010

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  • Qualification & Termination: 5300/5310-series and PBGC 500/600-series forms
  • FAS 132/158: Audit Letter, Worksheets, Schedules or call (888) 324-2474

[Guidance Overview]
PBGC Provides Multiemployer DB Plans with Reporting Relief for Completing Form 5500 Schedule R
Excerpt: "The PBGC also provides an alternative method of compliance. Under the alternative, a plan may make a partial report of the information required on Line 14 by reporting the number of employers that withdrew from the plan beginning in the 1998 plan year through the end of the plan year preceding the relevant plan year (2009, 2008, or 2007), and the number of participants for whom these employers made contributions to the plan."
(Wolters Kluwer)

2010 Retirement Incentive Program for New York State Employee Retirement System Municipal Participants
Excerpt: "The retirement incentive is only available in 2010, and employees who elect to take advantage of the incentive cannot be replaced, making this program beneficial only to municipalities looking to reduce the number of positions on their payroll."
(Bond, Schoeneck & King, PLLC)

Lifetime Income Options in Defined Contribution Plans (PDF)
4 pages. Excerpt: "This article looks at historical background around retirement as well as recent developments on the issue."
(Aon Consulting)

San Francisco Pension Reform Measure Could Add $170 Million to City Coffers
Excerpt: "If the ballot measure makes it to the ballot and is approved by voters, it would require employees of The City and County of San Francisco to contribute to their pensions and contribute more for dependent health care."
(San Francisco Examiner)

A New Plan for Valuing Pensions
Excerpt: "The rule makers want to shine a bright light on the states and local governments that routinely fail to put enough money into their pensions -- places like Illinois, New Jersey and Pennsylvania -- that year after year contribute less than their actuaries tell them they have to contribute to their pension funds."
(The New York Times; free registration required)

House OKs Pension Funding Relief, Sends Bill to President
Excerpt: "The measure would give employers temporary alternatives to the basic requirement -- embedded in a 2006 law -- that requires employers to amortize pension funding shortfalls over seven years. Under one alternative, employers could amortize funding shortfalls over 15 years for any two plan years between 2008 and 2011."
(Business Insurance)

BP Sued by Nation's Third-Largest Public Pension Fund
Excerpt: "The $132.6 billion New York State Common Retirement Fund is seeking 'lead plaintiff' status in the class-action suit and looking to recover damages sustained from the decline in shareholder value after the April 20 Deepwater Horizon oil rig explosion that killed 11 workers."

Prevalence of Retirement Plans by Type in the Fortune 100
Excerpt: "In 2010, the number of these large U.S. companies offering new salaried employees only a DC plan, such as a 401(k) plan, continues to rise, and the movement away from traditional DB plans persists."
(Towers Watson)

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 today!

Sponsored by WP&BC and ASPPA

Executive Compensation; Benefits in General

[Official Guidance]
Treasury, Federal Reserve, Federal Deposit Insurance Corporation Guidance on Sound Incentive Compensation Policies (PDF)
47 pages. Excerpt: "[The Agencies] are adopting final guidance designed to help ensure that incentive compensation policies at banking organizations do not encourage imprudent risk-taking and are consistent with the safety and soundness of the organization."
(Federal Reserve System)

[Guidance Overview]
Banking Agencies Issue Final Guidance on Incentive Compensation Policies
Excerpt: "Similar to the proposed guidance, the final guidance is based on three key principles that are designed to ensure that incentive compensation arrangements at a banking organization do not encourage employees to take excessive risks."
(PricewaterhouseCoopers LLP)

[Guidance Overview]
Plan Administrators Cannot Invoke "SPD Prevails" Rule to Cure Plan Language Deficiencies
Excerpt: "It is not unusual to see plan documents and summary plan descriptions merged into one document these days, or for summary plan descriptions to take on the role as the source of authority and documentation of administrative practices. This recent Eighth Circuit opinion should give plan fiduciaries pause as they delegate such paperwork to their claims administrators and benefit communications consultants."
(Roy Harmon via Health Plan Law)

Webcasts and Conferences

Is Your 401(k) Default Fund on Target? New DOL and SEC Guidance on Target Date Funds
Nationwide on July 20, 2010
presented by ABA Joint Committee on Employee Benefits

Press Releases

The Payden Mutual Funds Added to CPI Retirement Platform
CPI Qualified Plan Consultants, Inc.

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Newly Posted Employee Benefits Jobs

On-Site Pension Actuary
for Boyce & Associates, Inc.
in AZ

Account Manager
for Pension Specialists, Inc
in CA

Third Party Retirement Plan Administrator
for McPhillips Roberts & Deans, PLC
in VA

VP, Institutional Investments
for Prudential
in CT

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