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Retirement Plans Newsletter

August 10, 2010

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[Official Guidance]
Text of IRS Notice 2010-57: Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates (PDF)
4 pages. Except: 'This notice provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code as in effect for plan years beginning before 2008. It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), the 24-month average segment rates, and the funding transitional segment rates under § 430(h)(2). In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, the 30-year Treasury weighted average rate under § 431(c)(6)(E)(ii)(I), and the minimum present value segment rates under § 417(e)(3)(D) as in effect for plan years beginning after 2007."
(U.S. Internal Revenue Service)

[Official Guidance]
Listing of IRS Published Guidance for May-July 2010
The target page links to guidance published by the Service relating to retirement plans: Treasury Regulations; Revenue Rulings; Revenue Procedures; Notices; and, Announcements.
(U.S. Internal Revenue Service)

[Official Guidance]
Text of Notice of Hearing on Certain Issues Relating to Lifetime Income Options for Participants and Beneficiaries in Retirement Plans (PDF)
Joint IRS/EBSA hearing to be held Sept. 14, 2010.
(U.S. Employee Benefits Security Administration)

[Official Guidance]
Text of Official Summary of the Automatic IRA Act, H.R. 3760 (PDF)
6 pages.
(American Benefits Council)

[Guidance Overview]
IRS's HIRE Act Guidance on Self-Employed Individuals and More
Excerpt: "[A]n employer will be eligible for the payroll tax exemption under the HIRE Act, if it hires a self-employed individual, assuming the other requirements are met (e.g., the individual has not been employed (i.e., worked for an employer) for more than 40 hours during the 60-day period ending on the hire date)."
(McGuireWoods LLP)

Quick Answers to Common Questions about Social Security
This Q&A was developed to accompany the Academy brief, 'Social Security Finances: Findings of the 2010 Trustees Report."
(National Academy of Social Insurance)

Social Security Finances: Findings of the 2010 Trustees Report
Excerpt: "According to the 2010 Trustees report, the Social Security trust funds will have an annual surplus of $77 billion in 2010. Annual surpluses are projected to continue for the next 15 years (2010-24) and reserves are projected to grow to $4,200 billion by the end of 2024."
(National Academy of Social Insurance)

Employers Aligning Payroll Processing and 401(k) Plan Administration
Excerpt: "Integration of a plan sponsor's payroll processing with 401(k) administration can, at the very least, streamline employee contribution processing by directly linking with the 401(k) provider."
(Employee Benefit News; free registration required)

Evaluating Retirement Plan Advisors: A Dynamic Guide to Help Plan Sponsors Fulfill Their Fiduciary Duty & Avoid Liability (PDF)
69 pages. Excerpt: "One of the key features of this guide is the place it reserves for the frequent updating of standards and its recognition that the phrase, 'once and done,' is not something that can be applied in the ERISA context."
(Center for Due Diligence)

More Retirement Plans Offering Self-Directed Brokerage Accounts
Excerpt: "Defined contribution plans are adding self-directed brokerage accounts as a way of giving participants more choices even as some plans reduce the number of core investment options."
(Investment News; free registration required)

Oklahoma Teachers' Retirement System May Sue Board of Education for Refusing to Make Required $35 Million Employer Contribution
Excerpt: "Following budget cuts by the state Legislature this year, the Board of Education approved its own budget June 29, directing funding to education programs, rather than to the pension fund . . . ."
(Pensions & Investments; registration may be required)

General Dynamics Settles 401(k) Fee Suit
Excerpt: "General Dynamics Corp. . . . and Fiduciary Asset Management tentatively agreed to a $15.15 million settlement to resolve a class-action lawsuit alleging GD violated its fiduciary responsibilities by allowing Fiduciary Asset Management to charge excessive fees to participants in two GD 401(k) plans."
(Pensions & Investments; registration may be required)

Longevity Concerns High Among Retirement Savers
Excerpt: "Half of employees (52%) believe they are behind in their retirement savings and a nearly equal number of workers (53%) are very concerned about outliving their retirement money, according to MetLife's 8th Annual Employee Benefits Trends Study."

Revisions to Form LM-30 Proposed and Open for Public Comments
Excerpt: "The proposed rule would revise the Form LM-30 based on an examination of revisions made in the Form LM-30 Final Rule published on July 2, 2007."
(International Foundation of Employee Benefit Plans)

Retirement Income Adequacy: How Big Is the Gap and How Might the Market Respond?' (PDF)
Pages. 9-18 of 20 pages. Excerpt: "This article provides highlights of new EBRI research and experts' reactions to it."
(Employee Benefit Research Institute)

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.
Sponsored by ASPPA

Benefits in General; Executive Compensation

[Guidance Overview]
Dodd-Frank Executive Compensation, Corporate Governance and Regulation D Action Items
Excerpt: "[A] chart identifies the new executive compensation and corporate governance topics addressed in the Dodd-Frank Act, notes which topic may apply to your company, and when it becomes applicable."
(Briggs and Morgan, Professional Association)

Employee Benefits in the United States, March 2009: Tables Organized by Ownership
Types of Ownership: Civilian (includes private industry and State and local government establishments); Private industry (excludes agricultural establishments, private households, and the self-employed); and, State and local government (excludes federal employees).
(U.S. Bureau of Labor Statistics)

Employee Benefits in the United States, March 2009: Tables Organized by Benefit
Types of Benefits: Retirement Benefits; Health Care Benefits; Life, Short-term Disability, and Long-term Disability Insurance Benefits; Holiday, Vacation, Sick, and Other Leave Benefits; Other Benefits; and, Establishment Data.
(U.S. Bureau of Labor Statistics)

The Latest on Medicare and Social Security
Excerpt: "According to the reports, the date of insolvency for Medicare's hospital fund was pushed back, from 2017 to 2029, because of cost-saving measures in health reform. As for Social Security, without any changes, it will be able to pay full benefits until 2037 and partial benefits after that, the same estimate as in last year's report, despite temporary setbacks from the recession."
(The New York Times; free registration required)

Press Releases

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Newly Posted Employee Benefits Jobs

Conversion Specialist
for PAi (Plan Administrators, inc.)

Retirement Plan Communication Associate
for John Hancock Financial Services
in IL

Senior Manager - Global Benefits & Compliance
for Walmart Stores, Inc
in AR

Secretary/Administrative Assistant
for Jennings Law Firm, Ltd. / Dana Consulting Group, Ltd.
in IL

401(k) Regional Sales Manager-Metropolitan Chicago Area
for Major National 401(k) Provider
in IL

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