Market turbulence has heightened the focus on defined contribution (DC) plans as primary retirement vehicles. Many change factors are affecting DC recordkeeping and trading technology networks, creating the need to assess and improve their efficiency and transparency. Download SunGard's whitepaper now to find out more.
Text of Revised IRS Regulations Concerning Section 403(b) Tax-Sheltered Annuity Contracts (PDF)
1 page. Excerpt: "This document contains a correction to final regulations . . . that were published in the Federal Register on Thursday, July 26, 2007 . . . providing updated guidance on section 403(b) contracts of public schools and tax-exempt organizations described in section 501(c)(3). . . . DATES: The correction is effective October 26, 2010, and is applicable on July 26, 2007."
(U.S. Internal Revenue Service)
Debtors Prohibited from Deferring Income Following Repayment of 401(k) Loan
Excerpt: "Debtors in a Chapter 13 bankrup.tcy case may not use income which becomes available once 401(k) plan loans are repaid to begin making elective deferrals to the plans, a Bankrup.tcy Panel of the U.S. Court of Appeals in Cincinnati . . . has ruled in Burden v. Seafort."
For Many Over 55, Debt Defers Retirement Dreams
Excerpt: "Even before the recession, older Americans were piling on debt. From 2000 to 2008, the average debt for households headed by people 55 or older nearly doubled to $66,000, according to Strategic Business Insights, a consumer behavior research firm."
Retired and Broke: Why Retirees Are Declaring Bankrup.tcy
Excerpt: "For more and more seniors, retirement doesn't mean a debt-free life of leisure. An increasing number of Americans aged 65 and older are declaring bankrup.tcy, according to a recent study by [a] professor of law at the University of Michigan Law School."
The Debt Commission and Retirement Policy (PDF)
6 pages. Excerpt: "President Obama's National Commission on Fiscal Responsibility and Reform is thought to be considering two major policy innovations that would affect pension and retirement policy for corporate plan sponsors: a value added tax and an increase in the Social Security Retirement Age. We take a look at the retirement plan design consequences that these changes may bring."
401k Fatigue a Common Complaint Among Employees (PDF)
2 pages. Excerpt: "Many industry pundits point to recent statistics as signs of lingering economic hardships impacting defined contribution plan participants. But these statistics may also suggest potential disillusionment with 401k plans."
(Workforce Management via Callen Associates)
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
Proposed SEC Rules on Dodd-Frank's Executive Compensation Shareholder Approval Rules (PDF)
5 pages. Excerpt: "[P]ublic companies should be carefully considering (1) how to refine their 2011 CD&As and tabular disclosures to defuse issues that could trigger shareholder or proxy advisory firm criticism, and (2) what, if any, changes to golden parachutes should be made in 2011 so as to secure shareholder approval."
(Paul, Hastings, Janofsky & Walker LLP)
SEC Proposes Say-on-Pay Rules
Excerpt: "New SEC proposed rules would implement the Dodd-Frank Act's say-on-pay mandates for nonbinding shareholder votes on executive pay, the frequency of executive pay votes and golden parachutes."
Treasury Moving to Electronic Payroll Savings Bonds
Excerpt: "The U.S. Department of the Treasury has ended the sale of paper U.S. Savings Bonds through employer-sponsored payroll plans, effective September 30, 2010, for federal employees."
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