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Retirement Plans Newsletter

July 14, 2010

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DB Administration, Discrimination Testing and Proposal software with Multiple Plan and Cash Balance Plan handling. PPA'06 Pension Funding.
* Funding Target and Target Normal Cost with 3-rate segments
* 404(o) Cushion; 430 minimum and 404(o) maximum contributions
* Funding Target Attainment Percentages (FTAPs)
Schedule SB reports and links to our 5500/PBGC System, and our FAS 158 and Termination Calculation reporting systems. or call 1-888-328-2474

[Official Guidance]
Text of EBSA Information Letter of July 12, 2010, on Reporting of Certain Employer Paid Plan Expenses on Schedule C
Excerpt: "[DOL was asked w]hether, in the context of a collectively bargained multiemployer plan, plan expenses paid by a contributing employer and not reimbursed by the plan are required to be reported on the Schedule C (Service Provider Information) of the Form 5500 Annual Return/Report of Employee Benefit Plan . . . ."
(U.S. Employee Benefits Security Administration)

[Guidance Overview]
SEC Addresses the Advertising of 'Target Date Funds' with New Proposed Rules
Excerpt: "Target date funds drew the scrutiny of the DOL and the SEC following the recent economic downturn because of heavy losses sustained by funds with approaching target dates (e.g., 2010 and 2015 funds)."
(Kilpatrick Stockton LLP)

[Guidance Overview]
Sixth Circuit Opens Door to Equitable Estoppel Claims Under Pension Plans
Excerpt: "In Bloemker v. Laborers' Local 265 Pension Fund, 605 F.3d 436, 49 EBC 1175 (6th Cir. 2010), the Sixth Circuit set forth a rule to determine the viability of such claims that closely tracks those of the Third and Ninth Circuits."
(Tax Management Inc.)

[Guidance Overview]
SEC's Proposed Rules for Marketing and Naming of Target Date Retirement Funds (PDF)
8 pages. Excerpt: "For the purpose of the Proposal, a 'target date fund' is defined as an investment company that has an objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed-income exposures that changes over time based on an investor's age, target retirement date or life expectancy."
(Alston & Bird LLP)

How to Get the Most Out of Your Autopilot Plan
Excerpt: "Adopting an autopilot plan can help resolve common plan concerns and provide benefits to both plan sponsors and their employees, provided it's implemented with care. Otherwise, plan sponsors may experience unintended consequences, such as creating a large pool of low savers."
(The Vanguard Group, Inc.)

Essential, Often Ignored, Principles of 401(k) Fiduciary Risk Management (PDF)
1 page. Excerpt: "Minimizing the likelihood of being dragged into 401(k) litigation and, if you are, maximizing the likelihood of getting the case dismissed quickly"
(Investment Horizons, Inc.)

Pension Funding Relief Unexpectedly Puts Some Charities' Plans Under Old-Law Rules
Excerpt: "The new pension funding relief law holds a surprise for tax-exempt hospitals and other 501(c)(3) organizations: Some of their plans now are under old-law funding rules and exempt from PPA funding-based benefit restrictions starting in the 2008 plan year (or 2009 if the sponsor elects)."
(Mercer LLC)

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Benefits in General; Executive Compensation

[Guidance Overview]
Supreme Court: Awarding Attorney's Fees in ERISA Cases, and, the Deferential Standard of Review (PDF)
Pages 5-7 of 8 pages. Excerpt: "In its second significant ERISA decision in as many months, the U.S. Supreme Court ruled in May that a court may award an ERISA litigant attorney's fees even if it does not actually 'prevail' in its case."
(Trucker Huss APC)

[Guidance Overview]
IRS Finalizes Tax-Shelter Rules for Benefit Plans and Other Tax-Exempts
Excerpt: "IRS has issued final regulations that define 'party' to a prohibited tax-shelter transaction and set disclosure timing rules for benefit plans and other tax-exempt entities."
(Mercer LLC)

Independent Legal Counsel for the Compensation Committee under the 'Dodd-Frank Act'
Excerpt: "For several years, investor advocates and the media have focused on the independence of the consultants to the Compensation Committee. Now, [a Section] of the Act adds new Sections . . . to the Securities Exchange Act of 1934, which provide that the Compensation Committee of a Company's Board may only select a compensation consultant, legal counsel, or other adviser to the compensation committee after taking into consideration factors identified by the SEC."
(Michael Melbinger via Winston & Strawn LLP)

Webcasts and Conferences

EFAST2 - Keys to Success!
Nationwide on July 21, 2010
presented by National Institute of Pension Administrators

Enrolled Actuary (EA-2A) Review Course
in Virginia on October 1, 2010
presented by ASPPA (American Society of Pension Professionals & Actuaries)

Press Releases

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Newly Posted Employee Benefits Jobs

Senior Plan Administrator
for AKT Retirement Plan Services LP
in OR

Consulting Support Specialist
for Northwestern Benefit Corporation of Georgia
in GA

Where the best employers find the best candidates!

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