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[Guidance Overview]
Service Provider Fee Disclosure Regulations: Initial Disclosures
Excerpt: "The [covered service provider] must make compensation disclosures relating to four different categories of compensation: (1) direct compensation; (2) indirect compensation; (3) compensation paid among related parties; and (4) compensation for contract termination."
(SunGard Relius)
[Guidance Overview]
401(k) Participant at Fault in Account Withdrawal Dispute
Excerpt: "A federal judge in Oklahoma has cleared a 401(k) plan administrator of wrongdoing in a dispute over whether the employer should be forced to repay the participant for funds his ex-wife took out of his account."
(PLANSPONSOR.com)
America's Retirement Problem: Should We Ditch 401(k) Plans?
Video and transcript available on target page. Excerpt: "Over the past decades, defined-benefit plans have been replaced, for the most part, by defined-contribution plans like 401(k) plans. But the majority of Americans with access to 401(k) plans are not saving the maximum amount they can, and in may cases are not saving at all. Should the government play a greater - or different - role in getting Americans to save more for their retirement?"
(Grace Creek Media and The George W. Bush Institute)
New York Comptroller Issues 'Red' Alert on Pension Fund
Excerpt: "The shortfall comes despite DiNapoli's decision -- also announced yesterday -- to raise the mandatory pension contributions paid by local governments and the state to 16.3 percent of payroll, up from 11.9 percent."
(New York Post)
Know Your Annuity Options for Retirement Income
Excerpt: "Assuming that more and more people will choose some form of a life contingency annuity for their retirement portfolios, the question arises: what form of retirement income option should be selected?"
(Morningstar)
Adjusting Social Security for Increasing Life Expectancy: Effects on Progressivity
Excerpt: "Using data from the Health and Retirement Study to investigate how earnings relate to mortality risk and health limitations, this project explores the possibility of constructing a flexible [Full Retirement Age] that could preserve or even enhance the progressivity of Social Security benefits."
(Center for Retirement Research at Boston College)
401(k) Investment Education and Advice Provided by Organizations to Plan Participants
Excerpt: "Eighty-seven percent of organizations that offer 401(k) plans make investment education available to their plan participants. The top three formats for investment education are brochures, computer modeling or call centers through with employees can have their questions answered. In addition, 51% of organizations provide or make available some form of investment advice to plan participants."
(Society for Human Resource Management)
Court Finds Plan Trustee Could Not Act on Knowledge of Breaches
Excerpt: "A federal court in Illinois has ruled that participants of the Antioch Company Employee Stock Ownership Plan are not time-barred from moving forward with their claim that company fiduciaries and GreatBanc Trust Co. breached their duties under [ERISA]."
(PLANSPONSOR.com)
A Simple Investment Design
Excerpt: "According to [the keep it simple, saver] principle, all you need are three diversified index-tracking mutual funds or exchange-traded funds -- one for U.S. stocks, one for international stocks and one for bonds. The portfolio must be rebalanced at least once a year to ensure that half of the money stays in stocks and half in bonds."
(The Wall Street Journal)
[Opinion]
Casey-Pomeroy Bill Would Bail Out PBGC, Union Pensions
Excerpt: "How much money potentially is involved? The Moody's study indicated that some 1,500 multiemployer plans, many of them representing unionized firms, were $165 billion short."
(National Legal and Policy Center)
PBI introduces the New Platinum Web-Based Death Audit Service
Featuring: Continuous Monitoring to Eliminate Pension Overpayments & Decrease Funding Liabilities, ability to add additional records at no charge, access to our proprietary Death Information 24/7, and tools to manage workflow from the time a death is reported until payment is stopped.
For more information please contact 415-482-9611 or inquiry@pbinfo.com.
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Benefits in General; Executive Compensation
[Guidance Overview]
A $327 Million Stock Option Mistake
Excerpt: "A case decide[d] this week by the U.S. Court of Appeals . . . demonstrates the high sta[k]es of stock plan miscommunications. In Bell v. Pfizer Inc. . . ., a 2-1 majority of the Court held that Pfizer did not breach its fiduciary duties under [ERISA] by making potentially misleading statements, albeit unintentional, to an employee about her ability to exercise millions of dollars in stock options."
(Michael Melbinger via Winston & Strawn LLP)
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