Pension Reporter System. Easy to use PC based software for EFAST2 electronic filing. Full instructions and expert support. Choose from 4 modules:
- Annual Reporting Series: EFAST2 5500-series, PBGC Premium-series, SAR + all schedules and attachments
- 1099-R Series: with related forms and 1099 electronic filing/Service Bureau
- Qualification & Termination: 5300/5310-series and PBGC 500/600-series forms
- FAS 132/158: Audit Letter, Worksheets, Schedules
or call (888) 328-2474
New ERISA Disclosure Rules for Participant-Directed Retirement Plans (PDF)
15 pages. Excerpt: "The new regulation is 'effective' as of December 20, 2010, but 'applicable' for plan years beginning on or after November 1, 2011. Thus, for calendar year plans, compliance is required on January 1, 2012. The initial disclosures required under the new regulation may be provided to existing participants within 60 days after the plan's applicable date."
(Sutherland Asbill & Brennan LLP)
Service Provider Fee Disclosure Regulations: Comparison with Schedule C
Excerpt: "Schedule C only applies to large plans, defined as plans with 100 or more participants on the first day of the plan year. Therefore, a small plan does not file Schedule C. Schedule C reporting applies both to pension plans and to welfare plans. In contrast, the new regulations apply both to large plans and to small plans, but only apply to pension plans and not to welfare plans."
DOL's Final Regulations on Participant Fee Disclosures for 401(k) and Other Individual Account Plans (PDF)
3 pages. Excerpt: "Information that Must be Provided Up Front and Annually. Prior to the first day a participant or beneficiary may begin directing the investment of his or her plan account (after the new requirements apply to the plan), and at least annually thereafter, the plan administrator must furnish to the participant or beneficiary certain plan-related information . . . ."
(Drinker Biddle & Reath LLP)
How Stable Is Your Stable-Value Fund?
Excerpt: "Question: My 401(k) plan includes a stable-value fund that's currently yielding more than 3%--way more than I can earn on my cash in a money market fund or certificate of deposit. That looks like a good deal, but how do I know if the fund is as safe as it seems?"
Addressing California's Pension Shortfalls (PDF)
30 pages. Excerpt: "To deal with the challenges facing California's pension funds, we suggest making adjustments to the traditional defined-benefit plan by concurrently raising retirement age and increasing employee contributions."
California Pension Promises May Top Taxes by Fivefold, Milken Study Finds
Excerpt: "To keep their promises to retirees, the California Public Employees Retirement System, the biggest plan, the California State Teachers Retirement System, the second-largest, and the University of California Retirement System may have combined liabilities of more than 5.5 times the state's annual tax revenue by fiscal 2012, according to the study released today by the Milken Institute."
Crackdown on Mutual Fund Fees Sparks Competition
Excerpt: "The SEC's proposal, in its own words, would: protect investors by limiting fund sales charges; improve transparency of fees for investors; encourage retail price competition; and devise fund director oversight duties."
New Yorkers Pay Outsized Share of Public Pension Cost
Excerpt: "New York taxpayers contributed seven times as much as public employees did to the state's major pension funds in 2009, sharply exceeding the national 2-1 ratio for employer-employee contributions, according to a report released Wednesday by the Citizens Budget Commission."
(Crain Communications Inc.)
California Governor Signs Major Pension Reform
Excerpt: "Under the reforms, an expansion of benefits approved in 1999 will be rolled back for new hires. Retirement rates will now be based on the highest consecutive three-year average salary rather than the current single year. In addition, there will be greater transparency in the establishment of pension payouts by the California Public Employees' Retirement System."
(United Press International, Inc.)
OPM Tackles Retirement Claims Processing Again
Excerpt: "[Along with other actions, OPM] has separated the responsibilities of addressing retirement claims from health and other employee benefits. The change could cause other services to suffer, but through automation and process changes the agency will be able to reduce the backlog and eventually scale back the number of employees working on it . . . ."
Labor Department to Update Definition of a Fiduciary Under Federal Retirement Law
Excerpt: "The agency could promulgate the rule as early as this week, according to Phyllis Borzi, assistant Labor secretary for the Employee Benefits Security Administration. The regulation will apply to investment advisers who counsel retirement plans and their participants."
(Investment News; free registration required)
U.S. Pension System Ranks Low, According to Mercer Study
Excerpt: "A new report comparing pension systems in 14 countries, ranks the U.S. a lowly 10th, behind the Netherlands, Switzerland, Sweden, Australia, (Can.ada), the United Kingdom, Chile, Brazil and Singapore. It leads France, Germany, Japan and China."
Faulty Analysis is Unhelpful to State and Local Pension Sustainability Efforts (PDF)
2 pages. Excerpt: "Authors of a new paper, The Crisis in Local Government Pensions in the United States, would be more constructive, as well as provide more accurate municipal pension information, if their assumptions were based on historical experience and their methodology appropriate for the government sector."
(National Association of State Retirement Administrators)
Whether you're working towards an ASPPA credential or just looking to expand your knowledge in specific topical areas, ASPPA's exams are great ways to expand your knowledge while earning valuable CPE credits (valid for ASPPA, JBEA and ERPA requirements)! The proctored exam window is open from November 1 to December 16 but it's important to register early and have time to prepare.
Registration ends October 29. For more information, visit ASPPA's exam site
Benefits in General; Executive Compensation
Why No Severance Package for Laid-Off Worker?
Excerpt: "A New Jersey consultant's employer offered him and his colleagues 'displacement benefits' when it sold the company they worked for -- so long as they weren't hired by the buyer. He and some of his co-workers were hired by the buyer -- but for only 10 hours. Denied benefits, he sued."
(Business & Legal Reports, Inc.)
An Overview of State Laws Allowing Employees Time Off to Vote
Excerpt: "The key questions that must be addressed and that employers must be prepared to answer are: whether employees are eligible for time off, how much time off employees are permitted, whether employees will be paid for time off, whether employees may be required to provide advance notice of their intention to vote, and whether employees may be disciplined for taking time off."
(Littler Mendelson P.C.)
New Jersey Toll-Road Managers to Slash Employee Perks
Excerpt: "New Jersey toll-road managers said they would eliminate perks, bonuses, payouts, and free employee E-ZPass trips after an audit released Tuesday found the New Jersey Turnpike Authority had wasted about $50 mil.lion since 2007."
(The Philadelphia Inquirer)
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