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Roth Conversions Within 401(k) Plans
Excerpt: "Notably, not all non-Roth amounts may be converted. Only non-Roth amounts that can be distributed from the plan at the time of conversion can be converted."
(K&L Gates LLP)
Decision Stands that Nestle Purina Cannot Deduct Distribution Dividends
Excerpt: "The U.S. Supreme Court has turned away a request by Nestle Purina Petcare Co. to review an 8th U.S. Circuit Court of Appeals decision that the company cannot deduct from its taxes cash distribution dividends paid when it redeemed stock held in an employee stock ownership plan."
Hardship Withdrawals and Plan Loans: Necessary Evils? (PDF)
Pages 1-2 of 6 pages. Excerpt: "[The] government allows plan sponsors to include hardship withdrawal and loan provisions in their plans. . . . To avoid taxes and penalties, [loans are preferable]."
(Swerdlin & Company)
Roth Within Plan Conversion
Excerpt: "In-plan conversion is permitted only where the plan document contains, or is amended to provide, a designated Roth elective deferral feature. Thus, the conversion ability is available only in plans that may offer designated Roth accounts, specifically 401(k)s, 403(b)s and (starting next year) governmental 457(b) plans. A plan sponsor cannot add the designated Roth account feature solely to allow for designated Roth rollover conversions."
(McKay Hochman Co.)
408(b)(2) Definition of Compensation for Disclosure Purposes
Excerpt: "The regulation defines five categories of compensation to be disclosed. Direct compensation; Indirect compensation; Compensation among related parties; Compensation for termination of the arrangement; and, Recordkeeping services."
(McKay Hochman Co.)
Preretiree Attitudes Toward Risk
Excerpt: "The second brief in our Retirement Attitudes series shows that even in a somewhat brighter economic climate, employees continue to be wary about their long-term retirement prospects. As a result, they are postponing their retirement, spending less, saving more and are more willing to pay for guaranteed benefits in the future."
Keeping Your Defined Benefit Plan Strategy Simple
Excerpt: "The KISS strategy for DB plans that we have outlined here is intended specifically for smaller family-owned, not-for-profit, and professional businesses, where it's likely to prove useful and effective."
(Employee Benefit News; free registration required)
401k Plan Sponsor & Participant Primer: The Risk-Return Tradeoff
Excerpt: "[T]he notions of 'risk' and 'return' - the fundamental elements of Modern Portfolio Theory - will remain a common sense cornerstone to any prevailing investment theory. Of the two, the average person understands the latter a lot better. The 'return' represents the amount of money made (or lost) on a particular investment (not including what you originally paid for the investment)."
Government Workers' Pensions No Longer Sacred
Excerpt: "Faced with deep budget deficits and overextended pension plans, state and local leaders are increasingly looking to trim the lucrative retirement benefits that have long been associated with government employment."
(The Washington Post; free registration required)
Workers Willing to Pay More for Guaranteed Retirement Benefits
Excerpt: "A Towers Watson survey found that a majority of workers (56%) would be willing to pay a higher amount from their paycheck to ensure a guaranteed retirement benefit. In addition, 54% of workers polled said they would be willing to pay a higher amount from their paycheck to ensure access to health care benefits if they retire before they are eligible for Medicare."
Being Financially Stretched Number One Reason Workers Not Saving
Excerpt: "The Transamerica Center for Retirement Studies' 11th Annual Retirement Survey finds, most working Americans continue to prioritize paying off debt and covering basic living expenses over saving for retirement. Almost two in five working Americans are saving less than before the recession."
How Pension Plans Are Impacting the Economy and What Employers Can Do About It
Excerpt: "Now faced with inadequate savings, rising health care costs and a decade of poor stock market returns, baby boomers are delaying retirement. The current situation will ultimately drive up payroll and benefit costs and curtail productivity unless private sector employers change course and get involved."
(Smart Business Network Inc.)
Financial Knowledge and Financial Literacy at the Household Level (PDF)
52 pages. Excerpt: "This paper uses data from the Health and Retirement Study to explore the mechanism that underlies the robust relation found in the literature between cognitive ability, and in particular numeracy, and wealth, income constant."
(University of Michigan Retirement Research Center)
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Benefits in General; Executive Compensation
Last Chance to Possibly Avoid 409A Penalties
Excerpt: "We are pleased to report that the IRS is offering relief from certain 409A penalties if companies make corrections on or before December 31, 2010. If you qualify and the corrections are properly and timely made, the IRS will treat your program as having been in compliance on January 1, 2009 (the first day after the original documentary compliance deadline), and generally no penalties will apply."
(McKenna Long & Aldridge LLP)
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