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Retirement Plans Newsletter

September 29, 2010

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DB Administration, Discrimination Testing and Proposal software with Multiple Plan and Cash Balance Plan handling. PPA'06 Pension Funding.
* Funding Target and Target Normal Cost with 3-rate segments
* 404(o) Cushion; 430 minimum and 404(o) maximum contributions
* Funding Target Attainment Percentages (FTAPs)
Schedule SB reports and links to our 5500/PBGC System, and our FAS 158 and Termination Calculation reporting systems. or call 1-888-328-2474

[Guidance Overview]
Seventh Circuit Rules That Objective, Convincing Evidence Supported Reforming Plan Document to Correct Scrivener's Error
Excerpt: "EBIA Comment: As this court's analysis reveals, the concept of scrivener's error is highly dependent upon the specific facts and circumstances. Courts have found it difficult to reconcile the equitable law principles permitting them to correct drafting mistakes with ERISA's principles requiring that participants have written notice of their plan rights and obligations. While this plan sponsor proved its case after four years of complex litigation, we agree with the court's comment: 'It is baffling that a major corporation would not invest greater resources to ensure accuracy in the drafting of such an important document.'"
(Employee Benefits Institute of America)

PSCA Survey Finds 60% of Assets Invested in Equities; 10.3% in Target Date Funds
Excerpt: "[According to the Profit Sharing/401k Council of America's 53rd Annual Survey of Profit Sharing and 401(k) Plans a]ssets are most frequently invested in actively managed domestic equity funds (28.9% of the assets), target retirement date funds (10.3%), and stable value funds (9.7%)."
(Wolters Kluwer)

Small Business Jobs Act Affect on 401(k), 403(b), and 457(b) Plans
Excerpt: "The [Act] expands the current Roth contribution and conversion rules for 401(k), 403(b), and governmental 457(b) plans. Employers must quickly decide whether they wish to implement these changes in their defined contribution retirement plans."
(Ballard Spahr LLP)

In-Plan Roth Conversions Present Challenges
Excerpt: "Participants will benefit from having the in-plan conversion ability in 2010, because the bill allows them to spread the tax payment over 2011 and 2012, but sponsors will have to implement a plan amendment and coordinate with their payroll systems, among other steps."

Survey Finds Changes Among Retirement Plans Sponsored by Health Care Organizations
Excerpt: "The 403(b) plan continues to be the most prevalent DC plan available, with 84% of health care plan sponsors offering one, according to Retirement Plan Trends in Today's Healthcare Market - 2010, conducted by Diversified Investment Advisors, Inc. and the American Hospital Association (AHA)."

A 2010 Wakeup Call for 403(b) Fiduciaries (PDF)
14 pages. This paper provides an overview of the changing 403(b) environment, alerting plan sponsors to the need for increased fiduciary awareness and suggesting steps they can take to protect themselves, their board members, other fiduciaries and ultimately, their participants.
(Standard Retirement Services)

Ohio Public Employee Retirement Costs: Schools' Pickup Perk Pads Pensions
Excerpt: "In pickup-on-the-pickup, school districts pay the employee share of the individuals' retirement contribution, and then consider it extra salary for pension purposes at a total cost of 26.4 percent of the employee's salary. Only 14 percent of that cost is mandatory. Another 10 percent covers what normally is the employee's contribution."
(Chillicothe Gazette)

The ASPPA Annual Conference is attended by 1,600 of your colleagues, with more than 60 workshops and 80 vendor displays in the exhibit hall focusing on all areas of the retirement business. Attendees even get face time with representatives from every aspect of the retirement plan industry, including the IRS and DOL and Members of Congress and their staffs.
Sponsored by ASPPA

Benefits in General; Executive Compensation

National Compensation Survey: Employee Benefits in the United States, March 2010
Employee benefits data tables: United States, for March 2010, include Retirement benefits; Health care benefits; Life, short-term disability, and long-term disability insurance benefits; Holiday, vacation, sick, and other leave benefits; Other benefits; and, Benefit combinations.
(U.S. Bureau of Labor Statistics)

The Right Wing Myth on Public Employee Pay
Excerpt: "[F]indings broadly confirm existing research indicating that when relevant workforce factors like education and experience are taken into account, public workers earn lower pay and benefits than those working in the private sector."
(The Huffington Post)

Statement on 'Wake Up, Washington!' Month by Susan Scanlan, Chair of the National Council of Women's Organizations
Excerpt: "Unlike the bankers and financiers of Wall Street who brought us to the brink of economic calamity, your average woman on the street has not received a bailout. We're still working at low wage jobs, more than half of which offer no paid vacation, retirement, or sick leave let alone childcare or transportation assistance. Right now, the nurses, teachers, secretaries, grocery store clerks, data processors, hair stylists, and waitresses whom I represent are grateful to have a job, even if they receive only 77-cents for every dollar their male counterparts earn."
(Retirement USA)

Webcasts and Conferences

"ERISA Workshop" - Atlanta
in Georgia on October 29, 2010
presented by SunGard Relius

"ERISA Workshop" - Bloomington
in Illinois on October 27, 2010
presented by SunGard Relius

"ERISA Workshop" - Charlotte
in North Carolina on October 28, 2010
presented by SunGard Relius

"ERISA Workshop" - Des Moines
in Iowa on October 29, 2010
presented by SunGard Relius

"ERISA Workshop" - Detroit
in Michigan on October 27, 2010
presented by SunGard Relius

"ERISA Workshop" - Knoxville
in Tennessee on October 27, 2010
presented by SunGard Relius

"ERISA Workshop" - Minneapolis
in Minnesota on October 28, 2010
presented by SunGard Relius

"ERISA Workshop" - St. Louis
in Missouri on October 28, 2010
presented by SunGard Relius

"ERSIA Workshop" - Houston
in Texas on October 29, 2010
presented by SunGard Relius

401(k) EP Phone Forum
Nationwide on October 15, 2010
presented by Internal Revenue Service (IRS)

Health Care Reform: Updates and Recent Guidance
Nationwide on October 21, 2010
presented by ABA Joint Committee on Employee Benefits

Press Releases

Newly Posted Employee Benefits Jobs

Regional Mgr Client Service
for The Standard
in CA

Transition Manager
for AUL/OneAmerica Financial Partners, Inc.
in IN

Pension Administrator
for Prestigious mid-Long Island New York firm
in NY

Product Manager
for Morgan Stanley Smith Barney
in NY

Where the best employers find the best candidates!

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