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Retirement Plans Newsletter

October 15, 2010

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DATAIR's DC/Win System for Allocations, Discrimination Testing, and Proposals. Handles New Comparability Plans, Sole Proprietorships, 401(k) and 403(b) plans. Use with our DB System for Cash Balance and Combo Plans. Expert support. DC/401(k) System includes:
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[Guidance Overview]
A Guide to Best Practices for 403(b) Plan Fiduciaries (PDF)
16 pages. Excerpt: "This paper provides an overview of three important areas of the law affecting 403(b) plans: Fiduciary Duties, Form 5500 Reporting and Audit Requirements, and Final IRS Regulations."
(Massachusetts Mutual Life Insurance Company)

[Guidance Overview]
The DOL's 408(b)(2) Regulation: Impact on Recordkeepers (PDF)
Excerpt: "This bulletin focuses on the impact of regulation on independent recordkeepers, that is, plan recordkeepers that do not offer proprietary investment products, either directly or through an affiliate, or that do not provide investment advice through an affiliated entity."
(Reish & Reicher)

[Guidance Overview]
Service Provider Fee Disclosure Regulations: Effective Date, Preemption and Other Issues
Excerpt: "The regulations are effective July 16, 2011. This date is one year after the publication date of the final regulations in the Federal Register."
(SunGard Relius)

What You Don't (Yet) Know About Retirement Income
Excerpt: "'For those employers freezing/terminating their DB and watching often-sizable lump sums flow out of DB plans as rollovers, the idea that a participant can re-create traditional pension income via an income annuity -- usually coupled with funds and advice regarding how much to allocate to an income annuity based on the individual's needs -- is appealing.'"

Pension Funds' Washington Mutual Suit Declared a Class Action
Excerpt: "According to Bloomberg, the pension funds' lawsuit consolidates more than 20 cases filed against Washington Mutual that claim the bank secretly lowered lending standards, artificially inflated home-price appraisals, and did not disclose its deteriorating financial condition when the loans began to fail."

It's Official: No 2011 COLA Increase for Social Security
2 pages. Excerpt: "It was also noted that other changes that would normally take effect based on changes in the national average wage index also will not take effect in January 2011 - including an increase in the amount of wages subject to Social Security withholding."

Handout: IRS 401(k) Phone Forum Presentation, October 21, 2010 (PDF)
17 pages. Excerpt: "[The forum is being held] to discuss the 401(k) Compliance Check Questionnaire [and] how the results will be used to address issues identified in 401(k) plans."
(U.S. Internal Revenue Service)

Price Deflators, the Trust Fund Forecast, and Social Security Solvency
Excerpt: "This study is directed toward measuring the sources of the difference in the two growth rates and its likely magnitude in the future."
(Center for Retirement Research at Boston College)

Senator Introduces New Extenders Bill with Pension Technical Corrections
Excerpt: "The Job Creation and Tax Cuts Bill of 2010 (S. 3793), introduced on September 16, 2010, consists primarily of an extension of expiring tax breaks that were contained in an earlier extenders bill, the American Jobs and Closing Tax Loopholes Bill (H.R. 4213), which failed to move in the Senate."
(Wolters Kluwer)

Obama Backs Boosting Revenue for Social Security
Excerpt: "Obama told a televised youth town hall event that he thought the best approach was to increase the amount of income subject to Social Security taxes above the current cap set around $106,000, but he did not rule anything out."
(Reuters via The New York Times; free registration required)

Pension Plan Sponsors Slow to React to Financial Market Moves
Excerpt: "While big moves in financial markets over the past several years have done serious damage to pension funding, most sponsors of defined-benefit pension plans are unable to respond to major market moves in a timely manner, a recent survey shows."
(Treasury & Risk)

New Jersey Governor's Plans to Overhaul Pension Benefits Have Many Workers Fearful of Their Future Security
Excerpt: "At least 16,400 public employees have retired, which will cost the state an additional $638 mil.lion in pension benefits, according to a Gannett New Jersey review of state pension data through Sept. 1. By comparison, the state's pension rolls include 12,254 people who retired in 2009."
(The Daily Journal)

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Benefits in General; Executive Compensation

[Guidance Overview]
Section 409A Compliance: Transition Relief Permitting 'Free' Correction of Documentary Failures Will Expire December 31, 2010 (PDF)
4 pages. Excerpt: "Even companies that previously submitted their plans for detailed review should consider a secondary review now."
(Alston & Bird LLP)

Webcasts and Conferences

NY CLE Program: How HR Can Add Value on Cross Border Deals
in New York on November 16, 2010
presented by WEB (Worldwide Employee Benefits Network ), New York Chapter

Press Releases

2011 Steven H. Sandell Grant Program
Center for Retirement Research at Boston College

New Study Predicts Dire Outcomes for Pension Systems in Major U.S. Cities and Counties
Kellogg School of Management at Northwestern University

Newly Posted Employee Benefits Jobs

Account Manager - Client Services
for ExpertPlan, Inc.
in NJ

Data Analyst
for Transamerica
in CA

Daily Retirement Plan Administrator
for CMC Interactive, LLC
in NY

Advisor, Health & Welfare
for ConocoPhillips
in OK

Consulting Manager/Director - Health Benefit Plans
for Wellspring+Stockamp, Huron Healthcare

Director, UC Student Health Insurance Plan
for UC Office of the President
in CA

Partnership Consultant
for Transamerica Retirement Services
in CA

401k Sales Hunter!!!!
for ADP Retirement Services
in AZ, CA, LA, MN, NV, TN

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