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Your Life Just Got Easier!
Rollovers to 401(k), 403(b), and 457(b) Designated Roth Accounts Newly Permitted (PDF)
2 pages. Excerpt: "Effective for distributions made after the Sept. 27, 2010 date of the SBJA enactment, 401(k), 403(b), and governmental 457 plans that have a qualified designated Roth contribution component may permit plan participants (or their surviving spouses) to rollover some or all of their pretax account balances into the after-tax account."
Employer Groups Urge Agencies to Address Fiduciary Concerns in Crafting Lifetime Income Rules
Excerpt: "In a joint Labor/Treasury Department hearing on lifetime income options in defined contribution plans, witnesses representing the American Society of Pension Professionals and Actuaries (ASPPA), the ERISA Industry Committee (ERIC), and the American Benefits Council urged the Agencies to adopt safe harbor rules that would shield employers from fiduciary liability in the selection of an annuity provider."
Winning in the Defined Contribution Market of 2015 (PDF)
37 pages. Excerpt: "The precipitous decline in participants' assets at the height of the financial crisis raised awareness of U.S. retirement readiness and elevated DC to an even more prominent position on employer, participant and government agendas. The resulting changes in priorities and preferences among these groups have profound implications for industry players and will reshape the competitive environment."
(McKinsey & Company via Financial News)
DC Market Predicted to Reach $5.5 Trillion by 2015
Excerpt: "Defined contribution money managers may have an unlikely benefactor to thank for helping to deliver an estimated $1.9 trillion in contributions over the next five years: the recent economic downturn."
Study Finds Retirement Dreams Shattered
Excerpt: "Research from The Hartford Financial Services Group, Inc. has found that many older Americans who are approaching or who have passed the traditional retirement age of 65 are decidedly pessimistic about their short- and long-term financial future, especially as it relates to their ability to retire."
Making Retirement Savings Last
Excerpt: "Annuities, in their basic form, offer a steady and guaranteed paycheck during retirement years in exchange for a lump sum of money up front. The problem that plan sponsors may face in offering annuities is with vetting the insurance companies that sell them. The big question: if an insurance company goes under 20 or 30 years after the investment is made, is a plan sponsor liable for continuing the payments?"
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!
Benefits in General; Executive Compensation
Congress 'De-Lists' Cell Phones: What Does That Mean for Employer-Provided Cell Phones? (PDF)
4 pages. Excerpt: "Hidden in [the Small Business Jobs Act] is much-needed relief to all businesses (small or large) and their employees concerning the business and personal use of employer-provided cell phones, including personal digital assistants (PDAs) with mobile communication features and smartphones (collectively, cell phones)."
(Morgan, Lewis & Bockius LLP)
Focus on Compensation and Benefit Programs Key to Mergers and Acquisitions' Success
Excerpt: "According to a press release, Hewitt's July M&A survey of 103 companies around the world revealed those that exceeded their transaction goals exhibited four key characteristics for how they approached their total rewards strategies: focusing on liabilities in due diligence; looking at total rewards in aggregate; being deliberate about talent retention; and being well-equipped, highly-focused, and effective."
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