A team of pension professionals stand behind our full suite of pension products: DC/DB Software, Plan Documents, EFAST2 5500 System, Compliance Testing & Daily Val. Everyone on ASC’s Support Team is a pension professional: Actuary, ERISA attorney or worked as a pension administrator prior to joining ASC Support. Our products & support show we understand the challenges you face and what it takes to accurately and easily administer a plan on a timely basis. (800) 950-2082 x1.
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DOL's Interim Final ERISA Regulation on Service Provider Disclosure Obligations (PDF)
12 pages. Excerpt: "Effective in one year . . . the new rules will require certain service providers to employee benefit plans to disclose detailed information to independent plan fiduciaries regarding their services and the direct and indirect compensation they receive in connection with providing services to the plans, or otherwise lose the protection of an exemption from the ERISA prohibited transaction rules."
(Morgan, Lewis & Bockius LLP)
Fiduciaries Breached Duty of Prudence by Investing in Retail Share Classes
Excerpt: "The case is Tibble v. Edison International, decided by the District Court for the Central District of California earlier this month. Although district court opinions have little precedential value, retirement plan committees and other plan fiduciaries would be wise to heed the lessons of this case."
(Nixon Peabody LLP)
Financial Reform Postpones a Key Stable-Value Decision
Excerpt: "The financial reform law asks federal agencies to study whether stable-value funds should be classified as swaps. How they are classified could influence whether they fall under the new law's regulatory provisions."
(Workforce Management; free registration required)
DOL Mandated Fee Disclosures for Retirement Plan Service Providers
Excerpt: "Consultants, recordkeepers, investment advisers and others will have to disclose direct and indirect compensation. Fiduciaries to some investment vehicles also will have new disclosure obligations. The rule, intended to help plan fiduciaries evaluate contracts, will apply to new and existing contracts starting July 16, 2011."
The Right Reason for Saving Social Security
Excerpt: "The system won't 'go belly-up,' as some scare-mongers allege, but it will require dramatic adjustment either in benefits, revenues or both."
(The Brookings Institution)
The 401(k) Has Been a Failure and Should Be Replaced with New Guaranteed Return Accounts
Excerpt: "All the tax-free contributions going into 401(k)s, Keoghs, and other retirement schemes reduce federal tax receipts by $193 billion a year. And almost 80 percent of the tax breaks go to the top 20 percent of taxpayers. So let's scale back the tax breaks. Instead, we can use the money to help everyone sock away 5 percent of their pay in safe retirement accounts that would serve as a universal supplement to Social Security."
Enrollment is now open for ASPPA’s Live EA-2A review course in the Washington, DC area October 1-4, 2010. Instructor David B. Farber, MSPA, EA, ASA puts his more than 25 years of teaching experience to work in our well-reviewed EA preparatory and actuarial primer classes. Tuition includes practice problems and solutions, handy syllabi, suggested readings and other information regarding the EA exams. Early registration ends September 2, so don’t delay—enroll today!
For more information and to enroll, visit the ASPPA website.
Benefits in General; Executive Compensation
Financial Reform Bill and New Corporate Governance Requirements (PDF)
5 pages. Excerpt: "'Say on Pay' has been applicable for some time in Europe and for certain TARP companies in the United States, and may have a significant effect on disclosure practice and executive compensation structures."
(Morgan, Lewis & Bockius LLP)
IRS Continues to Rule Favorably on VEBA Domestic Partner Benefits (PDF)
Excerpt: "A VEBA may provide an otherwise permissible 'life benefit' (including a monthly survivorship benefit), payable by reason of the death of an employee, to a designated beneficiary who is a domestic partner without further limitation."
(Sutherland Asbill & Brennan LLP)
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