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Text of the IRS Employee Plans News, August 20, 2010 Edition (PDF)
4 pages. This edition covers two issues: 1). Post April 30, 2010, Issues Impacting Adopting Employers Who Use IRS Pre-Approved Plan Documents: Information for employers who failed to adopt an approved EGTRRA restated plan document (with links to the Voluntary Correction Program Submission Kit to resolve the failure) or failed to submit a determination letter application for their EGTRRA restated plan by April 30, 2010. 2). Tax Return Preparers: IRS announces new tax return preparer application system and user fee, and releases proposed regulations to amend Circular 230 rules."
(U.S. Internal Revenue Service)
NAGDCA 2010 Survey of Defined Contribution Plans: Stable Value
Excerpt: "This report contains two sections. The National Summary provides a narrative overview of the key areas involved in administering governmental 457, 401(k), 401(a), and 403(b) plans. The survey also provides a pdf of the Overall Survey Results, which offers a look at the survey through charts and responses from all participating entities."
(National Association of Government Defined Contribution Administrators)
Activist Pension Funds Drawing Up List of Corporate Boards
Excerpt: "The Securities and Exchange Commission will meet at 10:00 a.m. eastern time on Wednesday to decide whether to adopt a rule that would give shareholders an easier way to nominate corporate board directors."
(The New York Times; free registration required)
Dodd-Frank Meets ERISA: The Impact of Wall Street Reform on Plan Investments
Excerpt: "Paraphrasing the words of the President -- for all those employee benefit plan fiduciaries who are wondering what Wall Street reform means for you, here's what you can expect. . . . Nevertheless, there are a few steps plan fiduciaries should consider taking now, and some things to keep in mind for the future. Please view the linked ['Pension & Benefits Reporter'] article for further discussion."
(Groom Law Group)
IRS Official Clarifies When Forfeitures Can Be Used as Plan QNECs
Excerpt: "Employers will no longer be permitted to use forfeitures, or nonvested amounts left in employee accounts, for correcting certain kinds of retirement plan qualification errors, an IRS official says. Forfeitures can be a source of qualified nonelective contributions for some corrections but not others . . . ."
(Tax Management Inc.)
Lawmakers Respond to SEC Proposed Rules for Target-Date Funds
Excerpt: "In the letter, [the three Senators] recommended that the SEC both broaden the application of the rule to non-mutual funds and require the inclusion of additional disclosures in marketing materials [and] they urged the SEC, together with the Department of Labor, to remind plan fiduciaries of their duty to prudently select and monitor target-date funds offered to participants in defined contribution pension plans."
Another Illinois Pension Plan Sells Investments to Cover Benefits
Excerpt: "Illinois Teachers' Retirement System . . . plans to sell $3 billion in investments, or about 10% of its $33.1 billion in assets, in the current fiscal year to pay pension benefits . . . . The system is the fifth Illinois statewide defined benefit plan to sell off investments this fiscal year to pay benefits."
(Pensions & Investments; registration may be required)
Retiree Ponzi Scheme, the U.S. Social Security System, Is $16 Trillion Short
Excerpt: "If we re-label Social Security 'payroll' taxes as 'general revenue wage taxes,' Social Security's fiscal gap increases by $60 trillion, and the fiscal gap of all other government activities falls by $60 trillion, leaving the overall $202 trillion gap unchanged. Even by the Trustees' measure, there's a massive problem. Coming up with $16 trillion requires permanently raising revenue or cutting benefits by 26 percent, starting now. In other words, the program is 26 percent underfunded."
(Laurence Kotlikoff via Bloomberg L.P.)
Debating Target-Date Funds' Tricky Labels
Excerpt: "In an effort to improve the way the funds are labeled, the Securities and Exchange Commission has proposed a number of changes, such as requiring a table that illustrates how funds shift from risky investments to more conservative ones and disclosing information about how the funds will look on the target-date in a prominent in marketing materials, adjacent to the name of the fund."
(The Wall Street Journal)
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