ASPPA credentials place you at the top of the pension profession. The Certified Pension Consultant (CPC) credential is conferred by ASPPA to benefits professionals working in plan administration, pension actuarial administration, insurance, and financial planning. CPCs work alongside employers to formulate, implement, administer and maintain qualified retirement plans.
Learn more and register for the CPC modules at www.asppa.org/cpc today.
Interim Final Rule on Service Provider Fee Disclosures to Plan Sponsors
7 pages. Excerpt: "The interim rule applies to 'covered plans' - pension plans (DB and DC) as defined in section 3(2)(A), but not plans described in section 4(b) (government plans, church plans, workers comp plans, nonresident alien plans, and excess benefit plans). The rule does not apply to IRAs, SEPs, and SIMPLEs."
(Profit Sharing / 401k Council of America)
DOL's Updated Proposed Investment Advice Regulations
Excerpt: "In addition to satisfying the regulatory requirements applicable to a fee-leveling arrangement or a computer model arrangement, all eligible investment advice arrangements must meet certain other requirements. An arrangement must be authorized by a plan fiduciary and annually audited by an independent auditor. In addition, an arrangement must be disclosed to participants in a comprehensive written notification that is understandable by the average plan participant."
(McDermott Will & Emery)
Blackout Notice Suit Allowed to Move Forward
Excerpt: "A federal judge in Ohio ruled that a 401(k) profit-sharing plan and two participants can press forward with their lawsuit alleging that Principal Life Insurance Co. breached its duty to make a timely notice of a plan blackout period."
401(k) Participants Get More Positive, According to Survey
Excerpt: "More employees eligible for 401(k) plans took 'positive' action in the first half of this year than a year earlier, according to a survey by Bank of America Merrill Lynch's Retirement and Benefit Plan Services unit."
(Pensions & Investments; registration may be required)
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Benefits in General; Executive Compensation
Wall Street Reform Act Provisions Related to Corporate Governance and Executive Compensation
Excerpt: "This Alert addresses the Acts executive compensation and corporate governance provisions. For the most part, the Act is not prescriptive with regard to these requirements, leaving much of the heavy lifting to subsequent rulemaking by the Securities and Exchange Commission and the national securities exchanges and associations."
Financial Overhaul Bill with Pay, Governance Reforms to Become Law
Excerpt: "Companies will have to submit executive pay and golden parachutes to say-on-pay votes, provide new disclosures, meet independence standards for compensation committees and their advisers, adopt clawback policies, and face likely proxy access rules."
The Impact of Financial Reform on Executive Compensation
Excerpt: "Under the Act, public companies must provide shareholders with a 'say-on-pay' vote to approve the compensation of their 'named executive officers' as disclosed in the Summary Compensation Table contained in companies' proxy statements at least once every three years."
(Proskauer Rose LLP)
Internal Pay Equity Disclosure in Financial Reform
Excerpt: "For purposes of this disclosure, the Company must calculate the 'annual total compensation of all employees' using the rules for Total Annual Compensation figure in the Summary Annual Compensation Table! Reasonable people can differ as to whether internal pay equity is a relevant disclosure to investors, but companies can live with it. What no one can live with is the requirement that the total compensation of every employee in the company be calculated using the rules for calculating CEO compensation for the Summary Compensation Table."
(Michael Melbinger via Winston & Strawn LLP)
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