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
Schedule C: A New Era in Annual Reporting (PDF)
4 pages. Excerpt: "The DOL expanded Schedule C disclosure as the first of a series of three 'fee disclosure' regulations intended to improve transparency and to provide plan fiduciaries and plan participants better information on which to base their decisions regarding the selection of service providers and the services they render."
(American Society of Pension Professionals & Actuaries via PrimeTRUST Advisors)
Service Provider Fee Disclosure Under ERISA § 408(b)(2) (PDF)
3 pages. Excerpt: "This Regulatory Brief will provide an overview of the new regulation, including a review of the impacted parties, the information to be disclosed, and Vanguard's approach to compliance."
(The Vanguard Group, Inc.)
California Pension 'Fix' Bill Would Codify 'Spiking,' Critics Say
Excerpt: "As momentum builds to curb inflated public employee pensions in Contra Costa and other counties, a Sacramento bill aimed at stopping the practice would make the problem worse, critics say. The bills' authors say the bill would rightfully leave to union negotiations most decisions about how to curb end-of-career increases in pensions."
(San Jose Mercury News)
Common Mistakes in Preparing Plan Committee Minutes
Excerpt: "In our experience, committees frequently fail to treat the preparation of minutes of their meetings with the importance they deserve. Listed . . . are a number of the items that should -- and a few that should not -- be included in committee minutes."
(Reish & Reicher)
When to Second Guess Your Target-Date Fund
Excerpt: "Target-date fund investments could lull an investor into a false sense of safety and security. This hands-off approach to investing encourages buying and holding for long-term success but it also opens the door to complacency. With your retirement investments on auto-pilot, you might not notice future changes such as a new investment strategy or an introduction of new fees."
(U.S. News & World Report)
How to Start a Cash Balance Pension Plan
Excerpt: "Contributions to the plan must be funded by the due date of your tax return including extensions and no later than eight and a half months after the year ends. That means you have until September 15, 2011 to fund the plan to get the deduction for 2010, assuming you've filed for a tax extension."
(Mansueto Ventures LLC)
Exchange-Traded Funds Not Popular for 401(k) Plans
Excerpt: "Investment advisers like ETFs for a bunch of reasons: They carry lower fees than most mutual funds, offer tax advantages and can trade like stocks. What's more, an ETF price war broke out among big financial firms this spring -- driving expenses and commissions even lower. So why aren't advisers, many of whom consult to corporate retirement plans, pushing to include ETFs in 401(k) portfolios?"
(The Wall Street Journal)
IRS to Issue Guidance for PRA Funding Relief Elections
Excerpt: "In Notice 2010-55, the tax agency said the anticipated guidance could deal with topics such as: calculation of the alternative amortization schedules permitted under PRA (and the effect on funding balances); the rules relating to installment acceleration amounts under section 430(c)(7); the procedures for making the election to use an alternative amortization schedule; and the notice requirements of section 430(c)(2)(D)(vi)."
Preliminary DROP Findings Show 'Substantial' Toll on Philadelphia's Pension Fund
Excerpt: "The Nutter administration's study of the deferred retirement option plan has been a well-kept secret in advance of its expected release . . ., with one remarkable exception: A Boston College coauthor of the study presented his preliminary findings to an academic conference six months ago."
(The Philadelphia Inquirer)
Five Aspects of Financial Reform That Could Affect You
Excerpt: "The full impact of the law may not be felt for years, given the creation of a number of new government entities that need to be established and staffed. Conservative estimates indicate that regulators have been tasked with conducting nearly 100 studies and writing more than 350 new rules implementing the changes."
(The Vanguard Group, Inc.)
The Social Security 'Problem' Can Be Solved
Excerpt: "Fact is, there is no Social Security crisis. The system isn't broke. There's financial trouble down the road but it's manageable. Yet the title of the House Ways & Means subcommittee on Social Security hearing on July 15 got to the essence of the matter: Social Security at 75 Years: More Necessary Now Than Ever."
American Benefits Council Recommendations to IRS for 2010-2011 Guidance Priority List (PDF)
2 pages. Excerpt: "Most notably, we are anxious to see the pending final regulations on cash balance and pension equity plans as well as proposed regulations defining a market rate of return for hybrid plans. These regulations implement legislation enacted as part of the Pension Protection Act of 2006, which was enacted nearly four years ago."
(American Benefits Council)
PPA Anniversary Hits Unimagined Retirement Landscape
Excerpt: "Looking back to 2006, the retirement communications of the PPA era have taken on a museum-like quality. The images of the content from that time often show carefree baby boomers strolling on the beach or smiling as they imagine retirements within their grasp. Today, the lucky boomers are the ones who are still working."
Developed, written and narrated by Michael Callahan, FSPA, ASPPA Past President, the "Grow with ASPPA" DVD series helps third-party administrators and brokers grow their business by promoting their capabilities and attracting clients. The "Grow with ASPPA" series includes DVDs covering these topics: New Comparability Plans, Cash Balance Plans, Coverage Requirements and Safe Harbor 401(k) Plans. Purchase individually or save $60 to get the four-disc set and you’ll receive the native PowerPoint slides free!
Visit the ASPPA store today!
Benefits in General; Executive Compensation
EBSA Solicits Nominations for Advisory Council on Employee Welfare and Pension Benefit Plans (PDF)
Excerpt: "The terms of five members of the Council expire on November 14, 2010. The groups or fields they represent are as follows: (1) Employee organizations (representing an organization whose members are participants in a multiemployer plan); (2) employers (representing employers maintaining or contributing to multiemployer plans); (3) accounting; (4) insurance; and (5) the general public."
(U.S. Employee Benefits Security Administration)
Transitioning Former Employees Into Contingent Workers
Excerpt: "To realize all potential benefits of this transition, employers must ensure that they continue to comply with applicable employment, labor, and tax laws, and that they properly classify their workforce. This article outlines the issues that employers should consider when transitioning to a contingent workforce[.]"
(Staffing Industry Analysts)
Benefits/Compensation Costs up Slightly in 2nd Quarter
Excerpt: "Wages and salaries (which make up about 70% of compensation costs) increased 0.4% while benefits (which make up the remaining 30% of compensation) increased 0.6%, according to a BLS news release."
Employers Get Creative with Incentives When Money Is Tight
Excerpt: "Employers are paying for business coaching and college tuition, training staff, subsidizing meals and extending family leave to ensure high productivity and strengthen themselves for post-recession expansion."
(North Jersey Media Group)
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