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[Official Guidance]
Text of Proposed PBGC Regs Strengthening and Expanding Debt Collection Methods (PDF)
Excerpt: "This proposed rule would revise the Pension Benefit Guaranty Corporation's regulation on debt collection to conform to the Debt Collection Improvement Act of 1996, the Federal Claims Collection Standards and other legal requirements applicable to the collection of non-tax debts owed to PBGC. This proposed rule would add salary offset and administrative wage garnishment to the collection methods allowed under the current regulation and make other changes to strengthen PBGC's debt collection program."
(Pension Benefit Guaranty Corporation)
[Guidance Overview]
Form 5500 Filing Due for Calendar Year Plans
Excerpt: "IRS penalties for late filing are $25 per day up to a maximum of $15,000. DOL penalties can run up to $1,100 per day (no maximum). For willful violations, individuals face up to a $100,000 fine and/or imprisonment up to 10 years."
(Ford & Harrison LLP)
Turn Lemons Into Roth Conversion Cash
Excerpt: "If your client wants to convert his or her individual retirement account to a Roth IRA this year but doesn't have cash from non-IRA sources to pay the tax on the conversion, consider looking at his or her capital assets."
(Investment News; free registration required)
Building Blocks of a Well-Balanced Retirement Portfolio (PDF)
12 pages. Excerpt: "Often called the passive or index core, an index tier is a comprehensive set of diversified index funds communicated as a distinct part of the plan lineup. An index tier can offer advantages for both sponsors and participants."
(The Vanguard Group, Inc.)
Pensions and Retirement Plan Enactments in 2010 State Legislatures as of July 19, 2010 (PDF)
28 pages. Excerpt: "This report summarizes selected state pensions and retirement legislation enacted from January 2010 through the date of publication. Its goal is to help researchers and policy makers know how other states have addressed issues that could arise in any state. In keeping with that goal, the report excludes most clean-up legislation, cost-of-living adjustments, administrative procedures and technical amendments. "
(National Conference of State Legislatures)
401(k) Fees Gain a Bit of Clarity
Excerpt: "Finally, after working on them for years, the Labor Department released rules last week that take a first step toward more clarity. The rules make it easier for employers to make apples-to-apples comparisons when shopping for 401(k)-type plans."
(The New York Times; free registration required)
San Francisco Grand Jury Volunteer Stirs Up a Pension Fund Tempest
Excerpt: "[Unions accuse the volunteer] of abusing his power as a grand juror by supporting a pension-reform initiative sponsored by the city's public defender, Jeff Adachi. That measure would greatly increase pension contributions from city employees. "
(The New York Times; free registration required)
U.S. Oversight of UAL Pension Audits Questioned
Excerpt: "The Pension Benefit Guaranty Corp . . . inspector general said in a letter to a congressional committee that the agency acknowledges some shortcomings in validating the value of the plans but does not believe they will require any changes to benefits."
(Reuters)
Some Employers Steal from 401(k) Plans
Excerpt: "To be sure, times are tough for small- and midsized business owners. And now more than ever, these owners, many of whom also serve as the company's retirement plan fiduciary, are caught between a rock and a hard place: Pay the bills or deposit their workers' money into the 401(k) plan. Sometimes, employers make the wrong choice."
(MarketWatch, Inc.)
Retirement Plan Value Down Over 10 Years, Study Shows
Excerpt: "Among the industries analyzed, retail and wholesale contributions were down 33 percent for the 10-year period; manufacturing, down 29 percent; and energy, natural resources, gas and electric, down 24 percent."
(Workforce Management; free registration required)
The ASPPA Annual Conference is attended by 1,600 of your colleagues, with more than 60 workshops and 80 vendor displays in the exhibit hall focusing on all areas of the retirement business. Attendees even get face time with representatives from every aspect of the retirement plan industry, including the IRS and DOL and Members of Congress and their staffs.
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Benefits in General; Executive Compensation
[Guidance Overview]
Secondment, Deferred Compensation, and Subpart F Income: A Potential Trap
Excerpt: "This article points out that while a secondment agreement, that is properly worded and implemented, may act as an effective shield against Code section 457A, it may also inflict a detrimental blow to the US company's subpart F income. Accordingly, any US company that seconds its employees to related foreign-based entities should re-evaluate that arrangement to assure that it is obtaining the desired tax outcome."
(Miller & Chevalier Chartered)
Special Report on Employee Relocation
Excerpt: "The recession forced a drastic shift in relocation philosophies in the last two years, as companies struggled to find the right people for a position, move them where they're needed and keep them there in an economically feasible way."
(Workforce Management; free registration required)
Supplemental Pay in the Healthcare Industry: Overtime Pay, Bonuses, and Shift Differentials
Excerpt: "The use of supplemental pay in the healthcare industry differs from other service-providing industries primarily in that shift differentials play a greater role, while bonuses appear to play a lesser role. The relative importance of shift differentials in the healthcare industry is probably related to the 'round-the-clock' nature of healthcare services in general."
(U.S. Bureau of Labor Statistics)
State Judges Can Rule on QDRO Cases
Excerpt: "A federal appellate court has ruled that state courts can decide whether domestic relations orders . . . meet the requirements for being considered qualified domestic relations orders . . . under federal benefits law."
(PLANSPONSOR.com)
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