Disaster Area Restatement Extension
Excerpt: "Due to damage caused by the federally declared disasters, Plan Sponsors that maintain M&P (master and prototype) or VS (volume submitter) defined contribution plans may have missed the April 30, 2010, deadline to adopt an . . . EGTRRA-approved M&P or VS defined contribution plan and/or to submit, if applicable, a determination letter application to the [IRS]."
(McKay Hochman Co.)
Pension Funding Relief Enacted for Multiemployer Funds (PDF)
Excerpt: "Multiemployer plans that meet the "solvency test" . . . may elect to treat the portion of any experience gain or loss attributable to 'net investment losses' incurred in either or both of the first two plan years ending after August 31, 2008 as an item separate from other experience losses, to be amortized in equal annual installments over the period . . . ."
Social Security Policy Options (PDF)
Excerpt: "This CBO study examines a variety of approaches to changing Social Security, updating an earlier work, Menu of Social Security Options, which CBO published in May 2005."
(U.S. Congressional Budget Office)
U.S. Pensions a Significant State Budget Challenge, According to S&P
Excerpt: "States and local governments should not count on future economic growth to solve the financial challenges stemming from public pension funding, and should instead take a proactive approach to retirement benefit funding, Standard & Poor's said Wednesday."
(Market News International)
New Allegations Move Forward Schering-Plough Stock Drop Suit
Excerpt: "[A U.S. District Judge] denied the company's motion to dismiss the case saying: "Plaintiffs have alleged "dire circumstances" sufficient to overcome the presumption of prudence at this stage. In particular, Plaintiffs have alleged: precipitous decline in the value of Company stock, Defendants' knowledge of the anticipated harm to the company, as well as the conflicted status of fiduciaries."
House Leaders Offer Common Sense on Social Security
Excerpt: "In short, Mr. Boehner and Mr. Hoyer are talking about sensible adjustments that would achieve significant debt reduction at modest social cost."
(The Washington Post; free registration required)
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).
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Executive Compensation; Benefits in General
Temporary Federal Employment Raises Concern Among Lawmakers and Unions
Excerpt: "In a hearing before the House Oversight and Government Reform Federal Workforce Subcommittee, witnesses told lawmakers that temporary employees are important to agencies' missions, but they also are difficult to retain because they don't receive the same benefits as permanent workers."
Guidance on Sound Incentive Compensation Policies Issues by Agencies
Excerpt: "The good news is that the Agency Guidance is principles-based, which means that it does not prohibit or, generally, require, specific acts or payments. Instead, the Agency Guidance sets-forth certain executive compensation and governance principles, which financial institutions should quickly adopt."
(Michael Melbinger via Winston & Strawn LLP)
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