The DOL announced interim final regulations for service provider fee disclosure. Hear details and analysis from our panel of ERISA experts. Our agenda will reflect the latest updates, including: designing fee agreements, DB and cash balance plans, Schedule C, EFAST2, document issues, plan correction, and more. Plus, "Ask the Experts" workshop, concurrent sessions, and over 900 minutes of CE credits. Early bird discount has been extended to August 9, so register today and save $150.
No Blanket Extension of 5500 Due Date
Excerpt: "An employer can obtain a 2½ month extension to file a Form 5500 or Form 5500-SF by filing Form 5558 with the IRS on or before the normal due date for the return."
Benefit and Retirement Plans Must Comply With ERISA Bonding Rules
Excerpt: "Every fiduciary and anyone who handles plan funds must be bonded (i.e., insured). 'Handling' not only means physical contact with plan funds, but also includes people with the power to transfer money, and direct or authorize payment of benefits and other disbursements."
Labor Department Secretary Opposes ERISA Statute of Limitations Argument
Excerpt: "The three-year statute of limitations under [ERISA] kicks off only when someone suing under the law first learns of a fiduciary breach. That was a key argument advanced in a friend of the court brief filed by [the DOL Secretary] urging an Illinois federal judge to throw out a former plan trustee's arguments that the legal time limit could be triggered instead when a fiduciary not directly involved in the suit finds out about potential ERISA wrongdoing."
Ledbetter Law Fails To Save El Paso Workers' Cash Balance Plan Suit
Excerpt: "A federal judge has once again thrown out a suit claiming that El Paso Corp. discriminated against workers based on age when it modified a retirement plan, ending a long-running putative class action brought after the natural gas company converted its pension plan to a cash balance system."
Study Shows Costs Do Have an Impact on Investor Selections
Excerpt: "Funds in the lowest expense ratio quartile attracted nearly $395 billion of the cumulative cash flow into all equity funds for the ten years ended December 31, 2009, representing 86% of the net assets that went into the two quartiles reporting positive flows."
(The Vanguard Group, Inc.)
FASB & IASB Propose Increased Disclosure of Multiemployer Funding Liability
Excerpt: "In order to protect the interests of multiemployer plans and their sponsoring organizations, we are forming a group of employer associations, employers, unions, industry associations, and other interested stakeholders on whose behalf we will submit comments to the FASB, IASB, and other appropriate parties."
(Groom Law Group)
Providence, Rhode Island's Pension Fund Underfunded Due to Compounded COLA
Excerpt: "Council members say the agreement, negotiated by [the Mayor's] administration earlier this year after a nine-year stalemate, would formalize a controversial benefit that makes firefighter and police pensions more lucrative than most: the 3-percent compounding cost-of-living adjustment, or COLA."
(The Providence Journal Co.)
Lawmakers Clarify Benefit Plan Relief from Swaps Restrictions in Financial Reform
Excerpt: "On the chamber floor, senators said a temporary exemption from swaps restrictions for stable-value contracts covers plans with trustee-directed investments and participant-directed plans. Senators also confirmed that swap dealers may engage in a plan transaction if the plan's in-house asset manager is independently evaluating the deal."
This year's program for DOL Speaks provides an opportunity to discuss employee benefits issues with colleagues and local, regional and national government employees from the US Department of Labor, including the new DOL Fee Disclosure Regs! Exchanging information and get educated about current regulatory, legislative, fiduciary, health benefits and retirement topics straight from the source. Designed for motivated and involved benefit plan professionals from across the country and the industry!
For more information and to register, visit the www.asppa.org/dol.
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