New Disclosure Obligations for Parties Providing Services to Pension Plans and Entities in Which Pension Plans Invest
Excerpt: "The DOL has provided that no contract or arrangement will fail to be reasonable under the New Regulations solely because the covered service provider, acting in good faith and with reasonable diligence, makes an error or omission in disclosing the information required by the New Regulations. However, the covered service provider must disclose the correct information as soon as practicable, but not later than 30 days from the date on which the covered service provider knows of such error or omission. This relief applies to both the responsible plan fiduciary and the covered service provider."
(Pepper Hamilton LLP)
Pensions Remain Hurdle to California Budget Agreement
Excerpt: "The Republican governor wants a two-tier system of pensions that reduces benefits with stricter retirement formulas for new state workers. He also wants to reduce pay by roughly 10 percent for existing state workers this fiscal year through higher pension contributions and unpaid leave days."
(The Sacramento Bee)
Ten IRA Tasks to Do Before the Year Ends
Excerpt: "Your IRA, your own piece of the retirement puzzle, whether paltry or not, requires some tender loving care, especially during the last few months of the year. Here's a list of what you might need to do before 2011."
Automatic IRA Legislation (PDF)
6 pages. Aon looks at policymaker attitudes behind the proposals and examines key issues for large plan sponsors.
Delphi Retirees to Get Trial in Pension Suit
Excerpt: "The retirees, many of whom were laid off or forced to retire early, have seen their benefits cut by 30% or more after their pensions were pushed onto the U.S. Pension Benefit Guaranty Corp. . . . as Delphi moved to exit bankrup.tcy last year. They sued, alleging the government insurer improperly terminated their plan and unfairly slashed benefits. On Friday, [the District Judge] dismissed the PBGC's arguments to end the lawsuit, which means the retirees will get a trial."
(Detroit Free Press)
Audio: Study Finds Discrepancy in Worker and Plan Sponsor Understanding of 401(k) Fees
Excerpt: "Inconsistent reporting and disclosure of 401(k)-related fees among retirement plan providers has given rise to increased scrutiny and efforts to enhance fee transparency. Mercer's Kim Moriarty provides an overview of a recent survey by the Transamerica Center for Retirement Studies that looked at the discrepancy between workers' and employers' understanding of 401(k) fees and how new regulations might bridge that gap."
Top Seven Signs Your Pension Fund Is in Trouble
Excerpt: "These days, more and more pensions are unable to meet their obligations and end up being terminated. Here are the top seven signs that your pension might be in jeopardy."
(Investopedia ULC via San Francisco Chronicle)
Five Employers with Generous 401(k) Matches
Excerpt: "There are many good reasons to participate in your company's 401(k) plan, including tax breaks, low-cost investment options, and to save and invest enough to support yourself in retirement. But perhaps the biggest motivator is an employer's 401(k) match."
(U.S. News & World Report)
The Source, Second Edition by Kristi Cook, JD and Ellie Lowder, includes the final 403(b) regulations, their impact and practical suggestions on how plan sponsors can manage their 403(b) program in compliance with applicable IRS requirements and deadlines. It also covers all aspects of ERISA and non-ERISA retirement plans for public education and tax-exempt 501(c)3 employers and includes comprehensive technical information with explanations and citations of relevant Code Sections.
Required reading for ASPPA's TGPC credential! Order yours today!
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