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[Guidance Overview]
Service Provider Fee Disclosure Regulations: Initial Disclosures
Excerpt: "This is the sixth in a series of Technical Updates relating to the DOL's July 2010 service provider fee disclosure regulations. . . . This Technical Update explains certain additional disclosures for recordkeeping services and disclosure regarding the manner of receipt of compensation."
(SunGard Relius)
Actuarial Assumption Saves Illinois Billions; Technique Used in Other States As Well
Excerpt: "Cuts for workers not yet hired do not save much money in the present -- but that's where actuaries can work their magic. They capture the future savings for use today by assuming, in essence, that 100 percent of today's work force is already earning tomorrow's skimpier benefits."
(New York Times; free registration required)
Corporate Pension Funding Gaps Loom Larger
Excerpt: "Many of America's largest pension funds are sticking to expectations of fat returns on their investments even after a decade of paltry gains, which could leave U.S. retirement plans facing an even deeper funding hole and taxpayers on the hook for huge additional contributions."
(Wall Street Journal)
Schwarzenegger Considers Bills to Prevent Excessive Pay and Pension Benefits to City Managers
Excerpt: "The other proposals would rein in excessive retirement benefits, such as the $600,000 annual pension that former Bell [Calif.] City Manager Robert Rizzo could get, by capping the salary that could be used for calculating pensions and by preventing 'pension spiking' -- padding salaries to boost retirement pay. Rizzo's pay, before he resigned, was nearly $800,000."
(Los Angeles Times)
Annuity Payout Requirement Put on Back Burner
Excerpt: "Key Obama administration executives are distancing themselves from a proposal requiring employer-sponsored retirement plans to offer an annuity payout option."
(Pensions & Investments)
Families Struggle to Build Nest Egg in Wake of Recession
Excerpt: "Some financial planners continue to preach that long-term investing requires riding out the losses as well as the gains. Others are now telling clients to moderate their expectations -- work longer, cut spending, downgrade retirement dreams -- rather than crossing their fingers and hoping for bigger returns down the road."
(Washington Post; free registration required)
Statistical Trends in Retirement Plans (PDF)
36 pages. Excerpt: "Retirees may not have enough income from retirement plans alone to cover their financial needs during retirement, according to a report publicly released [Sept. 15] by the Treasury Inspector General for Tax Administration (TIGTA)."
(Treasury Inspector General for Tax Administration, U.S. Department of the Treasury)
[Opinion]
ASPPA Comments on Proposed Circular 230 Modifications
On September 16, 2010, ASPPA submitted a comment letter to the IRS with respect to proposed modifications to Circular 230, which governs the rules of practice before the IRS. In the letter, ASPPA recommends that Circular 230 be modified to provide that only a single individual be required to obtain (and potentially furnish) a Tax Preparer Identification Number ('PTIN') with respect to the preparation of Form 5500 and related schedules. (American Society of Pension Professionals and Actuaries
(ASPPA))
Need help with prototype document services, participant notices, or DC specialized testing services? We've got you covered. Averaging over 20 years of retirement plan experience per person, MassMutual's ERISA Advisory Services team is truly a group of industry experts. While our clients benefit from a broad range of services, you can benefit from our expertise as well. For more information on how MassMutual's ERISA consulting experts can help your company, contact EASConsulting@massmutual.com.
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