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Retirement Plans Newsletter

August 17, 2010

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Many retirement plan administrators and financial institutions are looking for a straight forward and accurate way of calculating federal and state withholding taxes on pension plans. SunGardís Omni Tax Calculator can help you efficiently perform these tax calculations by accessing current withholding tax tables via data entry or via system-to-system connectivity for numerous distribution transactions. Learn more about SunGardís Omni Tax Calculator by downloading our free trial version.
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[Guidance Overview]
The Impact of Mergers, Acquisitions and Dispositions on Your Retirement Plan
20 pages. Excerpt: "A slight variation in details surrounding a purchase or sale transaction may present different legal and regulatory issues for your retirement plan(s). Use this white paper to guide and enhance discussions about your retirement plan(s)."
(The Principal Financial Group)

[Guidance Overview]
IRS Memo Explains How Agency May Serve Tax Levies on Retirement Plans
Excerpt: "The IRS can serve two types of tax levies on a delinquent taxpayer's vested retirement benefits, an internal agency memo explains."

[Guidance Overview]
PBGC Proposes Notice, Liability and Recordkeeping Rules for Certain Facility Closings
Excerpt: "Employers would have less wiggle room in assessing whether a facility closure causing termination of more than 20% of active participants ('4062(e) event') has occurred, under an Aug. 9 PBGC proposal."

[Guidance Overview]
Ninth Circuit: State Court Has Jurisdiction to Determine Whether Domestic Relations Order Was Qualified
Excerpt: "EBIA Comment: In a footnote citing a lengthy list of court decisions, the Ninth Circuit observed that every court that has considered the question has concluded that state courts have jurisdiction to decide whether a DRO is qualified."
(Employee Benefits Institute of America)

The Gospel According to 401(k) Reformer Matthew Hutcheson
Excerpt: "An advocate . . . for higher fiduciary standards and greater fee transparency throughout the financial services industry, [Matthew Hutcheson] has testified before Congress, written articles and books, helped start the 401(k) rating service,, and been active in the year-old Committee for the Fiduciary Standard."
(Retirement Income Journal)

It's Not Just 12(b)-1 Fees, Say Critics of SEC's Approach to Mutual Fund Cost Disclosures
Excerpt: "As it attempts to crack down on 12(b)-1 fees, the Securities and Exchange Commission is ignoring a raft of mutual fund charges that investors are paying indirectly, critics contend."
(Investment News)

Disclosure of Contributions Is Proposed for Candidates Running for Boards of CalPERS, CalSTRS
The bill passed the California Assembly almost unanimously, and now goes to the California Senate.
(AP via New York Times; free registration required)

Auto-IRA Legislation Introduced in Both Houses of Congress
Excerpt: "The bills set the stage for serious work on the proposals in the next Congress. Auto-IRAs are a key plank in the Obama administration's retirement policy agenda, and the bills may draw support from Republicans who have backed prior auto-IRA bills."

Opinion: Union Plans Want to Be Next Pension Bailout
Excerpt: "Big Labor is going Code Red on the issue, in the face of a looming accounting change that would force companies to confront the Ponzi-style nature of multi-employer pension plans."
(Wall Street Journal)

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!

Register before August 20 and save $100. Visit

Sponsored by ASPPA

Benefits in General; Executive Compensation

Making Sense of Clawbacks And Holdbacks
Excerpt: "Designed properly, such a practice can be an important mechanism for corporate accountability."

What Effect Will DOMA Cases Have on Benefit Plans?
Excerpt: "Although numerous federal laws are affected by the definition of a spouse, of particular note are those statutes affecting surviving spousal benefits, spousal consent requirements, qualified domestic relations orders, COBRA, flexible spending accounts, and taxation of medical benefits."
(BNA Federal Tax Blogs)

Employee Ownership Update for August 16, 2010
NCEO Executive Director Corey Rosen discusses the following: A survey found a large drop in employee engagement, an important predictor of corporate success. The NCEO is getting more calls from people seeking ESOP distributions or equity rights they were promised. The UK has started privatizing public services. The NCEO now has a list of ESOP companies available. The NCEO seeks input on the site for its 2013 conference and is cosponsoring the Ownership Thinking conference.
(National Center for Employee Ownership)

Mr. President, It's Time to Climb the Social Security Actuarial Learning Curve
Excerpt: "The Democratic doctrine requires doing everything possible to preserve Social Security in its current form. That includes using sentimental rhetoric to trumpet good news while obscuring any bad news, such as acknowledging that this year the vaunted program will pay out more than it takes in. The Republican doctrine requires not lifting a finger to get in the way of Democrats' preservation effort."
(Amity Shlaes via

Webcasts and Conferences

2010 Los Angeles 401(k)/DC/DB Fiduciary Summit
in California on September 16, 2010
presented by Xponential Growth Solutions

Audiocast: GASB Preliminary Views - Advanced Topics
Nationwide on August 25, 2010
presented by Conference of Consulting Actuaries

Fee Disclosure Under Final DOL 408(b)(2) Regs Webcast
Nationwide on August 26, 2010
presented by National Institute of Pension Administrators

The Latest on National Healthcare Reform
in Maryland on September 2, 2010
presented by WEB

Press Releases

PBGC Assumes Responsibility for News-Journal Corp. Pension Plan
Pension Benefit Guaranty Corporation (PBGC)

US Department of Labor and Nebraska Department of Insurance to Offer Free Health Law Seminar
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

RPAG Adds MPI's Stylus Web Tool to Scorecard
Retirement Plan Advisory Group

ACOPA Announces New Leadership
ASPPA College of Pension Actuaries (ACOPA)

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Newly Posted Employee Benefits Jobs

Group Supervisor, Benefits & Employee Records
for Jet Propulsion Laboratory
in CA

Retirement Plan Senior Consultant
for McPhillips Roberts & Deans PLC
in VA

401k Advisor
for Newport Capital Group
in NJ

Retirement Plan Service Specialist
for Retirement Alliance, Inc
in NH

Account Manager - Client Services
for ExpertPlan, Inc.
in NJ

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